Getting Started With Crypto Trading: Tips From the Pros
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Loading... - Valeria Barrera
- 09 Feb 2023
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Cryptocurrency is a way to trade digital assets in a highly volatile market.
Before you start your trading journey, ensure you are conversant with the basics of trading. Open an account in a reputable platform, choose your trading coins, and develop a strategy as you trade with virtual money. You may also consider mentorship from trading experts.
Set Up a Cryptocurrency Trading Account.
Opening an account with a crypto brokerage is one of the first steps in learning how to trade cryptocurrencies. Consider using one of the top crypto brokerages available. Many of these dependable alternatives also provide an intuitive interface and a wide selection of alternative cryptocurrencies, such as opening an account at a stock brokerage such as Binance, exploring the staking rewards for BNB available, and earning up to 11% APY. Creating a crypto brokerage account requires providing personal identifiers. Information such as your Social Security number, mailing address, date of birth, and email address will likely be requested during account creation.
Having joined up with a crypto brokerage, the next step is to link your bank account to the brokerage. Most cryptocurrency exchanges and brokers provide bank funding via debit cards and wire transfers. If you want to fund your account at a discount, your best bet is probably an ACH deposit-connected bank account transfer, which is free on most platforms but incurs fees on others. P2P exchanges are yet another option for funding your wallet. The prices displayed on these exchanges have nothing to do with the cryptocurrency broker you ultimately choose to work with; they simply reflect the prices of the payment methods available in your country or the form of payment you happen to be employing.
Select a Cryptocurrency to Invest in.
Bitcoin and Ethereum typically receive the lion's share of investor funds from professional cryptocurrency traders. Because of their more stable prices, trading with technical indicators can be simplified when dealing with these cryptocurrencies rather than lesser altcoins. Many cryptocurrency investors put some of their money into lesser-known cryptocurrencies. Cryptocurrencies with a small to medium market capitalization are riskier than those with a huge capitalization, but they also have greater upside potential. The rapid appreciation of many minor altcoins in recent months makes them appealing to those willing to take on significant risk. Read More…
