Your first trade, step by step
So you want to begin trading bitcoin, eh?
Well good news, because you are definitely in the right place. Whether you're a complete beginner or a seasoned trader of traditional financial markets, this guide will help you step-by-step to successfully trading your first bitcoin.
While trading cryptocurrencies may seem complicated, in reality, the actual mechanisms behind trading cryptos are virtually the exact same as the ones used to trade stocks, ETF's, and commodities. So by learning the basics of trading on bitFlyer, you're not just learning how to trade bitcoin but how to trade in general.
Okay... so, where do we begin?
First, go ahead and create a free account with bitFlyer (if you haven't already) and make sure to confirm your email.
Once signed up, you can easily upload your proof-of-identity documents to become a Trade Pro account, thereby removing all daily and yearly trading limits. This is optional, but keep in mind if you wish to trade more than 250 EUR in one day or more than 2500 EUR in one year, you will have to complete it anyways.
For a detailed guide on how to upgrade your account class, see our guide on it here. Next, after creating and confirming your account, you will need to fund it. To do this, click on the 'Account Funding' tab on the left side of the screen as show below:
Then, on the 'Deposit Euro' tab, take note of the instructions listed for conducting a bank wire. Make sure to send the deposit in your own name (as listed on your account), otherwise your account may not be able to credited properly.
Besides all of the regular stuff like inputting the correct bank name, IBAN, and address, make sure to also include the code listed next to the 'Recipient Instructions/Message'. This will ensure your deposit is processed as fast as possible. Please note that only SEPA payments are accepted, and that all other payment methods may be subject to additional charges borne by you.
Once you send your deposit, it should be reflected in your account balance the next business day, with the maximum time for a deposit being 3 business days. As long as you provide all of the correct information, the deposit should be processed with no issues whatsoever.
Alright, my account is now funded.
How do I begin trading Bitcoin?
Good news, because you're almost there. Once your account is funded, head over to the 'Buy / Sell Bitcoin' tab on the left side of your screen, as pictured below:
Once you get to the Buy / Sell Bitcoin page, you will see the bitFlyer trading interface. On this page you will find the current Buy and Sell prices of Bitcoin, along with the market trade history to the left and price action chart to the right. Below all of that, you can see the order history of trades. Pretty neat, right?
How to buy Bitcoin?
- To buy bitcoin, input the exact amount of Bitcoin into the order box or use the +1 and +0.1 buttons to specify how much Bitcoin you are looking to purchase.
- Once you input the amount you want, let's say 1 BTC, you will see the Reference Total in Euro to the right. This tells you how much the Bitcoin you are looking to buy is in Euros.
- Double check you have the correct amount of Bitcoin you want (and that you have enough Euro to buy it) and then click on 'Buy Coins'. Once you click Buy, you will need to confirm your order by clicking 'Confirm Order' on the pop-up box that appears. If you do not confirm your order at this stage, it will automatically be canceled after about 5 seconds.
- Success! You have now completed your first virtual currency investment. Your new Bitcoin / Euro balance will be immediately reflected in your account balance, listed above the trading interface.
How to sell Bitcoin?
- To sell bitcoin, input the exact amount of Bitcoin into the order box or use the -1 and -0.1 buttons to specify how much Bitcoin you are looking to sell.
- Once you input the amount you want to sell, let's say 1 BTC, you will see the Reference Total in Euro to the right. This tells you how much the Bitcoin you are looking to sell is in Euros.
- Double check you have the correct amount of Bitcoin you want to sell (and that you have the right amount of Bitcoin in your account) and then click on 'Sell Coins'. Once you click Sell, you will need to confirm your order by clicking 'Confirm Order' on the pop-up box that appears. If you do not confirm your order at this stage, it will automatically be canceled after about 5 seconds.
- Success! You have now executed a market sell order. Your new Bitcoin / Euro balance will be immediately reflected in your account balance, listed above the trading interface.
Moving forward, rinse and repeat.
Now that you have effectively learned how to trade bitcoin (both buying it and selling it), the sky is the limit. Whether you are looking to invest in this new asset class for long term yield, or trading more often for profits, you have all the necessary tools at your disposal to do that efficiently and with ease. Who knows, maybe now it's time to show your peers or even close relatives and family how to become a cryptocurrency trader. Whatever your intentions may be, what is for certain is that you are on the best platform to carry them out.
Once you are familiar with the Buy / Sell page, one might want to advance their trading knowledge. Well good news, again, because in addition to our user-friendly Buy / Sell page, bitFlyer also has its proprietary exchange, Lightning, an industry-leading professional trading interface that allows you to conduct more advanced order types and even use technical analysis indicators and overlays.
To continue your trading journey and learn more about our Lightning exchange, see the following article where we go in full-detail on how to become a Pro trader with ease.