In this crypto trading for beginners guide, I will do my best to help you with the first steps to becoming a crypto trader and choosing a platform.
I will include everything you need to know from the start.
First by choosing your cryptocurrency trading platform, depositing money, and taking your first trade.
First of all, you might ask what cryptocurrency trading is.
Well, it’s not that difficult.
If you have any kind of trading background you will understand most of the functionalities of a crypto exchange. If you are completely new to cryptocurrencies, don’t worry, I will explain things as we go along.
The name alone, crypto, might intimidate you but trust me it’s not hard difficult at all. Once you get going you will see that this style of trading is pretty much the same.
When you are starting your career as a crypto trader, the most important aspect is the cryptocurrency exchange you are going to use.
You need to understand how it works, what the functionalities are, and how to best use it.
Keep reading to learn how to trade cryptocurrencies on different exchanges and platforms.
Let’s start by looking at Binance
Binance is a very good choice to start with since it has several different trading interfaces. All the way from very basic exchange functions, to an intermediate trading interface and also a more advanced trading interface.
You can also deposit money using a Credit Card or through Bank Transfer which makes it very simple to start.
Binance has a lot of different cryptocurrencies to trade and today they support trading in over 180 coins.
Another good thing about Binance is its trading fee.
When you start as a beginner crypto trader you are going to make some mistakes and it’s very good to have a low trading fee to help you out.
The basic trading fee on Binance is 0.10%.
You can reduce this fee by trading with the native cryptocurrency BNB.
The BNB coin has its own market and when you trade on this market your trading fees are cut by 25% instantly.
Here is a fee table of both the normal fee and the BNB fee.
I have highlighted the Taker fee because that’s the fee you are going to pay when you trade.
A taker fee means that you are taking orders from the order book.
When you use market orders you simply take orders from the order book.
How do you deposit money on Binance?
The simplest way to deposit money on Binance is with a Credit Card.
The Credit Card fee on Binance is 3.99% and that is lower than most of the crypto standards.
This is a snapshot of the first page on Binance and this is where you will start when you buy cryptocurrencies.
I will give you a step-by-step guide on how to deposit money to Binance.
- Visit the exchange!
- On the first page in the top left corner, hover over the Buy Crypto button and click Credit / Debit card.
- Select the Fiat currency you want to use
- Choose your cryptocurrency and the amount.
- Click Buy.
- Fill in your name and Credit Card details and click next.
From your wallet, you can send these cryptocurrencies anywhere you want.
To another exchange or any other wallet in the world.
Or just keep them on the platform and start trading.
How do you trade Cryptocurrency on Binance?
Cryptocurrency trading for beginners is great on Binance.
I will show you all the different trading interfaces they have to offer and also how to make your first trade.
You will find all the trading interfaces at the top of the screen to the left.
Hover over Spot and choose your preferred platform.
The first interface is the exchange function and it works as a simple converter of cryptocurrencies.
It looks like this.
This is the absolute first exchange function you should try out if you are new.
Here you can swap between Bitcoin and cryptocurrency or from altcoin to altcoin.
It’s very useful for advanced traders if you are only looking to invest in some cryptocurrency long-term and you don’t need a trading interface.
The next interface is the Classic interface.
This one has a chart and a complete order selection.
You can use basic indicators and switch between different coins as you are trading.
Here is a quick look.
At the top of the page, you have your time frames where you can zoom in and out on every coin.
To the right, you can choose which cryptocurrency you would like to trade.
The third outline is your order selection. Here you can select to use Limit orders, Market orders, or Stop-limit orders.
The most basic order you can use is the Market order.
With this one, you can trade in and out of the market as you like without worrying about selecting a price.
It will take the best price available in the order book, both for buy and sell orders.
If you have some trading experience from before and you feel comfortable trading on a better platform I would suggest that you give the Advanced interface a shot.
Let’s take a look.
You can see that this is a little different and I will tell you why.
This interface is more focused on active cryptocurrency day traders that trade with order flow.
Order flow means that you are using the order book (which you can see to the right) as an indicator of price movement.
