Trading cryptocurrency, how to do it?
Due to the constant fluctuation of the financial market and the instability of the global economy in general, many people decide to try their luck in the crypto market.
The popularity of cryptocurrency is growing every day and digital money is spread among a large number of people.
After acquiring some type of cryptocurrency, you should choose between the strategies of using it: it can be either investing or trading. The main difference between them is that in investing the main goal is to store the digital asset when trading is speculation.
If your choice falls into trading, you should pay attention to some points of this activity especially if you’re new in this area.
Take note that cryptocurrencies aren’t regulated by anyone so in case of any problems or losses, there is no one to solve them. Technical support is completely non-existent.
The best option for minimum loss is to trade cryptocurrencies on the exchange. For a competent choice of the exchange, some aspects should be considered:
- Availability of a license
- Low fees
- High security
You can choose from a wide range of exchanges such as Binance, Coincase, or among https://brokertested.com/forex-brokers-india/.
Focusing on Forex brokers we note that the choice between them is up to you and on criteria that are most important for you. It can be trading conditions, availability of top-ties, or the amount of the minimal deposit.
Trading Education Platforms
Forex brokers can help you not only with investing or trading but also with the educational part.
Some of them have their own trading educational platforms and trading academies that can be helpful for beginners who want to start with a theoretical basis.
Focusing on cryptocurrency we should note cryptocurrency trading courses. They’re appropriate for both beginners and experienced traders who want an explanation of what Blockchain is all about as well as do market analysis from different angles – technical or fundamental.
How to trade cryptocurrency
Anyways, some people begin to trade cryptocurrencies without any educational courses, and here are some points to start with.
- Sign up in cryptocurrency exchange you chase
- Pick a crypto for investing
- Start trading
You don’t need to consider trading cryptocurrency as a game. This is a fairly responsible and risky industry where you need to calculate every step and be a few steps ahead of others.
The industry is growing day by day, so the risk of losses.
Give yourself time to learn the basics of trading and don’t give in the emotions. That’s the first condition of becoming a trader. Do daily market research, understand how things work, and choose the best broker for you according to your personal requests and conditions. Check the https://brokertested.com/forex-brokers-dubai-uae/ as an example to understand what key highlights you can pay attention to.
George is Chief Market and Broker Analyst at brokertested.com. Prior to being recruited by brokertested.com, I served SVS Securities as Chief Market Analyst for two years. Earlier, he joined Morgan Stanley in Nov 2013 as Research Analyst.
George is a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange and commodity markets, and an independent trader.