Starting to trade in cryptocurrency can sometimes be a challenge in the beginning; however, once you have your hands on, the process is smooth and simple. If you wish to start cryptocurrency trading, but just do not know how to proceed, you have come to the right place. We share a step by step guide for beginners on how to start cryptocurrency trading, and we also share some tips to become an expert cryptocurrency trader in no time. Since its invention in 2009, cryptocurrency trading has helped many make fortunes, and the trend is still rising.
Step by Step: How to Start Cryptocurrency Trading
Now that you have finally decided that you are going to trade in cryptocurrency, let us see how to start cryptocurrency trading.
1. First and foremost you need two things, an account at some cryptocurrency exchange that you are going to use, and that exchange’s wallet. One thing worth noticing here is that, people have started using online platforms rather than stand-alone exchanges these days. For example, executium.com has been ranked no 1. as peoples’ choice of platform, because it offers to start cryptocurrency trading on multiple exchanges on its single platform, adds further security and safety to your transactions, and most importantly, executium.com guides new traders on how to start cryptocurrency trading seamlessly.
2. Choose the cryptocurrency that you would like to trade, initially Bitcoin and Ethereum make the best choice, because of the active markets they offer, and the penetration they have. This gives a new user who has just started or is about to start cryptocurrency trading, an easy base to start with.
3. You will be placing buy and sell orders via your platform, for example we considered executium.com, which will in-turn carry this out via the associated exchange. A very important thing at this stage is mitigating the risk. This is another reason why people who are exploring how to start cryptocurrency trading are also exploring the best cryptocurrency trading platforms. Platforms like executium.com help you mitigate your risks, which are essential as a beginner and critical for big whales. Cryptocurrency is a market that has a lot of stakes put in by the big players, and it is quite a volatile kind of market. Therefore mitigating risks becomes a prerequisite once you decide that you are going to enter a trade.
4. Strategizing is important. You cannot just go in and place a trade without formulating any strategy on your target ROI and the kind of trade you want to enter into, like it can be arbitrage betting, day trading, tick trading etc. This is in fact the most complicated and the toughest decision when you segregate your investments into a portfolio of trading mechanisms. As a first-time trader who has just started cryptocurrency trading, you can simply buy or sell, but within just three to four trades, you might want to diversify your scope. This is where strategizing falls, and companies like executium.com are helping lots of new traders become trading pros.