The unfortunate reality is that scammers continue to plague the digital asset markets. Therefore, it is important to learn how you can protect yourself when trading or investing in crypto. To help you achieve this goal, this guide you will explain how to trade bitcoin safely and securely.
How to Trade Bitcoin
You can trade bitcoin on exchanges and peer-to-peer (P2P) marketplaces by buying and selling directly from and to other traders. On the other hand, you can place a buy or sell offer, which will appear in a public listing on the exchange. By doing this, you become a market maker.
Market making is the process of providing liquidity to buyers and sellers on an exchange by placing offers and limit orders. Market makers earn money from the difference at which they sell or buy cryptocurrencies.
For example, you can place sell and buy bitcoin offers on Paxful after creating an account and completing the verification process. When you create an offer, you will set the trade limits and the trade margin. The trade limit means that other traders can only buy from you a minimum of ten US dollars and a maximum of 50 US dollars worth of BTC for example.
Use a Trusted Platform to Trade Bitcoin Safely and Securely
The first step towards trading bitcoin safely and securely is choosing the right platform. A suitable crypto exchange or marketplace should have customer support, it should be transparent, and compliant. Therefore, find out what people are saying about a particular platform, and if it is mostly positive feedback, you can trade on it.
Furthermore, a good platform should comply with any relevant regulations and it should clearly outline terms of service and its privacy, dispute, KYC, and AML policies. Moreover, a good platform is transparent enough to reveal its fees, whether it stores your crypto or not, and what it is responsible for.
For instance, Paxful clearly states in its terms of service that it “does not act as a payment processor.” That means that the liability for the entire payment process lies between the buyer and the seller. Additionally, Paxful explains that it does not custody the digital currencies of its users.
Learn the Rules
Before you begin to trade bitcoin, understand the rules of that platform. Learn how the platform works and what you should do in case a problem arises while trading. Moreover, find out what you can and cannot do. The last thing you want is to get blocked from a good platform for breaking the rules.
Besides the policies and terms of service, you can learn a lot from the FAQ section and the blog. Therefore, make sure that you read through them before you begin trading.
Trade Bitcoin with Verified Traders
Another precaution that you should take is trading with verified users only. Most crypto exchanges and marketplaces require their users to verify their identity through a KYC process. This could entail ID, phone, home address, and email verification. Once users submit these details, the platform will determine their authenticity, then either approve or disapprove their applications.
Therefore, ensure that you trade with traders that have fully completed the verification process because it means the platform has approved their authenticity.
Paxful has several verification levels that give users certain trading rights. For example, if you only verify your email address and phone number, you can only carry out trades of up to $1,000 per trade. If you verify your ID, however, the limit per trade increases to $10,000.
Choose Traders with a High Positive Feedback Score
You are most likely to have a smooth trade when transacting with a user that has a high positive feedback score. Also, read the feedback that other traders have written before starting a trade.
A platform like Paxful allows both buyers and sellers to leave feedback after carrying out a trade. As a result, always trade on a platform where you can view the feedback left by other traders.
Another safety precaution you can take is to trade bitcoin on a platform that offers escrow. The escrow feature protects the buyer by locking the bitcoin as they make the payment.
The Paxful escrow, for instance, locks bitcoin once a user initiates a trade. Paxful keeps the bitcoin locked until the conditions of the transaction are met. If you complete the payment process and the seller fails to release the bitcoin from escrow, you should report the issue immediately to the Paxful customer support.
Do Not Trade Outside the Platform
Never agree to trade outside a platform because the risk of getting scammed will increase. Therefore, if someone asks you to trade outside an exchange or P2P platform, politely decline.
They could offer seemingly logical reasons for their proposal or offer a better deal. However, if the deal is too good to be true, think twice. Users that make such proposals probably do not have the best intentions anyway.
Cancel a Trade if Something Does Not Seem Right
If the above scenario takes place, you should cancel the trade immediately. Also, if the trader is making other proposals instead of carrying out the transaction as expected, cancel the trade instantly. If possible, report the user to save other traders from getting duped or leave negative feedback.
Note, however, that it is not always easy to tell that something is wrong. For that reason, be alert when trading bitcoin and never be desperate.
Ensure That the Trader’s Names Match
When making a trade, ask for the user’s ID and confirm that the ID name is similar to the bank account name or the online wallet account name.
The process of naming matching will let you know whether you are sending payment to the seller or to someone else. So, if the ID name does not match the PayPal account name, you should cancel the trade .
Trading bitcoin should not scare you. As long as you observe the tips above and refrain from desiring quick and huge returns, you will remain safe.
Aside from trading bitcoin, you can earn digital currency in these other four ways.
How to Deposit and Withdraw at Crypto Casino Crashino?
Playing at online casinos might be your go-to favourite fun time during the day, but did you know that you can use your crypto to play as well? Crashino is the next generation of online casinos! Learn how to register, deposit, and withdraw from Crypto Casino Crashino. This is a very easy and step-by-step guide on how to make your deposit at Crashino with Crypto.
HOW TO CREATE YOUR CRASHINO ACCOUNT?
1. Go to Crashino.com
2. Click on Register Button
3. Enter your email address and password
4. Choose your preferred FIAT currency (USD/EUR)
5. Click on the SUBMIT button
6. Now you are registered already, and you can take the Crash rocket to the moon!
Now it is time to transfer your crypto to Crashino and start playing! If you don’t have crypto yet, you can go to Binance or any other respected crypto wallet and buy crypto easily.
You can choose more than 12 cryptocurrencies to deposit with, you don’t have to think about their price volatility. While you play at Crashino, you play with your preferred FIAT currency that you chose upon registration. Only once you make your withdrawal do you need to choose which cryptocurrency you would like to cash out with.
Please choose USD as account currency and deposit with USDT if you want to stay away from the volatility big time.
HOW TO DEPOSIT AT CRYPTO CASINO CRASHINO?
1. Click on Deposit Button
2. Click on the Nomipay icon
3. Choose the Cryptocurrency you prefer to use
4. Enter the amount you wish to play with and click on Submit
5. Now, you are redirected to the Nomipay page with the depositing address.
6. Send your crypto to the address, and it will be transferred to your account!
You can use the QR code to scan your wallet and make your deposit there, or you can copy the address from this page and make the transaction in your crypto wallet to this address.
You can choose from any of these cryptos at Crashino: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Tether (USDT), UsdCoin (USDC), BitcoinCash (BCH), Solana (SOL), Binance (BNB), Dai (DAI), Shiba (Shiba), Tron (TRX)
HOW TO WITHDRAW YOUR WINNINGS FROM CRASHINO?
1. Click on your account icon
2. Navigate to My Wallet and Withdraw section
3. Choose the Cryptocurrency you prefer to use for cash out
4. Enter the Crypto Address you wish to send your withdrawal to
5. Enter the amount you want to cash out
6. Click on SUBMIT button
Now you have already requested your withdrawal. Please keep in mind that it can take up to 24 hours for your withdrawal to be processed, but usually, it’s much faster.
As you can see, it is very easy, it is to deposit and withdraw at Crashino, and you can use your crypto to play and win big. Start today by joining the Welcome Mission and get an amazing bonus of 100 Free Spins on top.
Can You Win Real Money by Playing Crypto Slots?
Introduction to Crypto Slots
Crypto slots are a form of gambling machine that lets you take a chance with digital currencies. They’re reminiscent of old gambling machines, but they do have a surprise ending: you can bet your money using cryptos. This tends to make them an appealing choice for those interested in betting on Bitcoin or various other cryptos. The possibility of big wins has been one of the factors that make crypto slots quite thrilling. At a certain crypto slot machine, numerous players have won progressive jackpot valued at hundreds of dollars. There are a variety of jackpot sizes available, and they continue to increase as more players play them.
