Crypto Trading: Beginners Guide To Trading Cryptocurrencies
by Ricky Makan Co-Founder at Unkrypted
Crypto-Trading is the act of buying and selling cryptocurrencies through a trading platform. The term “crypto” is the short version of cryptography which is the arrangement of methods like secret writing, especially code and cipher systems which is sometimes used to decentralize systems for security purposes.
The term “trading” is the act of buying, selling, or exchanging something of value. Platforms are normally provided by exchanges and are available to every single person who wishes to try to make money from the market. You might be asking yourself “why would the value of a cryptocurrency go up?. The answer is simple: the value changes due to supply and demand. The more demand there is for something, the more people are willing to pay for it.
What should I look for when buying coins?
With hundreds to choose from, each with a different value and purpose, it’s worth doing your research.
Very few cryptocurrencies – such as Bitcoin and Ethereum – have attained mainstream levels of popularity. However, even entrenched currencies can fall victim to great price instability. It can be difficult to expect how prices will vary with newly minted coins because there is little historical information to analyze. Backing a new currency could prove extremely profitable, but equally, there’s a chance you’ll make an expensive mistake if you don’t know what you’re doing.
Looking for independent ratings on ICOs, and collecting as much information as you can on a coin’s background are necessary steps before you choose to make an investment. Later than making a purchase, monitor any changes in price closely – and consider setting higher and upper limits on when you would want to sell your crypto, mitigating losses in the event of a crash and protecting profits after a surge.
Is there a way to learn crypto trading?
To progress speedily, you require guidance and support from a mentor or a community you believe.
Ideally, a rookie trader should begin by selecting a trustworthy exchange and playing with popular coins, such as Bitcoin or Ethereum. However, the learning by doing approach is too slow for those who want to be successful fast. Joining a community of like-minded traders could be one of the best choices to make: there are lots of groups on Telegram or regular meetups in the US and other countries.
Moreover, resources on the blockchain investment platform, connect amateur crypto investors and traders with an industry specialist. Their objective is to teach a user to make their own investment decision, helping crypto newbies to trade from the position of knowledge.
Created on Jul 24th 2018 00:41. Viewed 540 times.