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Revolution Cryptocurrency Trading for Beginners

Alternative Solutions Like Cash App and Coinbase for Trading Crypto

Bitcoin Revolution - Alternative Solutions Like Cash App and Coinbase for Trading Crypto

If you are looking for a solid all-in-one solution, Coinbase works as a wallet, exchange, and a platform to trade.

They do have a minimal number of "altcoins" or alternatives to Bitcoin like Litecoin, Ripple, and Ethereum. Because of this limitation, many traders turn to other exchanges like Kraken, Binance, and Bittrex so that they are not limited to the vast number of cryptocurrency assets.

It is a straightforward transaction as the trader can purchase Bitcoin on Coinbase using dollars and arrange to send the currency over to Kraken to trade the Bitcoin for another cryptocurrency.

In addition to directly managing cryptocurrencies, there are indirect ways to manage them. Options include:

  • Apps like Robinhood or Square's Cash App. The Cash App is highly recommended for beginners because it is easier to use
  • Cryptocurrency IRA (Individual Retirement Account) – You will want to keep in mind that IRA's have fees, but can be useful in long-term investing strategies
  • ETCG trust, ETHE trust, or The GBTC trust, all of which are managed on the stock exchange
  • There are positives and negatives to every trading option; however, only Coinbase or Coinbase Pro will allow for all of the following options from trading, investing, storing, sending, and receiving crypto all from a single platform.

Here are some tips and recommendations to help you begin with Coinbase. It's great for both beginners and advanced traders

Suggestion: For an easy solution, choose Cash App, and Coinbase when you are prepared to begin investing and trading cryptocurrency in the real world. When you have advanced on from Coinbase, consider trying Bittrex, Coinbase Pro, or Binance.

Everything You Will Need to Know to Start Trading

After reviewing all of the details above, you may want to start trading actual cryptocurrency. Here are some helpful tips:

Bitcoin Revolution - Everything You Will Need to Know to Start Trading
  • Beginners should look for companies with good reviews and a solid reputation for wallets and exchanges. They should also begin by trading more prominent coins in 2020 like Ethereum (ETH) and Bitcoin (BTC).
  • Begin with Coinbase because it is the most popular cryptocurrency website, and they offer a single platform for a variety of wallets that include Bitcoin Cash, Litecoin, Ethereum, and Bitcoin. They also have a currency exchange.
  • Once you fully understand Coinbase, you may want to move to Coinbase Pro, or others like Kraken, Bittrex, or Binance.

Suggestion: The first step to take as a beginner is to invest in a primary cryptocurrency like Bitcoin. You can then trade dollars for cryptocurrencies on an exchange. Another good step from here would be to trade Ethereum or Bitcoin for others.

You may also try trading crypto pairs, which can pay off, although it is riskier and more complex that single trading.

Please note that margin trading is not recommended unless you understand fully and are an expert. Because cryptocurrency is a volatile trade, your funds could be wiped out instantly with margin trading.

It is also essential that you fully understand the tax implications of cryptocurrency trading. In the U.S., cryptocurrency is considered to be property like most investments. It is not treated as currency.