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So you want to trade cryptocurrency?
You’ve seen those eye-popping 5000% returns and you want in.
You don’t want some measly little 11% ROI after a year in the plain old stock market. You want quit-your-job. I right or am I right?
How to trade cryptocurrency – a beginner’s guide
Learn everything you need to know before you start trading bitcoin, Ethereum or any other cryptocurrency.
The value of cryptocurrencies is increasing. In 2017 bitcoin (BTC) grew from around £700/BTC to over £9,000/BTC. With such growth comes an increase in market trading.
It can be a good trend for cryptocurrency beginners because you don’t need your own cryptocurrency wallet, and you can get a feel for the market movements without needing to buy it outright.
Where to trade cryptocurrency
A range of established forex exchanges and brand new platforms are embracing cryptocurrency trading. Find the one with the features that work for you, and that suits your trading style.
How to pick a crypto trading platform
Some of the main differences you’ll find include:
- The currencies available: Bitcoin to USD is widely available, but other fiat and cryptocurrencies might not be available at all platforms.
- Leverage available: Leverage lets you trade beyond your initial deposit and multiply your gains, suiting those who prefer higher risks and higher rewards. You can often find leverage up to 30:1 with cryptocurrency, depending on your chosen platform and currency pair.
- Trading features: Hedging, stop loss features and other options can give you more control over your trading.
How cryptocurrency trading works
Market trading might sound like something reserved for the financial elite, You just need to know how it works.
What is forex market trading?
Foreign exchange (forex) capital market trading is the buying and selling of currencies between traders. I
You open an account and deposit funds into it. These funds are then used to place buy and sell orders against another currency.
How do you make a profit?
To start trading, you deposit funds into your account. When you bet correctly the funds in your account increase. When you bet incorrectly, the funds in your account decrease.
For example, say you placed a US$11,000 trade on bitcoin increasing in price, without leverage. If its price increased by 10%, compared to the US dollar, during the trade period your profits would be US$1100, minus any trading fees.
But if you traded with 20:1 leverage, your profits would be 20 times that, minus the trading fees.
As you can see, the sharp price movements of cryptocurrencies, combined with leverage, can quickly produce substantial returns.
Bticoin Trading alert cryptocurrencies works exactly the same, but instead of selling and buying fiat currencies, such as euros or US dollars, traders buy and sell cryptocurrencies, such as what is bitcoin signals, What is Ethereum or Litecoin what is is how it works.
For example many The Basics of CryptoCurrency Trading you might bet on the changing price difference between the US dollar and bitcoin. Or you might bet on the changing values between two different cryptocurrencies, such as by trading a BTC:ETH pair.
Read more on All You Need To Know About Bitcoin
The advantages of trading cryptocurrencies
Trading cryptocurrencies, while similar to trading fiat currencies on forex, comes with its own set of advantages.
- Cheap fees and fast exchanges. For each trade, the exchange platform you’re using will take a small percentage as commission for the service they’re providing. This is inevitable. Where cryptocurrency trades differ from their fiat currency equivalent is in the size of this fee. Because the fees for transferring cryptocurrencies are cheaper than credit card and bank transfer fees, market-trading fees are cheaper than forex-trading fees.
- Extreme volatility. Traders make profits when the price of the currency takes large strides upwards, and cryptocurrencies often experience large price movements. While this increases the risk (large price movements happen downwards as well), you can often make a lot of profit with a relatively small bankroll.
- Open all week. You can only trade stocks and commodities during business hours, and you can often only trade forex during weekdays. Cryptocurrencies, on the other hand, can be traded 24/7, anytime and anywhere, depending on the exchange.
Two types of traders
There are two types of trading available to traders interested in market trading cryptocurrencies:
Long-term traders buy and hold cryptocurrencies over a long period. They may hold a cryptocurrency for weeks, months or even years. Studying price trends over a long period allows long-term traders to make informed decisions and avoid suffering from short-term dips in value.
If you believe the value of a cryptocurrency will grow steadily over a long period and don’t want the stress that comes from short-term value dips, then this method might be your best choice.
Short-term trading or intraday trading
Short-term trading eschews the stability of long-term trading for the possibility of taking advantage of short-term price swings and involves buying and selling cryptocurrencies over the span of a day or a few hours.
If you’d rather take advantage of the characteristic volatility of cryptocurrencies by getting in and out of a trade quickly, then this method might be for you.
