It seems nearly everyone has that mate that turned $5k into $100k, while their cryptocurrency portfolio continues to grow. The cryptocurrency trading scene is explosive right now. Like the .com boom of the 90’s, we are in the hard and fast growth stage that doesn’t come around often.
To be honest, the majority of coins and tokens are garbage wrapped in blockchain terminology but providing you do your diligence you will find plenty of nuggets with quick gains. I believe we will be looking back and counting our lucky stars you got involved when we did.
How Do I Get Started From NZ?
ONE: Get some BTC
The first thing you need to do is get some Bitcoin (BTC) or Etherum (ETH) to trade for other coins or tokens. As BTC is easier and quicker to acquire from New Zealand, it’s probably the best way forward. See my article on buying Bitcoin from New Zealand here or grab some quickly on LocalBitcoins.com.
Etherum is a better cryptocurrency to be moving around (withdrawing and depositing between wallets and exchanges) because it typically has lower fees, but in my case, it hasn’t been worth the hassle involved in buying ETH directly with fiat (NZ dollars).
Once you have some BTC to your name its time to get involved with the cryptocurrency exchanges. Not all exchanges have all cryptocurrencies available (see below for more information).
TWO: Signup to Binance
- Binance is one of the most popular exchanges and has the most significant range of coin options.
- The fees are 0.1% of a trade and free to deposit and withdrawal.
- You can reduce your fees by 50% if you buy some Binance coin (BNB). Binance will then charge your fees in BNB, so it makes sense to keep some BNB in your account.
- It has a robust API so you can easily sync with other apps like portfolio trackers.
You should know:
- At some busy times, they will not allow new registrations. Try to signup through my referral link, and it may help.
- At peak times (1000’s of people trying to buy or sell the same coin) I have had problems with the interface freezing, but most of the time everything has been smooth.
- Sign up for another exchange as a backup plan. In case you want to buy or sell quickly and Binance gives you problems you have another one to fall back on. I recommend hitbtc.com. Its very similar although slightly higher fees and it’s entertaining to read the “Troll Chat” window while buying and selling cryptocurrencies.
THREE: Move BTC to the exchange
This step is probably the most dangerous step but also one of the easiest. Once you set up your trading account on Binance and activated 2FA (step 2) then at the top of the screen go to the Deposit Withdrawal page. You want the deposit address that you will send the BTC to. It’s a long string of numbers and digits and it needs to be copied correctly in its entierty.
From the wallet that holds your Bitcoin or if you have bought them from LocalBitcoin then you will find an option to “Withdrawl”. This is where you will paste the address copied above to send the funds to Binance.
I always double check the first three and last three digits of the address to make sure I’m using the correct one when I paste it in. Send the funds and wait. Sometimes this can take around an hour if it is a busy period.
Binance will show you that it’s processing the transaction on the Funds > History page if your feeling anxious.
Trading is definitely the fun part and it’s certainly not as complex as it seems! After the BTC has arrived in your account then click exchange and “Advance” (the basic option is also fine). Then select the pair you wish to trade. As you have BTC in your account then you will need to choose a BTC with something else pair. I suggest buying a little BNB immediately to reduce your trading fees. More information in the below video.
The Cryptocurrency I want is not on the exchanges.
Welcome, coinmarketcap.com! If you haven’t already discovered CoinMarketCap, it is about to become one of the best tools in your crypto trading bag. Bookmark it as you will need it again.
You will find nearly all coins listed on Coin Market Cap unless they have only recently completed their ICO (initial coin offering). Click on the currency of interest or filter the table for inspiration. Once you click on the coin of interest, you will see a “market” tab that will list the exchanges where you can buy the currency.
Exchanges are not regulated so stay away from the dodgy ones and withdrawal your coins to a wallet when you have finished trading.
You will also discover that Coin Market Cap can help you find the coins website and check their social media feeds.
How To Track Your Portfolio.
I find that a mobile app is a far better option for tracking your cryptocurrency portfolio. Websites do exist, but for me, I like the ability to check where we are wherever. For that reason, I haven’t explored the web-based options.
Regarding phone apps, you get what you pay for however one of my free favourites goes by the name of Delta. It requires manual adjustments and setting the price of each trade, but it syncs with the market and can calculate your portfolio value in NZD. Another cool feature is the alerts that let you know if a coin has had a significant rise or fall recently.
Personally, I use Coin Stats. It requires payment if your portfolio exceeds $5k US, but it syncs automatically with the significant exchanges, so you don’t have to enter a new buy or sell trade manually. If your trading regularly rather than holding coins then this will probably be the better option.
The photo is the Coin Stats app.