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General discussions about Digital and Crypto Currencies.
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By Geko
 Rank: Admin    Posts: 786

#1

In this thread, you will find what you need to know in order to start trading Digital and Crypto Currencies.

There will be some links to various threads and articles.


How to trade Cryptos?
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The first thing you will need to have in order to trades Cryptos is an exchange place (a marketplace), to place your orders (in other words, for forex we would call that a broker).

There are plenty of marketplaces available out there, please note that some of them are including a wallet, which make things easier for you to trade cryptos.

If your marketplace does not have any wallet, you will need to get one and to make sure that the cryptos you want to trade are compatible (managed).

For some marketplaces you will need to create an account and verify your ID, when with some others, you won’t need to create an account.

Some exchanges (the main ones to trade Cryptos) do not accept deposit in fiat currencies, so you will have to use a first exchange to get some Bitcoins (for example), and then you will have to send those Bitcoins to the other exchange.

For example, here what I do:

01 – I make a deposit in USD at Lykke
02 – I use Lykke to purchase some Bitcoin
03 – I transfer the Bitcoin from Lykke to another exchange (Poloniex, Bittrex, Bitfinex)

You can have a look at our Marketplaces sub forum to get additional information’s:

GiG MarketPlaces sub forum


How to store your coins?
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Before to trade cryptos you have to make sure that your marketplace has a wallet, otherwise you will need to a get a Blockchain Wallet account which can store the coins you want to trade.

Wallets are a key element to trade digital and crypto currencies.

There are plenty of wallets, some of them store your coins online, when with some of them you can store them locally on IT…

Be careful when you store your Cryptos in your exchange’s wallet as some of them were victims of hack those past years (E.g: Bitfinex was victim of a hack in 2016, about $72 million of Bitcoins were stolen… now they have really increased security measures…).

Here I am storing my Cryptos in my exchange’s wallet for Cryptos that I trade on a day to day basis, for Long term investments, it is definitely a good idea to store them offline or on a more secure wallet (Trezor, Ledger…).

You can have a look at our Wallets sub forum to get additional information’s:

GiG Wallets sub forum


Which instrument to trade?
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Once you have a marketplace and a wallet, you are basically ready to trade Digital and Crypto Currencies.

Now the trickiest part: which instrument should I trade?

In order to find the various instruments available, you can have a look the CoinMarketCap website. This website has a list of the various instruments with their estimated capitalisation and quotation.

CoinMarketCap

You can also have a look at ICO Stats, this website has some informations about the various ICO (initial coin offerings)

ICO Stats

You can also have a look at our Intrument’s sub forum to get additional information’s:

GiG Crypto Currencies sub forum


Summary
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This post is WIP (Work In Progress) and will get more content time after time…

For beginners, it definitely makes sense to use a marketplace which has his own internal wallet.

If you miss/fail in something to transfer your coins to your wallet please note that this transfer is irreversible and there is no recourse. If you input the wrong address you might lose all your coins.
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