A Beginners Guide to Crypto Trading

A Beginners Guide to Crypto Trading

I have recently seen some success while trading various cryptocurrencies. My preferred exchange Cex.io has a limited number of markets to choose from. Ripple (XRP), Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Bitcoin Gold (BTG), ZCash (ZEC) and Dash (DASH). Cex.io is great as you can sell your coin assets for USD, USD which can be withdrawn directly to your bank account. However there is another coin exchange that specializes in alt coin trading, YoBit.

As a beginner assume you have no money to invest. So how do you start? After you sign up at YoBit you need to sign up for CoinPot. CoinPot will be our virtual wallet. A CoinPot account will give you virtual wallets for Bitcoin (BTC), LiteCoin (LTC), Bitcoin Cash (BCH) Dash Coin (DASH) and Doge Coin (DOGE).

You can deposit any of the supported crypto coins from anywhere to your CoinPot wallets, but the following faucets deposit the coins directly to your CoinPot account after each claim. For this tutorial we will focus on the faucets which use CoinPot directly, and Doge Coin. The goal is to get 50 Doge Coin. Your CoinPot email address will be the login for the following faucets:

[table "0" not found /]

If you are paying attention you will notice only one site is directly related to Doge Coin, the others deal with Dash Coin, Lite Coin or Bitcoin. So what’s the deal? Well all of your faucet claims end up in your CoinPot account. From your CoinPot account you can convert all cryptocurrencies to our desired Doge Coin. Log into your CoinPot and select your balance to convert. In my case I am converting my Lite Coin to Doge Coin.

You can see how if you collect a few times from each faucet you will be able to get 50 Doge Coin in a few days. Once you have 50 Doge Coin you will want to withdraw your balance to YoBit. On YoBit  you will go to wallets and find DOGE. To the right there is a plus sign, click it and you will get your Doge Coin deposit address.

 

Copy your Doge address and withdraw your Doge Coin from CoinPot. Once you have 50 Doge Coin in YoBit you can find a market which has a volume of at least a few thousand. Preferably a market that is down (-%). These are the markets that are likely to go up (and get you a profit).

Looking at the top DOGE markets we can see that PAC has a volume of over One Million meaning a lot of people are trading. The coin is down 16.1%. A quick google search for PACcoin shows a large dedicated following. A health social media presence. Plans for the future. This coin overall looks promising. It looks like our 50 Doge Coin at this time can buy us 4993 PAC.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

At the time of writing this one Doge Coin is worth $0.0161 USD, 50 Doge Coin is worth $0.8049999999999999 USD. This is a very small investment to make. But what if the price of PACcoin were to rise a few thousand percent? Many new coins swiftly rise in price. In a 24 hour period coins can rise as much as 500%. Most coins rise 10 to 50% in a day, but day after day your 80 cent (free) investment can be worth a few hundred dollars.

A personal example. I bought 365110.25952773 PAC for 94.928667 DOGE (1.52 USD) on December 18th 2017. This is now worth $73 USD on January 8th 2018. Not a bad return for something I bought by earning free Doge Coins online.

Add a Comment

Your email address will not be published. Required fields are marked *