Cryptocurrency Trading: How to Get Started
Disclaimer: The text below is a sponsored article that was not written by Cryptonews.com journalists.
You’ve probably been hearing more and more about cryptocurrency these days. Perhaps you did your research on it, and now you’re ready to jump into the mines and get going! Does that sound like you?
If the answer is yes, then keep reading! In this article, we will touch on some quick tips for the “noobish” (not quite) beginner, to help you get started with cryptocurrency today!
To get started you will need these things:
- A cryptocurrency wallet. You might consider having more than one, and that’s perfectly fine. Check out Trezor or Atomic Wallet. Some exchanges even offer short-term wallets, especially for beginners or traders who are in a hurry.
- An exchange account. Again, just like wallets, the more the merrier (within reason of course!). Some popular exchanges worth starting out with include Kraken, Coinbase and Bittrex.
While this may sound a little confusing if you are just starting to learn about cryptocurrency, it’s a rather simple practice that is made possible by complex methods. You can start by trading United States dollars to crypto, for example – converting fiat to bitcoin (BTC) or USD to Ripple’s XRP.
You can also trade crypto to crypto. An example of this would be trading bitcoin to ethereum (ETH), or ethereum to another cryptocurrency coin like litecoin (LTC).
Beginners who want to get started with trading cryptocurrency might want to check out Bitcoin Code Trading Software.
This is a great choice for newer users because it provides a very simple way to get started, even if you have no prior experience. Bitcoin Code is a one-stop-shop, and an all-in-one solution!
Types of cryptocurrency trading software
When it comes to trading cryptocurrency, you are going to need to choose a cryptocurrency trading app. Before you chose a cryptocurrency trading website, there are a few key things you should look at.
- Geographical operations map
- User-friendliness and UI
- Who makes up the platform’s development team?
- How secure are the platform funds?
- How do other users rate this app?
Here are some of the most crucial factors to look out for when you are shopping around for a cryptocurrency exchange platform:
Safety and Stability: This is probably the biggest issue for a cryptocurrency website. A good platform will use a multi-cluster, multi-tier system to ensure safety and stability.
Multi-device Support: Having the ability to be able to check on your cryptocurrency from different platforms, such as your web browser or a mobile app helps a lot.
High Performance: Just like a top-end car, high performance is the most important thing when it comes to the software used to power the platform.
Multi-language Support: It is always great to get support in the language you feel most comfortable with.
High Level of Liquidity: Having stronger liquidity in a different number of cryptocurrency pairs is good.
Multiple Coin Support: You will want your software to be able to deal with a wide selection of coins, such as bitcoin, litecoin, NXT and more.
Fees and commission rates: No matter what you do in life, always be wary of hidden fees! When it comes to cryptocurrency and cryptocurrency trading, it is no different. Stay safe!
Modes of payment: Search for the payment methods that are available to see if they are tailored to your needs.
Ease of use: You’re going to want to use a platform that is not only streamlined, but also has all the features that you personally need. It’s best when everything is packaged up in a neat and easy-to-use interface.
Make sure you know all the details before you even think about investing in any cryptocurrency. And always be certain to check out important information about cryptocurrency trading platforms.
Trading cryptocurrency: some tips and tricks
So, you are ready to trade? Excellent! But just like deep-sea diving, don’t jump in without a few expert pointers! When trading and selling cryptocurrency, it is best to be armed with as much information as possible – to keep you safe and sound.
Ignore Biased Sources The very first thing you should always be cautious about is the fact that there are a lot of fake coins and scams around out there. Pump & dumps, fraudulent schemes and Ponzi-type pyramids are just some of the things you need to keep an eye out for. There are a lot of people out there posting fake or misleading information on websites and blogs, as well as convincing-looking phishing pages, and other nefarious scams that can hook unsuspecting investors.
Invest Within Your Means Don’t invest all of your personal savings or your child’s college funds on trading and selling cryptocurrency! You must always plan for the worst eventuality and know that at any given time you may lose your stake. It’s great to apply the old adage, “Plan for the worst, hope for the best.” That saying works really well when applied to cryptocurrency.
Set Attainable Goals Cryptocurrency is not a get-rich-quick scheme. Setting profit goals of between 5-20% are ideal, but it’s really up to you when it comes to deciding how much to invest. When getting started, it might be better to start smaller. It’s up to you, but you have been warned!
Above All, Don’t Panic! It’s very important to take the time and to sit back and conduct your own research on trading cryptocurrency. The most valuable companies in the cryptocurrency industry study and research extensively so that they can understand what is going on in the market at all times. And if they don’t make uneducated decisions, neither should you!