Basic Setup
Before starting on-chain trading, we need to complete some essential preparations. This guide will walk you through the basic setup process.
Hardware Requirements
Computer Recommended
Compared to traditional exchange trading, on-chain trading requires analysis of more information than just price charts. You need to:
- Analyze on-chain data
- Follow community developments
- Capture trending assets
- Monitor multiple information sources
Therefore, we strongly recommend using a computer, as these tasks are difficult to accomplish effectively on mobile devices alone.
Software Setup
1. Telegram
- Most traders use Telegram to log into trading platforms
- Receive real-time notifications and market information
- Join trading communities and information groups
2. Browser
- Recommended: Chrome or Edge or other modern browsers
- Install wallet extensions like MetaMask
- Ensure browser is updated to the latest version
Fund Preparation
1. Exchange Accounts
- Set up accounts on major exchanges (e.g., Binance, OKX)
- Complete necessary KYC verification
- Ensure withdrawal and transfer functionality
2. Initial Funds
- Avoid investing large amounts at the beginning
- Use small funds for learning and testing
- Gradually increase investment size with experience
Security Setup
1. Wallet Security
- Use hardware wallets for storing large amounts
- Separate trading wallets from storage wallets
- Securely store seed phrases and private keys
2. Operational Security
- Use reliable network connections
- Avoid public WiFi networks
- Enable Two-Factor Authentication (2FA)
Information Sources
1. Essential Tools
- GMGN trading platform
- On-chain data analysis tools
- Price monitoring tools
2. Information Channels
- Join quality trading communities
- Follow industry KOLs
- Subscribe to market analysis newsletters
Risk Warnings
Trading Risks
- Extreme volatility in on-chain assets
- Low market cap assets may go to zero
- Learning costs and trial-and-error expenses
Security Risks
- Beware of phishing websites
- Check token contract security
- Guard against social engineering fraud