Cryptocurrency Trading for Beginners
Cryptocurrencies are everywhere you look. The record breaking values are being discussed on the news, experts for and against it are battling out on the future, even your friends are talking about it. You have been hearing about it and chances are you might own a bit of it too. But owning it is one thing and trading another.
If you are not sure on how you should trade, let’s help you.
Where to Buy?
Before jumping into trading cryptocurrencies, you must first get your hands on one (or more). There are a number of dedicated crypto exchange platforms available all over the world. Some, like Binance and Coinbase, offer a complete suite of services that are more suitable for day traders and the pros. If you want to trade cryptos at a less frequent level, we suggest you to look into a peer to peer trading platform like LocalBitcoins and Remitano. If security is paramount, you should look into a decentralized crypto exchange, where your assets are in your wallet at all times.
Your selection of the crypto exchange will also depend on your location. There are some exchanges that serve only specific countries or regions. The exchanges will also offer various methods of buying crypto with your fiat, like direct bank transfers and credit cards. Make sure you sign up on an exchange that supports your preferred method.
Trading: Buy the Dip, Sell the High
Cryptocurrencies are volatile by nature and fluctuate in stronger intensity than any asset. The strategy here is simple. Buy it low and sell it high. We suggest you watch the price movements for a few days to establish the highs and lows of your preferred crypto to make better judgements.
Research into the type of trade orders offered by your crypto exchange. These can also help you to leverage price movements and mitigate risks while increasing your profits.
Alternatively, you could use a good quality trading bot like MindSynch’s OneBit on Binance. Trading bots are complex programs that take in a variety of input to determine the best time to buy or sell cryptos, taking the stress out of your hands. OneBit is designed for easy deployment and trades 24/7 with adaptive strategies to manage all your crypto trading needs. You only need to create API keys and connect the cloud based bot with your Binance trading account, letting the bot do profit making for you.