Beginner crypto-traders usually don’t trade with order flow and that’s because it takes a lot of practice.
That’s why this is a little bit more suited for experienced crypto traders.
At the top of the page, you will see that they added more indicators to this platform and you will be able to choose from most of the popular indicators.
Some really good crypto indicators are RSI, MACD, and Moving averages for trade signals.
To the right, you will see that I’ve outlined the leverage section where you can trade with margin or futures.
This is also more suited for experienced traders.
At the bottom to the left Binance has added an open positions tab to make it easier for crypto day traders to keep track of their profits and losses.
You can also trade history on Binance if you would like to go back to analyze your trading day.
Step-by-step guide on how to trade on Binance
This is a very simple explanation of how to start trading cryptocurrencies on Binance.
Follow these steps to take your first trade:
- Visit the exchange!
- In the top left corner, hover over the Spot button.
- Choose the Basic, Classic, or Advanced trading interface.
- Choose cryptocurrency.
- Select the amount you want to trade.
- Click Buy!
The second beginner exchange for new crypto-traders is Changelly.
Changelly is a little bit different from Binance as you will see shortly.
Changelly is an instant crypto exchange, and it’s perfect for new cryptocurrency traders looking to start.
On this trading platform, there are not trading interfaces and there is no chart where you can use indicators.
What’s Changelly has is a more simple exchange interface where you will be able to invest in cryptocurrencies.
An instant crypto exchange is a platform where you can more or less trade coins instantly.
Most often you don’t need to sign up and there is also no account with a wallet.
As you can see, Changelly is not like every other platform, it’s special.
The way you store your coins is in your own wallets.
I will show you how this is done but trust me, it’s pretty easy.
Another thing that’s very cool about Changelly is the way it operates.
The trading platform is connected to many other cryptocurrency exchanges and Changelly has a price algorithm that scans all the other platforms for prices.
Once the algorithm has found a good price on another exchange, you can buy it from Changelly.
Pretty cool right.
This basically means that you can trade from 10 different platforms when you are using Changelly.
The good part is that you don’t need to sign up anywhere.
I know these cryptocurrency platforms sound really nice.
The benefit of trading on an instant exchange is that you will be able to find a lot of coins very cheaply because the trading fees are very low.
You can also deposit with Credit Card which makes it very easy to start things.
Let’s take a look at more functionalities.
How do you deposit money on Changelly?
One of the reasons I’ve chosen to recommend Changelly is because it’s so user-friendly.
It’s made for beginner cryptocurrency traders and others with more experience than just wants a simple exchange to use.
As I mentioned before, Credit Card is an option here and it’s the easiest way to deposit money to the platform.
They also offer Bank transfers, Cryptocurrency transfers, and Apple Pay if you prefer that.
The credit card fee on Changelly is 5% – 10% depending on what payment processor you get.
So if you want to deposit funds on the platform the only thing you need to do is to choose your coin and your fiat currency on the first page.
When you click to buy you will get redirected to their payment page.
Here you will be able to choose payment methods, choose the best price offer, and also make any changes if you want to trade another coin
It looks like this.
Now you’ve seen what it looks like.
Let’s make it easier to follow with a step-by-step explanation.
Step by step guide on how to deposit money on Changelly with Credit Card.
- Visit the exchange!
- On the first page, select the Buy option.
- Choose Fiat currency, your cryptocurrency + the amount, and click Buy Now.
- On the next page choose the best price offer and click Buy Now.
- On the next page check the amount again and click Continue.
- Fill in your cryptocurrency wallet address and click Confirm.
- On the last page fill in your Credit Card details and confirm.
If you would like to know more about crypto trading check out this article on the top 15 crypto trading tips.
How do you trade Cryptocurrency on Changelly?
Since this is an instant crypto platform there are no fancy charts or indicators.
What this platform is specialized at is buying and selling + swapping between coins.
What’s so great about this platform is that you can find a lot of new coins you haven’t seen before and invest when the coin is really cheap.
I’ve found a lot of good investments just by scrolling through their coin page.
Since Changelly is connected to many other exchanges you will be able to find coins that other traders have no idea about yet.
