How do I exchange bitcoin for ethereum at the best price?

Ethereum works as a digital platform that adopts the blockchain technology established by bitcoin and expands its use to accommodate a wide variety of other applications. It is not to be confused with ether – the cryptocurrency underpinning the network – which is often referred to as ethereum.

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Steps to trading ether

1. Open an account

2. Develop a trading plan

At this point, you might want to consider developing a trading plan. A trading plan helps to take the emotion out of your time on the markets, setting out when you should open your positions – and when you should close them.

Here are some tips for creating your first trading plan:

• Consider what you want to achieve, and set daily weekly and monthly goals
• Decide which markets you’re going to trade, and learn about them thoroughly
• Set out how much you’re willing to risk on each trade, and how much you’re willing to risk overall
• Use that information to determine your risk-reward ratio

You could also take this opportunity to research and ether trading strategies. Swing trading, for instance, involves spotting ether trends as they come together and holding onto an open position until they run their course. Alternatively, scalping involves making frequent trades to take advantage of minor price movements.

3. Do your research

You’re almost ready to open your first position. But before you do so, it’s worth ensuring that you are fully up to date with all the latest developments surrounding Ethereum and ether. Take a look at our news and analysis section to see what our analysts have been saying about cryptocurrency – or if you’re already an IG client, find it in the platform.

To help you decide when to open your position, you might also want to undertake some technical analysis. Technical analysis involves examining ether’s previous price movements on its chart and using a variety of tools to predict where it might be headed next. You’ll find a huge range of tools on the IG Trading platform, including Bollinger Bands, MACD, RSI, and more.

4. Place a trade

To make your first trade on the IG platform, simply search for ether and open its deal ticket. Select the size of your trade, set any stops or limits, and then hit ‘buy’ to open a long position, or ‘sell’ to open a short one.

And because you’re trading with IG, you’ll get access to increased liquidity when you open your position – which means that there’s a higher chance your entire position will be filled at the price you want.

To close your position, trade in the opposite direction to when you opened it. So if you bought ether at the outset, you’d sell it to close. If you sold to open, then buy to close.