Where can i start trading with just $50?

Use Circle. Debit card has no added fees, it can take about 1-2 hours to get enough confirmations when you transfer the BTC from Circle to a trading site but it should be on circle instantly

Thanks for the information man. As a rule of thumb i should never keep any coins on exchanges unless i plan on selling them right? Always use cold storage?

This is what i've picked up from reading another thread here just a few minutes ago.

Get Bitcoin then deposit to poloniex and start trading ,you could even loan that $50 out and charge interest but it would be pennies

Never keep them on an exchange , I use breadwallet on iPhone myself but if my iPhone was somehow hacked I could still lose my coins ,still safer than trusting your coins with someone else.

I was reading a bit about Circle and it sounds sketch as fuck. Reading reports on people's coins going suddenly missing and no customer support.

What's the safest and securest way to just buy coin and trade. Sorry if i'm sounding a naive but there's so much information out there it's hard to know which one to go with or how to even store these damn things properly.

bump for newb questions to be answered

bump because relevant to my interests

ETC is in a dip right now, perfect time to turn that 50$ into $70 by the end of the day

>Where can i start trading with just $50?

You could try your hand at forex (foreign exchange); quite a few brokers let you open an account with $50, or less. Profits are made and lost in cents, if you trade 0.01 lots. You'll want something like 1:200 margin.

Quick explanation. Forex is just currency exchange. You buy $100,000 (1 'lot') in Euros with USD, and then later you trade it back to USD. The exchange rate is always changing, market is almost always open. Because the exchange rate changes, when you trade it back, you get $100,020.

Of course, you don't have $100,000 (1 lot) nor $10,000 (0.1 lots) nor $1,000 (0.01 lots aka a microlot). That's okay, because you can trade with margin.

If you find a broker that provides 1:200 margin, that makes every one of your dollars = $200. That means you can trade $1000 with $5 (5*200).

Currency moves in pips. A pip is a small fraction of a penny (3 digits past $0.01 in most currencies). Every pip it moves, your trade goes up or down ; with a micro-lot, each pip of movement is $0.01. So when the currency has moved 100 pips (1/10th of a penny), you can close your trade for your $1 profit ($10 if you traded 0.1 lots, and $100 if you traded 1 lot).

The converse is true though; if your trade goes sour, then you will take that loss against your balance.

If you trade on margin and lose money do you owe the broker ?

You need to protect yourself against losing your balance; when you trade, you place a 'stop loss', which is a point where your trade is closed server-side to prevent losing money (or to protect your current profit). The opposite is a take profit, which is when the trade is in your direction, if it hits it, it will automatically capture your profit (profit is TP, loss is SL).

Which is why money management is important. Avoid betting more than 1-2% of your account balance on a single trade. ($50? that's $0.50) If you have an entry point (you traded EURUSD, it was at 1.11489). You would want to set a stop at 1.11430ish. Don't let your losses away and lose 10% of your account; you'll end up blowing it like that! Now due to your low balance, you may have to be a bit more aggressive, because 50 pips of movement can happen really fast, and you don't want to lose 90% of the time!

It's different than stock margin; you don't have the money in this case, you are just using it. Hence you not needing $25k in your account to trade on it. if you hit 'margin call' (sometimes 80% margin), they will liquidate your positions, to protect themselves (and you, from owing money)

The only time this is not true is when huge events happen; think Brexit. GBP was swinging wildly -- many brokers increased their margin requirements. This lets them pull your plug so they don't lose money, because you have enough buffer that they can do it fast enough.

Find a broker that will write off your loss in case something goes wrong. (FXCM/gain capital won't write off , they're pissy, avoid if possible. Trade non-US so you are not bound to FIRNA rules and can hedge and trade non-FIFO). ECN brokers carry commission but don't do any backroom dealing sort of stuff (like FXCM, where they pair your trades w/ others internally)

So, you won't lose money, you have a margin requirement. If you hit, say, 80% margin (e.g. You have $10.. and you trade 0.01 lots @ 1:200, that's $5 of margin used, $5 free. You could trade again, but then you are at 100% margin. If you lose $0.20 (Down to 80% free from 100% used), they will close your trades out. If you have $100 and you are @ 1:200, you can open 20 micro-lot trades at once. Though, again, that puts you at 100% use which is nearing margin call.

Some brokers reduce margin requirements of you execute a 'lock' or hedge trade. e.g. you buy and sell 0.01 lots of EURUSD. Both trades are open. They will move inverse of eachother.. each pip move = '1 pip of profit and 1 pip of loss', meaning you net 0, meaning your account isn't losing at all. But, of course, if you close the losing trade, that's applied to your account, then you can wait and close the positive, and you net 0. (+- whatever it changed in the meantime)

last notes before I go for a delicious sandwich.

