How To Make Your First Trade with BitKan and Earn Profits!
We all want to make money with cryptocurrencies. The concept is simple: Buy Low and Sell High. The practice is much harder.
You’ve heard of people getting rich from crypto. How?
Cryptocurrency spot trading is the buying and selling of digital assets, such as Bitcoin and Ethereum, for immediate delivery (on the spot). BitKan as a cryptocurrency exchange brokerage enables seamless spot trading at the best prices, making crypto trading easy for both newbies and professional traders.
Spot trading is the safest form of cryptocurrency trading as it does not involve leverage or margin (borrowed funds to amplify gains or losses). Buyers are exposed solely to the volatility of the underlying cryptocurrency price.
There are different types of trades, including Futures, stocks, volatility trading, leveraged token, move contracts, fiat trades etc.
This post is a guide for beginners and everyone unfamiliar with cryptocurrency trading to make their first trade with BitKan.
How to use the BitKan App to make your first trade
Let’s check into the BitKan app and see for ourselves how to locate and trade the spot market. The red boxes highlight the main steps to make your first trade.
If you follow these steps, you would have made your first trade with BitKan! Here’s a live demonstration of the process:
If you wish to change from BTC/USDT to other assets such as KAN/USDT on the spot trading page, click on the menu bar beside the crypto name to access other coins like such. KAN tokens are used in the community K-site as content incentives and the BitKan Pro brokerage for VIP trading fees.
What does the Buy and Sell mean in crypto trading?
You can toggle between the Buy and Sell button as seen above to initiate the trade and choose whether to buy or sell a coin. Choosing a buy means you have USDT at hand and you’re willing to get more crypto coins, while choosing the sell icon means you have the coin at hand and you want to exchange it for USDT.
Once you decide which order type to use (explained below), you can input your preferred price or choose to execute a Market Order at market price.
Type of Orders supported by BitKan
Another thing to know before trading is the type of orders supported by BitKan for spot trading.
An order is the type of execution for your trade. It is the buy/sell command in which you determine when and how you want your trades to be executed.
For now, we will understand the Market Order and Limit Order first as beginners. More advanced orders will be discussed in later posts.
A market order means you are willing to buy/sell at the current available market price, while a limit order means you choose your buy/sell price yourself. This would not be triggered unless if the price gets to either of your buy or sell price. This way, you can buy a coin/token at $1 and set your sell price to $3 (on a Limit Order) or sell it anytime immediately at the current market price via Market Order for a gain or loss.
The Limit Order allows you set your preferred price while you wait for the market to come to you, which ensures you always buy low and sell high at the price you like!
Over time, as you trade cryptocurrencies and become more experienced with buying and selling crypto, you can also experiment with different tokens to learn about price action specific to each token. With over 700+ cryptocurrencies tradeable on BitKan, you can find a favourite token to buy low and sell high, and repeat the process till you become a master at spot trading.
By now, we all can initiate our first spot trade on BitKan and make some cool profits from trading Bitcoin and crypto! 😎
Special thanks to Johnadek for his contribution of ideas in the writing of this article!
New to BitKan? Here are some crypto gifts for you!
1. Win Daily Crypto Rewards
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Benefits of BitKan Cryptocurrency Exchange:
- Receive the most recent daily news within the community
- Trade 1200+ coins across 8 exchanges with 1 BitKan account
- Use custom price alert and portfolio tracker at your fingertips
- Start a Spot, Futures, Automated Bot Trade, BitKan Earn & more
- Served 10+ million users in 170 countries with 9 years of experience
- Discover the latest events, coins & enjoy the best prices on Web & APP
- 8 Partner Exchanges Include Binance, OKX, Bitfinex, Gate.io, Huobi, MEXC, Poloniex, and Bit.com.
- Based in Singapore and Japan, BitKan holds the Digital Asset Exchange License from the Financial Services Agency of Japan.
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