Trading crypto while you work

Here at Home Office Specialist, we’re big believers in breaking up your work day to reset the brain and prevent burnout.

This might be seen in going for a walk, grabbing a snack, doing some yoga, or perhaps for some in trading cryptocurrency. Sure, it might not clear your mind as much as yoga would, but maybe you’ll make a few bucks along the way.

This will be a basic introduction on how to get started, though not a guide on what or when to trade. Though we do have a few favorite traders / teachers that we’ll cover further below.

Obtaining Bitcoin

When trading cryptocurrency you usually will end up starting with the grand-daddy of them all, Bitcoin. So what we initially need is a way for us to use a debit card or direct bank account to purchase bitcoin, and in the U.S. the most secure and reputable company out there is Coinbase.

Coinbase has one of the best user-interfaces we’ve seen when it comes to purchasing Bitcoin. They also offer direct purchase of other cryptocurrencies like Litecoin, Bitcoin Cash, and BAT.

Click here to setup an account on Coinbase

Once you’re setup, you’ll be able to choose a payment method on how you’ll be purchasing your crypto, and you’re on your way.

Buying / Selling Additional Coins

You might be wondering about the other coins. Surely you’ve heard there are thousands of these coins and tokens out there right?

Some of these coins will often be more volatile which might be attractive to a trader. Seeing coins like Nano, OmiseGo, or Neo might fit your trading style if you’re looking for 10-20% jumps in short spurts of time.

For cases like this, you’ll need to look into some other cryptocurrency exchanges, and there are a lot! Again, due to reputation and security we’d recommend sticking with Binance, which will have just about every other coin you’d want.

Click here to setup a Binance account

Moving Money to Binance

So why did we setup with Coinbase if Binance offers more options? Well, at least at the time of this writing, there is no easy way to purchase cryptocurrency directly on binance with your debit card or bank account. So your normal process might look something like:

  • Use your bank account to purchase Bitcoin from Coinbase
  • Send your Bitcoin to Binance Exchange
  • Use Bitcoin to purchase Nano cryptocurrency

One issue with this method, is there is a small fee when sending Bitcoin from Coinbase to Binance. To get around this, we can do one extra step.

Using Coinbase Pro

Coinbase Pro is an extension of Coinbase that offers a better trading experience, but in addition to that, there is no fee when sending Bitcoin from Coinbase to Coinbase Pro. Additionally, there’s no fee when sending cryptocurrency elsewhere when sending from Coinbase Pro to anywhere else. Why is it like this? We have no clue, but it’s a great trick to save yourself a bit of money.

Your full process would then be:

  • Use your bank account to purchase Bitcoin from Coinbase
  • Send your Bitcoin to Coinbase Pro
  • Send your Bitcoin from Coinbase Pro to Binance Exchange
  • Use Bitcoin to purchase Nano cryptocurrency

Okay, now when do I buy and when do I sell?

Now that you get how to actually obtain or sell the cryptocurrency you want, the next step is understanding the different methods and styles of trading. This is a much more complex topic, but start by checking out some of our favorites: