“Success doesn’t happen overnight.”
Hello to all the cryptocurrency enthusiasts and fans of “easy” money!
If you have landed here, chances are you are big on earning with crypto coins and fancy starting at short notice. What’s the best way to do that? Obviously, it’s with cryptocurrency trading sites.
But, hey! Not so fast.
We’d never forgive ourselves if we had not given you at least one tip before the bigtime event. And, TBH, our tip-box contains more than one entry. Now, prior to coming to meat and potatoes of the exchanges and trades, here’s a brief intro everyone often tends to skip.
Crypto Trades: Breaking Fresh Ground
What’s cryptocurrency trading, in its most basic terms?
We are more than assured that you have first-hand knowledge of Bitcoin and its “forks.” To trade crypto means to speculate on price fluctuations trying to buy coins at the lowest and to sell at the highest. It’s also called “investment,” and we partially agree.
Reportedly, there are two types of cryptocurrency investments – short term and long term. Short term investments revolve around generating income in a short period of time. In other words, you buy from a crypto trading platform and sell the coins you have on hand when the price goes up.
Opposite to short-term trading, there’s the concept of long-term trades. From this standpoint, an investor can recur to historical data to make up their mind on whether to verse funds into this or that cryptocurrency. This point is a nice addition to many crypto trading strategies, which you can take good note of. If you prefer Holding on for Dear Life, meaning it is hard for you to part with your cherished e-coins, this type of investment will work best for you.
Thanks to heaps of accumulated data, one can assess the performance of any given cryptocurrency over a long period of time. Bear in mind that such a strategy is especially result-bringing if applied to cryptocurrencies that have been at the market for the long haul.
Step Toward Top Crypto Trading Sites
What’s the point of joining the best crypto trading sites?
Basically, it is possible to trade anywhere on the Web. If you think so, we won’t be reassuring you because you’re most likely right. Allow us to refine your knowledge by telling you that there’s a serious difference between just any trading platform and the trusted one.
To trade crypto efficiently, it is vital to join a cryptocurrency exchange with a far-famed name. In this way, you are more likely to avoid being ripped-off and see positive dynamics in the funds you’ve invested. Large cryptocurrency exchanges take up a notch the protection of their clients’ assets. It is unlikely to sign up for an exchange without providing any of your data and passing the identity check. Such precautions make the cryptocurrency trading sites stand out, so one can be sure these are safe to deal with.
How to Start with a Crypto Trading Platform
In light of its ever-growing popularity, cryptocurrency industry attracts more and more investors daily. To succeed as a trader, you have to overcome the most challenging obstacle, which we call “setting on the road.” Simply put, the first steps are fairly the most difficult ones. Many newcomers rush into the action and get burnt almost instantly because they lack solid knowledge.
You don’t want that, do you?
Take your initial steps responsibly and work out a plan. We are here to get you started!
1. Make Friends with Exchanges
Oh yes, we’re dead serious. To kick off your crypto trades, you have to create an account, top it up, swap your fiat money for e-coins, and start doing the artless “buy-sell” actions. So far, there are many exchanges out there with the most prominent ones being as follows:
We have to warn you that cryptocurrency trading sites have their own T&C and policies that differ a lot, so it’s always good to do your own research comparing the options.
By far, there are more than 250 crypto exchanges with a total 24h trade volume of $15.86B (at least, CoinMarket says so). The point is the listing embraces all existing venues, not just top crypto trading sites with a good reputation. Unfortunately, the interwebs are peppered with an endless number of situations where crypto investors lost their assets due to a hacker’s attack or sudden exchange closure. See how important it is to opt for a reliable venue? In the first place, you should focus on learning from the best.
2. Get Yourself a Cryptocurrency Wallet
Their initial purpose is to store crypto coins and send them back and forth between the exchanges. As of today, the variety of crypto wallets can satisfy every crypto trader – mobile, desktop, hardware, or paper ones. To commence the trade, you’ll need a desktop or mobile hot wallet with a consistent Internet connection.
The hot wallet is an alternative to cold storages, which are much more secure but do not shower you with as much speed. Cold storages include hardware and paper wallets. But to take off, hot wallets and the versatility they offer are more preferable. As soon as you have made your choice, you are all good to become a fledgling crypto investor.
3. Master the Information Flow
The cryptocurrency world is infected by a severe disease, which is called “volatility.” Every trader knows that the price of a particular coin can tenfold rise and fall throughout the day. These fluctuations are due to many events, that’s why monitoring market data is a must.
Before you start throwing money here and there, trying to earn with the best crypto trading sites, take your time to pore over the subject. One of the greatest tools for self-conducted researches is CoinMarketCap, a website that will give you as much information as you need on any requested cryptocurrency such as trade volume, supply, capitalization, etc. This web service, as well as CryptoCompare, can be used for comparing e-coins.
Another must-do of all crypto trading strategies is not to miss out on the industry news. The ultimate way to stay updated is to read blogs, social media pages, subreddits, threads, TG channels – all relating to the cryptocurrency field. Among the trusted names we are safe to mention News Bitcoin, Coindesk, HackerMoon, Hackernoon, and Quora.
4. Cover Your Bases using Tech
If you are familiar with the fiat money investments, you are probably aware of stock indices and benchmarking. Fiat investors can use them for creating their portfolio. Why benchmarks are so wanted, it is because they take the pain out of crypto trade, enabling investors to reduce volatility and risks in the meanwhile.
The same tools are supposed to be found for the crypto market. For instance, Cryptoindex 100 not only reduces volatility but also cuts down the cost and effort you take when investing in more than one coin. In such a way, you will no longer depend on the whims of crypto market and save a good deal, as well.
Once your portfolio is ready, you can start tracking your coins via Delta or Blockfolio. Thee apps are your life-savers when it comes to obtaining valuable insights and increasing productivity.
Best Crypto Trading Sites to Stick to in 2019
Finding a crypto trading platform that’s the right fit is a daunting task for those who know nothing about crypto investments. Previously, we have mentioned a few spots with high level of credibility. We’d add to our list of top crypto trading sites some more entries, so it looks like so:
These web services are well-established at the market and highly appraised by the crypto community. Their security measures, transparency, operating principles, and long-term credibility make the crown want to return. However, we still insist on you doing the research to be able to pick up the most suitable options.
Crypto Trading Strategies You Won’t Find Elsewhere
Before we spill the guts, here are the points to get the hang of and bear in mind.
- the cryptocurrency market is extremely volatile
It’s okay to see a coin’s price fluctuations of 20 to 30% within the timeframe of one day.
- blockchain is a new phenomenon
This is one of the reasons the market of virtual assets is volatile. However, the value of blockchain increases as other non-crypto industries recognize it as worthwhile, which also makes the e-coins more valuable.
Without further ado, to the fundamental rules.
1. Never invest more than you can afford to lose
Because of the market’s vulnerability, coins are subject to bugs and hacks. To save your money and nerve cells, approach the investment process wisely and do not spend your last 20 bucks waiting for a momentary return.
2. Always research what you read
And do not invest blindly. Study the currencies you want to purchase to learn if they deliver on the promise. Bonus: there’s no need to limit yourself and pick just one currency. In fact, the more coins you have on hand, the higher are your chances to earn.
3. Say “NO” to FOMO
Cryptocurrencies are always hyped on media – try not to fall victim to the general craze. If you get a jerk on it, you are most likely to see your assets for the last time.
4. Add new entries to your portfolio
The ideal balance is to have a couple of tried-and-tested coins that generate tangible profit and a few riskier endeavors to swing your adrenaline levels.
5. Set daily stop-loss limits
To prevent you from the undesired setbacks and loss of profits, determine the price at which you would sell a virtual coin in case its value is down.
Good luck to you, trader!