Things to be careful of
If you’re not careful when it comes to cryptocurrency trading, you could find yourself gambling more than you’re trading, and eventually you might lose all your money. Trading is not a game, and just as there is real money to be made, there is real money to be lost. Doing your research and keeping the following concepts in mind when trading could help you avoid the pitfalls of cryptocurrency trading.
The number one thing you’ll need to keep in mind when it comes to cryptocurrency trading is that the price is extremely volatile. Where certain trade techniques used in forex might take months to come to fruition, in cryptocurrency trading, it could only take hours or days. While this is beneficial when it comes to making a profit, it could also be your downfall if the price moves the other way.
In Sept 2017, Litecoin’s value fell more than 37% in two weeks. The recovery to its previous value took more than three months. Cryptocurrencies not only take large steps in value both up and down.
Patterns sometimes lie
Many market-trading books and guides cover certain chart-reading techniques and patterns used to predict the market by professionals. While the market does sometimes follow patterns, this is never a guaranteed outcome, and unless you limit your exposure, you could end up losing a lot of money over a pattern that does not exist.
Limit your exposure in CryptoTrading
Limiting your exposure comes down to two specific concepts:
- Never invest more money than you are willing to lose. You should consider any money you put into a trade as lost. If you’re uncomfortable with this notion, then you’re trading more money than you should be. Finding the point where you’re comfortable with this concept is key to helping you trade stress-free.
- Consider setting up “take profit” and “stop loss” orders. These limits are offered by many professional trading platform and can automatically liquidate and “cash out” your position at predefined prices.
Know when to cash out
What market trading really comes down to is knowing when to close a trade. This is the crux of the operation. Getting into a trade is easy, knowing when to get out is hard, and that is where you should focus most of your learning. This again involves two different aspects:
- Closing a trade in profit. It is important to take your winnings out of a trade. Cryptocurrencies can move down more quickly than they move up and you don’t want to be late cashing out of a trade. You also don’t want to be too early and miss out on extra profits. There are a lot of techniques to help you make this decision that are out of scope of this beginner’s guide.
- Cutting your losses. Similarly, you want to be ready to cut your losses if a trade goes too wrong while also not getting out too early in case the cryptocurrency recovers. Again, there are countless guides and books to help you make this decision.
What is a Cryptocurrency?
Let’s start at the beginning.
You may have heard many things about what a cryptocurrency is, but you may still be searching for an understandable definition. I hear ya, I was in the same boat for a long time.
Instead of getting too technical, here’s the easiest way to think about cryptocurrencies:
A cryptocurrency is basically money on software platforms.
It’s important to keep in mind that the teams/companies that are behind these cryptocurrencies are not only creating a new form of currency, but a new software platform. To demonstrate how this works, let’s take a look at other software platforms that you are probably already familiar with.
Cryptocurrencies essentially replace the US Dollars (or your local fiat currency) that you use to purchase these software services. The “database” that cryptocurrencies give you access to is based on blockchain technology on Cryptocurrency Signals
With a blockchain database, the data can be backed up on potentially thousands of computers all over the world, for a much, much lower cost. The information in these databases is heavily encrypted and sometimes files are broken up into pieces, so even if one piece is exposed, it will not expose the entire file.
If the information on one server does become compromised by hackers, the other copies of the databases have to “agree” that the compromised data was a legitimate change to the data. If the other copies do not agree, then the change is rejected and it is changed back to match the others like Cryptocurrency Signals.
But wait, what are the software services that you are getting? Isn’t a cryptocurrency like Bitcoin just a currency, like US Dollars?
The goal of cryptocurrencies is usually to improve on some type of existing software system or network. When you send money via PayPal, Fedwire or Western Union, you are basically sending fiat money electronically, similar to Bitcoin.
How to get started trading cryptocurrency
Some trading platforms will suit your needs much better than others. It’s worth comparing them in detail and trying demos where available to find the one you like.
The value of investments can fall as well as rise, and you may get back less than you invested. Past performance is no guarantee of future results. Your capital is at risk.
Spread bets and CFDs are leveraged products and can result in losses that exceed deposits. The value of shares, ETFs and ETCs bought through a share dealing account, a stocks and shares ISA or a SIPP can fall as well as rise, which could mean getting back less than you originally put in. Please ensure you fully understand the risks and take care to manage your exposure.
