How do I start trading cryptocurrency?
Trading and exchanging cryptos is very profitable, even being the main source of income of various households, if you want to know how to do this, you’ll need to be able to handle the pressure and risk of every investment you make.
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What Is Your Investment Goal?
To be as sure as you can about the way you approach the market, you need to decide on two main goals:
- Accumulate Bitcoin for long term investment.
- Make a profit in USD for short or Mid-range profit.
As many countries and individuals are giving their trust to bitcoin, and are willing to receive payment in that and many other alt-coins, accumulate bitcoin can also be seen as a way to save your money in a decentralised system and use your virtual wallet as your bank account.
Also google pay and apple pay are able to use cryptocurrency as a way to pay in any establishment with the NFC technology.
What Crypto Should I Trade with?
If you look for the best cryptocurrency to start trading the claims may vary. Most of people agree that accumulating bitcoin is the best wat to save money as its widespread adoption and finite supply make it very trustworthy.
But if you are looking for an altcoin (cryptocurrency that isn’t bitcoin), you should look for one that have a solid team backing that crypto’s project.
Be aware that smaller cryptos are more volatile and will need more attention to avoid losing your investment than Bitcoin and Ethereum.
Select A Crypto Brokerage Platform
You’ll need to make an account in a reputable platform like Coinbase, Gemini or eToro. If you do not know what to use just pick Coinbase as is the most used right now. Be aware that you’ll need to use the safest device possible when creating this account or when you actually start to trade.
Most people use a laptop or phone that its sole purpose is to trade cryptos and nothing else. This way you can avoid people hacking your account and stealing your investment.
Also, you’ll need to fund your account to be able to buy any crypto that you choose to invest in.
Pick A Strategy.
Trading has many indicators of the fall or rise of a crypto. As a general rule you’ll need to buy a crypto when its cheap and sell it when its price rise to an acceptable profit margin. The best way to learn the best starts on how to is by purchasing a cryptocurrency trading course.
Store Your Currency Somewhere Safe
When you have amassed some cryptos that you would like to hold for some time, id would be safest that you send it to a wallet to maintain it safe of hacking. You can think of your software or hardware wallet as your bank account.
In this wallet you will store your assets in a place that only you have access to. Some of the most trusted wallets out there are the ones made by Ledger.