So if you want to be one of the first to invest, you have a head start here.
Let’s take a look at what the exchange function looks like.
This is very basic and very easy to use.
It’s perfect for new crypto traders or investors who want a fast way of swapping or buying coins.
You simply choose the coin you have, it might be Bitcoin or any other altcoin.
Then you select the new coin you want and click Exchange Now.
That’s how it works but I will give you a step-by-step guide anyway to make things easier.
Step by step guide how to trade on Changelly
- Visit the exchange!
- On the first page, choose the exchange function.
- Choose the coin you currently have and the amount you want to send.
- Choose the new coin you want to exchange to and click Exchange Now.
- On the next page, fill in the wallet address of the new coin.
- Accept the Terms & Conditions and click Next Step.
- Click confirm and make payment.
Coinbase is one of the most popular trading platforms and it’s excellent for beginner crypto traders.
It’s a centralized crypto exchange with its own prices and order books.
It’s very user-friendly and there is a lot of functionality on the site.
You have the option to buy, sell, and trade cryptocurrencies.
The platform has a basic crypto converter, as well as an advanced trading interface with charts and indicators.
We are going to take a look at both.
Coinbase has become very popular thanks to its simplicity and traders all over the world use the platform daily.
I will show you how to make a simple crypto exchange and also how to use the chart to trade with indicators and more order selections.
Coinbase has many options when it comes to depositing.
Today they offer deposits with:
- Credit Card
- Bank Transfer
The easiest and fastest way to deposit money or buy crypto is with a credit card and that’s what I’m going to show you today.
When we are done here you will be able to navigate on the platform, buy cryptocurrencies and also trade them.
How do you deposit money on Coinbase?
I’ve handpicked Coinbase because I know how easy it is to deposit money on the platform.
You can choose to send a bank wire or to send cryptocurrencies directly to your wallets but in this example, I’m going to go through the steps to use a credit card.
I prefer this payment method only because it’s the fastest and I don’t mind the extra fee to get my coins straight away.
The credit card fee on Coinbase is 3.99% and it’s one of the lowest fees you will find.
It’s very easy to start buying cryptocurrencies on Coinbase.
On the first page click the Trade button in the top right corner.
This will open up a new window where you will be able to choose your coin + the amount.
It looks like this.
As you can see, the layout is extremely simplified.
This is to make it as easy as possible to start trading.
On this page, you can sell tokens that you already have or convert them into other coins.
But for now, we are only going to go through how to buy coins.
Let’s go through all of that with an easy step-by-step explanation.
Step by step guide on how to buy cryptocurrencies on Coinbase with a credit card
- Visit the exchange!
- In the top right corner, click Trade.
- In the new window, choose your cryptocurrency.
- Select the amount and choose credit card payments.
- In the order preview window, click Buy Now.
How do you trade Cryptocurrency on Coinbase?
Coinbase has a more advanced trading interface on its platform, but it’s very easy to use.
It’s called Coinbase Pro.
Coinbase Pro is an extension of Coinbase and is located on a different URL or webpage.
Before you go here you need to register on the main page so make sure you do that before you start trading.
Let’s take a look at the trading interface and explain how to use it.
Here is a snapshot of the interface.
As you can see it’s different than the basic exchange function.
Here to the left, you have your order selection where you can choose between Market orders, Limit orders, and Stop orders.
Those are all the main orders to start with.
You can also use moving average indicators on this chart and they can be found at the top on the Overlay button.
To the right on the interface, you have all the trade history of orders coming through the exchange.
Here you can see all the orders traded and the size of the orders.
At the bottom, you can see your current open orders to track your profit or loss.
If you look at the top left corner you will see that it says XRP-BTC.
If you click this button you will be able to change coins while you are trading.
This is very good because if there is no market action in the coin you are currently trading you might want to change.
Or if you are talking with some of your friends and they find a good setup elsewhere.
It might be a good time to leave your coin for later and try something else.
This trading interface might look a little bit scary at first glance, but trust me, it’s very basic.
Once you start using it you will see how easy it is.
Now, let’s go through all the steps to trade on Coinbase Pro.
