Key Points of Cryptocurrency Trading

As the crypto industry develops, many new participants join it. The market of digital assets is highly volatile

Key Points of Cryptocurrency Trading

As the crypto industry develops, many new participants join it. The market of digital assets is highly volatile. Right now, we witness the market’s downward trend while experienced investors see the opportunity to buy assets.

Cryptocurrency trading is not an easy thing - it requires maximum attention, constant tracking of the market situation, knowing trading strategies, a lot of experience, and a cool head. So it’s not just all about buying and selling crypto - it’s a complex process.

If you are not yet ready to make difficult decisions based on a deep analysis of the market trends, maybe long-term investments will suit you better. Pick the asset you want to invest in, choose a reliable crypto exchange, buy the asset, and hold it for a long time until its rate grows. Then you make a profit on the price change. However, long-term investment also requires knowledge of the market. Study the most popular crypto assets, as now that the market has dropped, it is the right time to acquire some crypto and wait until the trend changes.

Now let’s talk about trading. There are numerous strategies you should know before delving into trading:

  • Scalping
  • Day trading
  • High-Frequency Trading
  • Range trading
  • Primary Research
  • Etc.

Each of the strategies requires studying and practice. Some crypto trading exchanges allow trying trading without losing money. This is called a “demo account”. Go on the WhiteBIT platform and practice different trading strategies there. You will only use domestic exchange assets that cannot be cashed out or lost. All you need is to feel which strategy comes easier to you and if you enjoy the process at all. Maybe during your practice, you will find out trading is not your cup of tea, then you will switch to a classical investment for the long term.

Some trading steps

Here is a step by step guide on cryptocurrency trading:

  1. Register on one of the platforms (listed above)
  2. Pass KYC (clients verification to increase the level of safety)
  3. Deposit funds to your account (you can do it with your bank card, just check out the bank fees)
  4. Click “Trade”
  5. Create an order on buying an asset you want
  6. Pay the exchange fee and receive your coins.

Then you can exchange the coins you purchased for other assets, and so on. Try to adhere to your trading strategy and never allow emotions to run your actions.

Date Of Update: 21 June 2022, 13:13

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