Is Playing Crypto Slots Legal?
In general, there are no laws that specifically apply to crypto slots. It is neither permitted nor prohibited by law. Authorities’ perspectives on cryptocurrencies are swiftly shifting, with more nations adopting a favorable stance and debating how to regulate them specifically as well as blockchain-based businesses in general.
Authorities in nations where gambling is outright forbidden, like the United States, may yet impose severe penalties on gambling websites and/or bettors who utilize cryptocurrencies. A few international gambling jurisdictions have already granted licences to casinos that accept cryptocurrency, implying that they accept responsibility for cryptocurrency operations on gambling websites. You can check out the top crypto slots sites listed in CryptoNewsZ’s gambling section.
Can You Win Real Money by Playing Crypto Slots?
They’re generally free-to-play, and if you hit it big on a cryptocurrency slot machine, you can cash out your prize money without having to pay a casino fee. It’s no surprise that people are increasingly preferring to play with cryptocurrencies rather than real money.
Tips to Play Crypto Slots?
There’s a little research you can do to improve your likelihood of victory when playing crypto slots. Here are some pointers to get you started:
- Select a reputable gambling establishment. Not all casinos are the same, and some have a better reputation than the others. Before you choose a casino to play at, make absolutely sure you do your homework.
- Go over the terms & conditions with a fine tooth comb. This is extremely true when it comes to crypto slots, as these games may have their own set of rules. Before you start playing, take the time to understand what you’re getting yourself into.
- Play responsibly when gambling. Because crypto slot machines can be habit forming, set boundaries for yourself and don’t risk too much more than you can stand to lose.
- Bonus seekers, do your homework. Some casinos have good bonus payments than in others, so do your research to see which one has the best possible deal prior to actually registering and dumping money into the account.
- Keep a close eye on the jackpot in the game. Most of these games have jackpot games, which means that the prize grows as more people participate. These aren’t the games for you if you’re hoping for a fast win. However, if you have some spare time and would like to try your luck at winning a reality-changing prize, keep a sharp eye on the jackpot.
- Practice with the demo before wagering real money. A few crypto slots give a free-play mode, allowing you to practise without risking any of your own finances. Before you begin placing bets, you could use this time to familiarise yourself with the game, figure out which strategic plan works the best, and estimate your prize earnings.
Related Article: Best Crypto Gambling Sites
Benefits of Playing Crypto Slots
Among the most compelling reasons for players to use cryptos are the unmatched advantages they can provide, such as instantaneity, security, and Internet of Value. Nevertheless, there are some advantages to using cryptocurrencies such as bitcoin and Ethereum to play slots. Many players would prefer confidentiality when they play – for example, folks who don’t want their betting history scrutinised when getting a mortgage! Players can also have complete anonymity when using blockchain-based currencies because they don’t have to provide any personal information other than their wallet number to connect their online casino account to their cryptocurrency account.
You must make sure that your payments are safe in order for no one else to gain access to the account and withdraw your prize money. In contrast to the traditional payment options, where you won’t see your money in the account for 3-5 business days after drawdown, cryptocurrencies provide amazingly fast and even immediate withdrawals, allowing you to enjoy your winnings sooner. With Blockchain technology and crypto-casinos, you could indeed play from anywhere in the globe. Low or no service charges are yet another added benefit of using crypto because there are no 3rd-party service costs to pay and also no payment restrictions.
Crypto slots are a form of gambling game that generates different numbers using blockchain technology. They’re a new take on traditional gambling machines, giving the players so much more control over their wagers because the figures aren’t generated by a single company or person. Crypto slot machines use random number generators to generate their outcomes, there is an element of luck engaged, but you can improve your likelihood of victory by planning how much you wager for every spin as well as which kinds of slot games to enjoy.