Most brokers provide demo accounts. Maybe don't risk your money until you have tried it, because supposedly only 10% of retail traders are profitable.

Remember, MONEY MANAGEMENT. Risk/Reward! If you risk 50% of your account on a trade, you can blow it in a few trades trades!

Lower risk trades.. prevent your losses.. if you lose, you lose $0.50, if you win, you win $1. So if you win twice, you have +$2 in profit. If you lose twice, you have -$1 in loss. On a $10 account, that's $12 (20% GAIN!!!) or $9. A 20% gain is what people expect to make over 2 years in the stock market, and you made it in 2 trades over the course of a day. How many times could you double your account? What if you started trading with lots where each pip was $1? (don't do that until you have thousands of dollars lol).

Build a system, refine your system, don't rade on emotion. That trade I posted earlier is up to $0.35. ($3.5 @ 0.1 lot, $35 @ 1 lot).

with your system, include some rules, for ex-
Don't get greedy, trading on 0.5, each pip is 0.05, in 20 pips it's moved $1, which is 2% of your account. not much longer until it hits 10% loss.

Don't trade too much. Each trade you get hit with the spread. spread can be 6 pips (right now for EURUSD). that means, when you buy (@ ask price) you are down $0.06 alread. If you sell immediately, you sell @ bid price, meaning you lost $0.12 and the price didn't move. If you use a broker that charges commission, your costs are known and fixed, and you get lower spread, but you still pay for it. Every trade (round trip), $0.07 for 0.01 lots. if you traded 100 times and made 50 pips, you spent $7 in commission for $0.50

Don't buy expensive EA/robot systems/advisors/indicators , they often don't work and they take your money. Do it yourself.

Check out Forex Factory, baby pips, investopedia, read read read learn study practice trade and hopefully, make money.

Have fun and happy trading.

Also, I'm down $500 in my forex account - fortunately it's money set aside for it, just put some in it every once in a while. It's hard, but I'm getting better, and you can too. I trade for real because it's my ass on the line. Play with demo first, you get to reset your account, set it to $50, reset it when you blow it, you will, keep on trying. You can do it.

there should be a sticky on this shit

Also, if you're looking to make money, and I assume you are, you should read a little bit - read "rich dad, poor dad", you can find the PDF online pretty easily. author repeats himself sometimes, but, that book changed my mindset, in a way that has been very productive for making money. It teaches how rich people think, and what makes it different from the middle class.

"Rich people acquire assets. The poor and middle class acquire liabilities that they think are assets. Your house is your biggest liability. [.] An asset puts money in my pocket. A liability takes money out of my pocket."

here's what you do

it really doesn't matter where you buy your bitcoin from. there are several options. do not try to buy btc with paypal, nobody sells btc for paypal without exorbitant markups

1) Download Electrum Bitcoin Wallet, create a new bitcoin wallet. The interface is intuitive as can be. You will have many different addresses, each of which can be used to either receive or send btc. Again, the interface makes this very easy to understand.

2) There are several options. Most convenient is LibertyX, you basically walk into a gas station with a QPay system and you get a code to redeem the BTC on the libertyx webite. Totally anonymous cash transaction. Option number 2 is just buy from coinbase, its TOTALLY OK TO ORDER FROM COINBASE IF YOU FOLLOW THE NEXT STEP

3) Coinbase and LibertyX make bitcoin wallets to store your BTC. You do not want to keep your coins here, bro, THIS is how people get their shit taken away. As soon as you get it, send it to one of your addresses.

Backup your wallet. Write down your seed so you can regenerate your wallet. Make another backup. I have my wallet stored on my computer inside of a veracrypt container. Then, you can safely copy that veracrypt container to google drive, dropbox, multiple flash drives, wherever

thanks bro, appreciate this step by step.

Also i just checked and there doesn't seem to be a liberty x location in my area, any other alternatives?

Whatever you decide to trade make sure it has good volume of trade.

Makes it easier to buy and sell when you want to at the price you want to.

Dunno what libertyx is, we don't have whatever that is where I live, and I'm too lazy to google it, but it sounds like a bitcoin ATM.

Just look up your city's name + bitcoin atm. Pretty sure some companies even mark them on Google Maps. They're machines that you can buy physical bitcoins from, like a foreign currency exchange. They print off little squares of paper with codes on them. That string of numbers on it lets you deposit your bitcoin into your wallet. Obv, if you lose it between the atm and home, it's gone for good. Many have RF codes so you can scan them with your webcam or cellphone directly into your wallet, but I've always typed it out on the rare occasion I've used one of these things.

>butchering the terminology, I know, lads