Everyone should day trade crypto, and everyone who isn’t would want to if they knew the amount of money you can make.
We are here to explain how you can too.
As a Mena trader, cryptocurrency trading is way more profitable than traditional assets you are used to. We are looking at around 20% ROI on average with some conditions met.
Important facts to know
- It would help if you had a bit of cash ready for this. It doesn’t need to break the bank, but it needs to be something you can afford to lose if your trades go sour.
- It is not for people who rely on brokers/websites/companies to make their trades for them. It is for people who have the time, dedication and discipline to research cryptocurrencies.
- You need some knowledge of how to do technical analysis. We won’t be teaching you this, but it’s essential to know the basics of it. Type “Technical Analysis” into Google if you want a free way of learning about it or read books on it.
How to start trading cryptocurrency in Mena
The first step would be choosing which cryptocurrency exchange platform you will work with.
You are free to use any platform, but our advice is to stick with reputable ones. Intelligent choices are Binance, BitMEX, Coinbase Pro and Coinmama. Already know which one you want to use? Great!
The next step would be moving some fiat (CASH) in your favourite currency to your chosen cryptocurrency exchange and start trading right away.
If you are entirely new to cryptocurrency trading, the first thing you need to do is open an account at Coinbase Pro.
It is where people buy their first cryptocurrencies with money or credit cards. It’s one of the most popular and cheapest options in Mena and all countries, in our opinion.
Once your account has been set up, and you transferred some funds into it(need a few dollars for this), head over to GDAX (also owned by Coinbase).
Here we will link a USD Wallet that will allow you to withdraw cash directly, so you don’t need to go anywhere else when looking for money! But if you want to start right away, Coinbase also offers an instant buy on its platform.
So again, if you want to start trading right away, head over to Coinbase’s homepage and buy a couple of Bitcoins or Ethereum.
Now that you have some cryptocurrencies, it’s time to fund your account at the cryptocurrency exchange of your choice.
Again, we recommend going with Binance, BitMEX, Coinmama or Coinbase Pro for this. We will be using Binance as an example for this guide, but other platforms work similarly, so follow along!
Note: If the amount of money you intend on day trading isn’t worth too much, then any platform out there should be fine – even free ones!
Once your account is funded, you can now access the trade screen that contains information about all available crypto pairs(shares). Sort them by price, volume or other fields you wish to use.
It’s your choice to decide how much money you intend on day trading and split it among the different cryptocurrencies(shares). We recommend not going above 5% of your total bankroll for each trade as this could be too risky.
Type in the cryptocurrency pair (ex: ETH/BTC) you want to trade, and all orders will show up (limit orders included), allowing you to choose one that fits your needs best.
Note that if the price is at 1 BTC for 1000 ETH, but orders are offering it cheaper – that’s called an order book.
There are tons of articles out there explaining what an order book is, so that we will skip it here.
Now that you have decided what to trade, all you need to do is click the “buy” button and wait for someone to sell you some crypto!
You can place a limit order to state your price and ensure the other person selling agrees with it before completing the deal.
You are now ready to trade.
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