We are all more or less familiar with cryptocurrencies. Those who trade in the world are called traders. Because trading is fully involved in business. If you buy a product at a lower price and sell at a higher price, this process is trading. Trading is also an important part of cryptocurrency. If you want to increase your money in a short time, you must learn how to do crypto trading. But one thing we have to keep in mind is that in business we lose money in different ways and in the same way you can lose a lot of money in trading. So we should first understand cryptographs and get an idea about the rate up and down of cryptocurrency.
I will not talk about trading other cryptocurrencies today, I will tell you today how those of us who use PAYEER wallet can easily increase its amount through our bitcoin cash trading and own more money in a short time.
If you look at last month's Bitcoin Cash graph, you can see how the Bitcoin Cash rate is going up and down.
Look at this graph, on February 15, 2021.
The bitcoin cash rate was the highest. And that's about $765. But again, if you look at today's rate on March 5, 2021.
In the middle of these 20 days, the price of bitcoin cash has dropped above $250. Now if you sold your bitcoin cash at $765 and bought bitcoin cash at today's value, you would have earned about $250 in these 20 days.
Now suppose you have 10-15 BCH savings and you are trading with full money then you would have made more than $2500 profit in these 20 days. So do you understand how you can make more money in a very short time by trading Bitcoin cash? hey, wait please, this is not the end. If you see this and start trading, you are making a big mistake. You need to know some rules before trading in Bitcoin Cash PAYEER wallet. There are certain conditions that you can be successful if you can trade according to them. Otherwise you are going to lose your money and I never want that.
PAYEER wallet trading process:
Other trading apps like Binance, Coinbase.ph, Blockfolio etc. with trading process in PAYEER wallet. But to me, trading on Payeer wallet seems to be the easiest and most convenient way than other apps. However, it is not in the list of top trading apps. You can easily trade in BTC, ETH, XRP, Dash coin or USDT with Bitcoin Cash in Payeer wallet. Since my portfolio is 100% BCH so I feel most comfortable trading in Bitcoin Cash/ USD.
Step 1
Sign in your payeer wallet as usual.
Step 2
You will see some options under Paweer wallet, among them you will find Trade option.
Step 3
When you enter your trade option, you will first see the graph of BTC / USD. But your job is not in BTC / USD. Because you will trade bitcoin cash. For that you have to select USD / BCH.
Step 4
Now decide what you want to do. Because you will be shown 2 options. Firstly Buy BCH and secondly Sell BCH. If you want to buy BCH, you must buy Bitcoin Cash at a lower rate.
And if you want to sell your BCH then click on Sell BCH.
Step 5
When you go to buy Bitcoin Cash, you always have to buy with 5-6 dollars more than the real rate.
Again when you go to sell your 1BCH you have to sell your bitcoin cash with 5-6 losses. I can't say why there is such inconsistency.
See Same rate but different rates for buying and selling. But 5-6 doller doesn't matter if your bit set is much better.
Step 6
Suppose you don't want to buy or sell BCH at the rate you have now. In that case, you can easily set the prize you want to beat. In that case your money will be deducted from your account. With that money you will buy or sell BCH. Your money will be in processing.
Your money will be automatically credited to your account when BCH arrives at your desired rate. In this case, there is no possibility of losing your money.
Warning-
The first time I sold my BCH at a high rate and bought a deep BCH, I made about $10- $12. As a result, the subject of trading became very addictive. I had 0.2 BCH. I first took it to 0.27 BCH in the first few trades. The words "Greed leads to death" fit perfectly with me. I lost about 0.1 BCH while trading BCH in small dips. And later my total BCH amounted to 0.18 BCH. Since then I have stopped trading Bitcoin Cash in small dips. It would be better to make a small profit than to sell your bitcoin cash when you see that the value of Bitcoin cash has crossed $700- $800. When you see that the amount of bitcoin cash has reached $400- $500, buy bitcoin cash again with that stable coin. You will see that your bitcoin cash has almost doubled. But if you want to trade in small dips, you need to be very experienced and always keep an eye on the bitcoin cash rate.
Why Payeer Wallet is not good for trading?
Surprised to see the question? It is true that trading on Payeer wallet is easy but PAYEER wallet is not good for trading. Because PAYEER wallet will never show you the correct rate of bitcoin cash. And even if you show the right rate, it's still a lot. However most of the time the BCH rate looks wrong. As a result, even if you get the benefit of selling bitcoin cash, you will have difficulty in buying bitcoin cash.
It is not completely safe to keep your money in Payeer Wallet. Because even if you provide bitcoin cash in PAYEER wallet, you will not find the seed phrase of your wallet there. As a result, you have no control over your finances. We always know the value of the seed phrase of Bitcoin Cash wallet, the value of your money depends entirely on that seed phrase. If your phone or your gmail account is hacked and with it your phone or the device holding bitcoin cache is stolen. Then it will be very difficult for you to recover payeer wallet.
In conclusion, the poison of cryptocurrency trading may seem simple, but you can easily be deceived or easily make a lot of money. For this you have to work in a cold head and make the right decision at the right time.
Hope you get benefit from this article. This article totally dedicated to those newbie traders who use PAYEER wallet. Thank you.
Thanks for the information