Buy And Sell Bitcoin In Istanbul
If you are in Turkey and have an interest in Bitcoin, you should know a few important things about how to buy and sell Bitcoin in Istanbul to get the best deal. While buying and selling BTC is not really all that complicated, you need to be aware of some of the pitfalls that could cost you money.
In this article, we look at some of the common mistakes that you should do your best to avoid.
Not doing your research properly
Before you start the process of buying and selling Bitcoin, or any other cryptocurrency for that matter, you should research the subject thoroughly and get a good understanding of how crypto works and the crypto market in general. This is because a lack of good up-to-date information can result in you making poor and uninformed decisions. It would be best to take as much as time you need to learn and understand how Bitcoin and cryptocurrency in general work. You need to know about Bitcoin’s price volatility, the risks involved, and all other things that could affect your trading in BTC.
Using unreliable exchanges
With so many crypto exchanges out there, you need to be careful about which one you choose to buy and sell Bitcoin in Istanbul. Unfortunately, there are some less-than-reliable ones that are out to dupe unsuspecting innocent customers. It would be best to check out the various exchanges and only use those with a proven history of fairness, security, and reliability. Before you start using any particular platforms, check out their user reviews, and any history of security breaches.
Overlooking transaction fees
Crypto exchanges, and other methods that facilitate crypto trading, charge transaction and other service fees, but the charges can differ widely from one platform to another. Therefore, as you decide on the platform to use to buy and sell Bitcoin in Istanbul, you need to understand their fee structure. The good thing is that you can count on NakitCoins, one of the leading on-site crypto exchanges in Turkey, because they charge reasonable commission for the various transactions, and offer you great privacy, excellent customer service, and top-notch security as you trade your crypto.
Taking uncalculated risks
As you buy and sell Bitcoin in Istanbul, you need to fully understand that cryptocurrency markets and prices can be highly volatile. Therefore, it is prudent to only take calculated risks and only invest the amounts you can afford to lose. Also, you should avoid investing using borrowed funds or using high-leverage investments.
Overtrading or engaging in emotional transactions
With cryptocurrency, you cannot afford to trade on impulse or be influenced by short-term price fluctuations. It is crucial to have clear investment goals, and then come up with a strategy and stick to it. If you trade based on emotion or whims, you stand to suffer heavy losses.
Ignoring technical analysis
Although it is not foolproof, a good technical analysis can offer you invaluable insights into possible price movements and market trends. This can be so helpful in making informed decisions so it is crucial to learn some basic technical analysis.
A final point
Besides the above mistakes, there are some other mistakes you need to avoid as you buy and sell Bitcoin in Istanbul. These include not having an exit strategy, failure to diversify, and neglecting tax obligations. If you try to avoid such mistakes, you can have profitable crypto trading and increase your wealth.