4 Tips for Managing Your Emotions When Trading Crypto
Dealing with emotions is a natural part of being human. How you feel can significantly impact the world around you, and that is an indisputable fact in life. However, the world of cryptocurrency trading can be an unforgiving place for the overly emotional. If you let your feelings cloud your decision-making, you risk selling too early, running losses, and missing out on significantly profitable opportunities had you stopped for a moment and thought the matter through with a clearer headspace.
For example, after hearing some concerning rumors, you rashly decided to empty out your XMR wallet and other crypto exchanges for fear of losing money. After some time, however, the prices bounce back higher than before, which is a cause for dismay because you lost all of your investment due to a rash decision on your part.
Hence, it is crucial to keep your emotions in check when trading. This is especially the case when you are trading in an extremely volatile industry such as cryptocurrency. The crypto market is notorious for its constantly fluctuating values and massive price swings. It can strike fear, panic, and greed in the least suspecting and cost you more than what you bargained for.
Whether you are new or experienced in dealing with crypto, managing one’s emotions is a must-have tool in your trader’s toolbox. To help you master this skill, here are some tips to keep in mind as you traverse the wild, harsh landscape of crypto trading.
Develop a Risk Management Plan
Risk management is an integral part of any kind of investment venture. You want to ensure that you have backups in place in case a situation arises that may threaten your initial investment. However, many new traders overlook the importance of considering their emotional responses and their risk tolerance when formulating their risk management plans. As a result, their plans crumble in the face of high-pressure situations.
As such, always consider your risk tolerance when developing a plan to mitigate trading risks. In fact, many trading consultants use it as a basis for forming your trading plan. By doing so, you can ensure that you are only taking on what you can handle emotionally as you work your way to reaching your financial goals. Over time, as you become more experienced and more in control of your emotional responses, you can decide to take on more risks.
Conduct In-Depth Research
One of the most effective ways to handle frantic feelings is to counter them with cold, harsh facts. Aside from your risk management plan, it is wise to conduct some research on your own that can substantiate or debunk any concerning news or rumors that might cause you to buy or sell on an impulse. For example, after hearing from another trader that one of the digital coins you invested in has died due to a lack of community support, you might be tempted to liquidate the entirety of your investment. However, after some digging, you determined that the community is still active and invested in improving said cryptocurrency.
It is also important to do your homework when picking which coins to support. Make sure to check the cryptocurrency’s whitepaper and the developers’ activities for a clearer idea of the coin’s potential. In this manner, you can feel assured that your investments have a high potential of bearing fruit in the future.
Do Not Obsess Over Market Charts
Many traders new to the crypto industry fall into the trap of obsessing over market charts. The constant flickering of colors and lights can be hypnotising to the unaware. They watch price fluctuations all day to ensure that they can take note of sudden price hikes and dips, which may lead down a path to profitable opportunities.
However, this method is not helpful to your mental and emotional health. Indeed, it can feel like an emotional rollercoaster watching prices go up and down continuously. Processing significant amounts of information for too long can wear you down over time and may instead cause you to decide poorly when an opportunity arrives. Thus, a word of advice: do not let the market chart take over you.
Take Advantage of Limit Orders
Signing into your crypto exchange after some time and learning that the value of your investment has plummeted is a reasonable fear for many traders. After all, it is not healthy to watch market charts like a hawk, and in the crypto space, so many things can happen after a short span of time. Fortunately, many crypto exchanges have stop-loss features. This is a feature that automatically sells your coins once their prices decline to a certain value. In this manner, you can feel assured that your investment remains intact, assuaging any fear or worry you may have while not on the crypto exchange.
Removing emotions from any decision-making process that you make is almost impossible. In a highly complex and volatile market like cryptocurrency, conquering your initial emotional responses and maintaining a clear head is a skill that you have to master through experience. By doing so, you can keep your eyes on the prize and trade in a manner that is most helpful to your needs.
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