Remember that you need to sign up on the normal exchange before you start.
Click here to sign up with Coinbase.
Step by step guide how to trade on Coinbase
- Visit the exchange!
- Deposit your chosen cryptocurrency on Coinbase Pro.
- Next, click the Trade button in the top left corner.
- In the market selection in the top left corner, select your coin.
- On the left side, choose the amount you would like to trade.
- Choose the order type.
- Place order.
ChangeHero is also an instant crypto exchange.
It has a very simple interface and it’s perfect for beginner crypto traders to start on.
ChangeHero works exactly as Changelly.
This platform doesn’t have any fancy charts and no account to hold your coins.
It’s just a very basic way of investing in coins or swap the coins you currently have.
Overall, I think it’s a very good platform to start on.
ChangeHero has over 100 coins available to trade.
You can buy crypto with a credit card, a debit card, or a bank transfer.
This is pretty much all you need to get started.
It’s a fast and easy way to deposit money your first time.
Once you get used to the payment system you will be able to buy coins in a second when you find a new good investment.
Since this is an article on crypto trading for beginners, ChangeHero is a perfect platform to start with.
Let’s take a look at how you get started with depositing money.
How do you deposit money on ChangeHero?
I’m going to show you how to deposit money on ChangeHero with a credit card.
When you first get to the trading platform you will see this page.
This is where everything starts.
You can either exchange your coins or buy and sell them.
Today we are going to look at how you buy coins just to keep it simple.
As you can see the interface is very basic and it’s super easy to use.
First, you need to click on the Buy option and it will look like this.
Here you simply choose the amount you want to invest and then choose your cryptocurrency.
Then you click Buy and follow the steps given.
It’s dead easy and nothing can go wrong.
To make this very easy I’m going to give you a step-by-step explanation.
Step by step guide on how to buy cryptocurrencies on ChangeHero with a credit card
- Visit the exchange!
- On the first page, click the buy option in the exchange interface.
- Select the amount you want to spend and select cryptocurrency.
- Click Buy.
- On the next page, enter your credit card information.
- Accept the terms & conditions and click Buy.
How do you trade Cryptocurrency on ChangHero?
Since this is an instant platform there are no charts to use and no indicators.
ChangeHero likes to keep things simple.
There is however an exchange function and it works as a swapping mechanism between coins.
For example, if you own Bitcoin and you see that there is a good opportunity to invest in Ethereum.
You can go to ChangeHero and exchange your Bitcoin for Ethereum.
I will explain how this is done.
First, let’s take a look at the exchange function to make things clear.
On the first page, after you have chosen the two coins you want to swap you will end up here.
This is a 4 step process that will guide you to swap coins in no time.
The only thing you need to do on ChangeHero is the cryptocurrency you own, and a new wallet address for the new coin you are changing for.
Remember that on ChangHero there are no accounts so you will have to store the coins in your own wallet.
Once you get used to that you will see how convenient it is to use this platform.
Ok, now let’s go through that again with a step-by-step explanation.
Step by step guide how to trade on ChangeHero
- Visit the exchange!
- On the home page, click the exchange button.
- Choose the coin you own and then the new coin you want to swap to.
- Select how much you want to send and click EXCHANGE.
- On the next page, enter the wallet address of the new coin and click Next.
- Accept the terms & conditions and click Confirm.
How do I start crypto trading?
Step 1 is to choose your platform.
Without the right place to trade you will not be able to get a good start.
Let’s check out some of the best crypto exchanges for beginner traders.
Since you are just starting I would recommend one of these platforms:
You’ve learned how to deposit money and trade on each exchange with a simple step-by-step guide.
Two of these trading platforms are instant platforms and two are normal centralized platforms.
All four are great options for beginner crypto traders that are just starting.
I recommend that you read through the entire review before you pick your winner.
The exchanges are all very basic but they have some differences and there is always the one you prefer more, so take your time.
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Read this review and select one of the Crypto exchanges.
Make your first deposit and start trading following the trade guide.
In this exchange guide, I’ve made step-by-step explanations on how to first deposit money and then take your first trade.
Read through the article and pick your favorite platform.