In order to “trade” cryptocurrencies (i.e. trade one coin for a different one), you must first obtain one or more coins in some way. Usually, bitcoin or ether are the best coins to start trading with. Bitcoin and ether are the most tradable coins.

You can buy them, work for them, get them as a gift, etc …. (See “where do you buy cryptocurrency“)  Then you can start trading them for other coins.

One place to start trading after you have your obtained your initial coins is on the same exchange where you made your first purchase. You can usually trade for a limited number of other coins there. If the coin of your desire is not available on that same exchange then you will need to transfer your existing coins to some other exchange which offers the new coins.  Or you can move your initial currency into your own private wallet. Once it is in your wallet then you will have total control over what you can do with it, such as trading it for other currencies on any appropriate exchange.

Before you trade coins be sure that the exchange you will use is a legitimate exchange that follows appropriate security precautions. Also be sure that the coin you wish to buy is a legitimate coin and not some scam coin.

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Category: Trading & Investing
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