Step 1. Learn the platform
Cryptocurrency brokers usually offer their own trading platform, and each broker’s system will be slightly different from one another. You will need to put in the time to learn how the platform works, where each feature is and how to utilise it with Cryptocurrency Signals.
When you first access a broker’s trading platform, you might feel overwhelmed. This is normal. Spend some time with it and continue doing your research. You will get comfortable with it in no time.
Step 2. Is it the right time?
The old adage of “buy low, sell high” holds for cryptocurrencies just as it holds for any other sort of investment or trading. Cryptocurrency markets move up and down, and large movements up are often followed by sudden dips so use Cryptocurrency Signals to help.
Step 3. Get in
The best way to learn how to trade is to actually trade. Once you’ve learned all the theory, you’ll need to get your feet wet. Buy some cryptocurrency, set your limits and start.
What affects the price of a cryptocurrency?
Cryptocurrencies are volatile by nature. They are not as stable as currencies that have had centuries to develop. Bitcoin is the oldest coin on the market, and it has only been around since 2009 for Cryptocurrency Signals.. Cryptocurrency Signals | Nevertheless, there are a number of things that can affect cryptocurrencies:
- Regulation. If a government makes a statement or pushes for a particular regulation that affects cryptocurrencies, you can bet that the price will react to it (sometimes positively, often negatively). When China banned ICOs, the price of Ethereum fell by 41% in 15 days (from US$386.83/ETH to US$228.06).
- Media influence. Just like government regulation, exposure in the media greatly affects a cryptocurrency’s price. Whenever a public figure makes a statement regarding cryptocurrencies or a major retailer starts accepting cryptocurrency as a form of payment, you will see the market respond.
- Changes to the technology. When a cryptocurrency’s core technology is affected (either via an update or the finding of a flaw), the cryptocurrency’s price is also affected.
HOW I MADE $350,000 IN ONE YEAR RIDING THE CRYPTO-WAVE
By now, you must have heard of Bitcoin.
You know, the digital cryptocurrency that is kicking ass and has now become the single most valuable commodity in the world? Cryptocurrency Signals.
Bitcoin and cryptocurrency trading has changed my life and I have a confession to make; I’m not quite so broke any more.
Since I first put together my cryptocurrency portfolio eleven months ago, I have made over $300,000 from an investment of $9000 and im just a trader.
OTC cryptocurrency trading explained
What is over-the-counter cryptocurrency trading and what benefits does it offer to traders?
If you’re a trader who wants to purchase a large amount of cryptocurrency, buying coins or tokens through a traditional exchange exposes you to several problems. Not only can slippage greatly increase the cost of a trade, but you’ll also need to deal with the risks of hacking and theft that come with trading on an ordinary exchange also using Cryptocurrency Signals trading alerts.
What is OTC trading?
OTC trading is cryptocurrency trading that takes place away from digital currency exchanges. Favoured by many large-scale traders, OTC trades are often placed by hedge funds, private wealth managers or high-net-worth individuals.
This is where over-the-counter (OTC) trading comes in. OTC trading is a service available to high-volume traders, meaning it is only available to certain individuals or groups. This guide will help you decide whether OTC trading is the right option for you, and what to look out for when deciding on an OTC solution.
Why would someone use OTC trading instead of a regular exchange?
Why would you bother with OTC trading when there’s a huge variety of traditional cryptocurrency exchanges offering simple fiat-to-crypto transactions? There are several reasons why large-volume traders might consider going OTC:
- Better prices. Cryptocurrency Signals – The traditional (on-exchange) cryptocurrency market is still in its infancy, and there may not always be sufficient liquidity available on exchanges to process large trades. As a result, placing a substantial trade through a traditional exchange could move the price of a cryptocurrency in an unfavourable direction before your trade could be completed – this is known as slippage. Instead of being filled for a single price, large orders can end up being spread over several smaller orders, with the price of each order often increasing. OTC trading allows traders to access one price for a single buy order.
- Avoid low trading limits. Most traditional exchanges place a limit on the maximum amount a user can trade per day as well as on the amount that can be withdrawn from an account in a 24-hour period. These limits can also vary based on factors such as the transaction methods used, the level of account verification completed and how long a user has been trading with the platform. In many cases, they may be insufficient to meet the needs of large-scale traders.
- Quicker trading times. Depending on the liquidity available, large trades can take days to be completed on a traditional exchange. Using OTC trading can guarantee faster processing times.