How to Buy Bitcoin for Dummies

Why Cryptocurrency Trading is so Profitable

How Can I Buy Bitcoin?

The first step is to find a reputable broker. Surely you want to deposit your hard-earned money only with a regulated and trustworthy broker.

Out of the many brokers out there, we’ve found that IQ Option is one of the best choices for traders, for many reasons:

  • Over 22 Million Active Accounts
  • $400 Million of Trading Volume per month
  • Customers from over 180 Countries
  • World-Class Customer support

The remainder of this article will give you a step-for-step guide on how to buy bitcoin with the respectable broker IQ Option. Let’s move on with the first step.

Step 1: Opening an Account

As with any broker, you first need to open an account. With IQ Option you start out with a free practice account, so simply visit their website or hit ‘BUY’ below 😉

Step 2: Fund Your Account (or Practice with a Demo)

Once you completed your registration process, IQ Option will ask you to make your first deposit. You have a variety of payments options and account types available, from a deposit starting from $10, to VIP accounts which require a minimum deposit of $3,000. You can pay safely with your credit/debit card or with any other payment method available in the dropdown menu.

 

You can also decide to fund your account at a later time, and trade with virtual money on a demo account to get familiar with the trading platform.

Step 3: That’s it! You’re ready to Trade!

That was simple, wasn’t it? You’re ready to place your first trade after just two steps. This is how IQ Options web-based trading platform looks like.

In addition to the web-based platform, you can also download IQ Option’s popular mobile app to trade on the go, or a desktop app if it’s more convenient for you. The web-based platform offers a variety of features, such as your trading history, open positions, chart with historical prices and of course the amount of assets you want to trade. To select cryptocurrencies, you need to click on the “+” in the top of the window, and select one of the 12 available cryptocurrencies on IQ Option.

The window also shows the spread per each cryptocurrency, the current price, as well as the change in price over a recent period of time. You can also add your favorite cryptocurrency to your favorites list by clicking the star next to the currency.

Step 4: Placing Your First Trade

Now that you opened the chart of the cryptocurrency you want to trade on, let’s say Bitcoin, you need to adjust some parameters and place your trade. The following picture shows how to do that.

In the “Amount” rectangle in the upper-right side of the window, enter the total amount that you want to trade. The “Quantity” below conveniently calculates what quantity of Bitcoin you will trade with the dollar-amount entered above.

Next, enter your stop-loss and take-profit levels if you want your position to automatically close when it hits a certain price level. You stop-loss level is the level at which you want to limit your losses, and your take-profit level is the level at which you want to take your profits and close the position. Remember: You should always use a stop-loss level to avoid blowing up your account!

The final step is to click on the green “Buy” button if you think the price of Bitcoin will rise further, or red “Sell” button if you think the price will fall like a stone (maybe due to some news?). This is the part where you, as a trader, need to make your analysis whether to buy or sell the cryptocurrency.

Congratulations! You’ve just opened your first trade on Bitcoin!

This was easy. You’ve created your account on IQ Option, made your first deposit and opened your first cryptocurrency position. However, we encourage you to start trading with a “demo” or “practice” account, where you can test your strategy and develop your trading skills with virtual money. Demo accounts are free to use on IQ Option. If you encounter any problems with the steps mentioned above, IQ Option’s 24/7 customer support is there to help you, and you can even initiate a live chat with them directly from the web-trader platform!

Thanks for reading, and stay tuned for our next article.

Risk Warning: Binary options trading may not be suitable for everyone, so please ensure that you fully understand the risks involved

Comments 2

  1. Seboke December 26, 2017
  2. meleese January 25, 2018

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