Trading cryptocurrencyis simple to start, but there are some essential aspects to understand before you start trading. To start trading, you need to choose a cryptocurrency walletand cryptocurrency exchangeto trade on.
Cryptocurrency Hardware Wallet – A secure digital wallet to store, send and receive digital currency e.g. Bitcoin, Ethereum.
Cryptocurrency Exchange – An online platform where you can exchange one crypto for another crypto (or for fiat currency) e.g. Binance, Coinbase, Bittrex.
Next, you can trade dollars to crypto (e.g. US Dollars to Bitcoin or US Dollars to Ripple) and crypto to crypto, (e.g. Bitcoin to Ethereum or Ethereum to Litecoin).
Before You Start Trading
Below are a few of the most important things to know before getting started:
- The cryptocurrency market is insanely volatile. We do not know what tomorrow may bring for us. You can make a fortune in a moment and make a lose in the next day.
Tip: coins with lower market caps and volumes tend to offer a greater risk or reward.
- A cryptocurrency exchange is not part of the regular stock exchange.
- A beginner should start by choosing a company with a good reputation that offers an exchange and wallet.
- A beginner should also start by trading prominent coins (e.g. Bitcoin and Ethereum).
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A keen researcher who believes in enriching her knowledge. For Shuhada, the crypto world intrigues her sense and offers plenty of high delicious 'crypto cuisines'.