As you could already be aware, trading cryptocurrency or any other asset for that matter require preparations. You will need tools, plans, and strategies to succeed as a cryptocurrency trader. Here we review some of the coolest resources we think is right for you as a novice cryptocurrency trader.
1. Set Up Trading Accounts On The Best Exchanges
Picking the correct exchanges to trade in can be the contrast between profiting and losing everything. There are so many examples of exchanges that caused millions of dollars in losses to their customers. Choosing the right exchange is a prerequisite for a successful cryptocurrency trading.
They make it extremely simple for the normal individual to begin with advanced monetary forms. Truth be told, you can connect your Coinbase record to your financial records and rapidly exchange cash to and from the trade.
Bitfinex: An Exceptionally Fluid Exchange with the Capacity to Short Bitcoin
Bitfinex is one of my most loved spots for shorting Bitcoin. Besides a couple of technical glitches previously, this exchange is a solid place for dynamic brokers. They reliably rank as one of the best trades by exchanging volume for the U.S. dollar.
Poloniex: The Best Place to Trade Altcoins
Poloniex is a more current trade that picked up notoriety since they offering edge exchanging and shorting on a large number of the most prominent altcoins. Many people started trading Ethereum here, and because of Poloniex had the capacity to get Ethereum’s first huge positively trending business sector. Key Point Don’t confide in exchanges to go about as your bank
Actually, Bitcoin exchanges are as yet the Wild West. A few exchanges have been hacked, gone bankrupt, or really stolen their clients’ advanced monetary forms.
We can utilize exchanges to put trades and get profit, yet accept the most noticeably bad. Try not to believe them to go about as a ledger. Additionally, numerous exchanges are seaward and don’t have protection for you.
As we’ll discuss more on hardware wallets in point #4, don’t leave a larger part of your crypto balances on exchanges. We need to hold and control them in the event that the major trouble rises to the surface at a trade.
2. Utilize The Best Charts and Tools
If you aspire to become a successful cryptocurrency trader you must get acquainted with the best trading charts available. However, one such tool is Coinigy. It is a fully pledged trading platform with updated charts. The platform cut across most of the major cryptocurrencies currently available on the market.
3. Set Up Portable Charts and Notifications
As a matter of fact, you can not sit in one place glued to your computer and watching your trades go through. It is important to have additional devices such as tablet computers, smartphones, and the likes. These devices will help you stay connected to your trading account despite the time and place.
A smartphone application called zero blocks allows you to stay up to date with trending bitcoin prices at all time. The applications also enable users to set up caution levels that automatically notifies the users in an event of a sharp price fall.
4. Move Your Trading Proceeds Into Cold Storage Wallets
As I referenced in point #1, you would prefer not to believe exchanges to go about as ledgers to hold your Bitcoin and altcoins. Additionally, the most secure place to store your cryptocurrencies is in cold storage.
Cold storage means a wallet that is not associated with the web. This guards your coins against hackers and criminals. One of the most popular hardware wallet providers is Trezor. This is a hardware Bitcoin wallet that offers extreme security.
Trezor: There are numerous sorts of cold wallets. It doesn’t make a difference if you use paper wallets, hardware wallets, or considerably PC wallets. Moreover, simply ensure you see how your Bitcoins anchors and put away!
5. Join a High-Esteem Exchanging Network
A great number of people that try trading lose cash. There are numerous reasons why such a huge level of individuals lose cash, however, the best reason is an absence of enough preparation and instruction.
Bitcoin prices keep changing over time thus rendering bitcoin trading a dangerous lucrative endeavor. We do advice every beginner in trading to be vigilant because trading comes with a lot of risks. The few points mentioned above can help protect you from the most popular risks new cryptocurrency traders face.