“If you really look closely, most overnight successes took a long time.”
The fans of quick bucks and crypto coins zealots, welcome!
If you have found yourself here, there’s a high probability you want to earn cryptocurrencies and don’t mind starting right off. And to anticipate your questions on where to slip in the market, we’d say that the most obvious way is to give a whirl to cryptocurrency trading sites.
Hold your horses, though.
It would hurt our reputation if we had not given you any instructions on how to swim in these troubled waters. For the record, our jar of hints is choke-full of useful information. Well, before we proceed to the pith and marrow of crypto trades, we suggest you take an introductory tour.
Crypto Trading: Taking a Shot
What are crypto trades, in a nutshell?
We are 100% sure that you are no stranger to the concept of Bitcoin and altcoins. Basically, to trade crypto means to make money on price swings; when the price goes down, you buy, and when it goes up, you sell. Such type of earning is also called “investment,” and we have no objections to that.
As of today, the crypto investments fall into two separate categories. The first is called “short term investment” and it is exactly what we have described earlier. The goal is to generate income in a short while. To put it simply, you obtain coins from a crypto trading platform and sell them afterward at a higher price.
The term of long-term trades is opposed to short-term earnings. From this perspective, it is easier for an investor to decide on whether to pile into any given cryptocurrency based on its historical data. Use this hint to refine your crypto trading strategies. If you are not the kind of person who lets go easily (aka HODLer), you may not want to sell your hard-earned coins too fast. The best solution for you is to stick to this type of investment.
Thanks to the bajillion of terabytes of collected data, everybody can evaluate the performance of an e-coin of choice across time. Take note that the best results with this strategy are seen when analyzing the crypto coins that have been around over the course of many years.
Approaching the Top Crypto Trading Sites
Is it really necessary to join the best crypto trading sites?
Because, you know, you can trade anywhere on the Internet. Theoretically, there’s nothing wrong with this statement. In practice, however, things are not the same. Let us help you catch the differences between a no-name trading platform and the reputed one.
Aiming to trade for money, not for fun? Then it is desired that you register at a world-renowned crypto exchange. Thus, you are less likely to fall victim to phishing and see a return on your investment. Time-proven exchanges bring the protection of their customers’ funds to the next level. So far, there’s no way you can create an account on the exchange and not verify your identity. The safety measures of this kind really let you know which cryptocurrency trading sites to trust and which to steer clear of.
Guidelines to Follow When Joining a Crypto Trading Platform
By virtue of its quickly developing popularity, the crypto industry rarely feels the lack of new investors. To become a successful trader, you are supposed to come over the greatest challenge of all, which is to take the first move. Beyond any doubt, the initial steps are hard enough and can discourage any industry newcomer. Many of them want to make heaps of money “right here, right now” and, oftentimes, the reality breaks their dreams into a million pieces.
That’s not the type of achievement you want, right?
Therefore, approach the starting point mindfully and never take action without a plan. We are here to cover your bases.
1. Team up with the exchange
Nope, this is not a joke. If you want your crypto trading attempts to be fruitful, you’ll need to set up an account, replenish it, then exchange your paper currency, acquire virtual coins, and open the trades. The Internet is cluttered with numerous crypto exchanges, but the leaders are the following ones:
However, we still want to warn you that Terms and Conditions and policies of cryptocurrency trading sites are never lookalikes. For this reason, you better study and compare the available options.
According to CoinMarket, there are over 250 cryptocurrency exchanges on the Web today, whose daily trade volume makes a total of $15.86B. Keep in mind that this list encompasses ALL exchanges but not all are top crypto trading sites to invest in blindly. Regrettably, the Web is studded with many cases describing how crypto investors “presented” their money to eternity because their exchange had been hacked/closed suddenly. Do you realize the importance of carefully picking the cryptocurrency exchange now? First and foremost, you need to zone in on joining the industry leaders.
2. Mary had a little… Wallet
And so should you. The intended use of crypto wallets is to keep your coins “safe and sound” and ensure they circulate between the exchanges properly. By far, there are so many options for storing your cryptocurrencies, including desktop, mobile, hardware, or paper wallets. To start out trading, you cannot do without a mobile or desktop hot wallet connected to the Internet.
Hot wallets are a substitute to cold ones, which ensure higher safety for your funds but the lower speed of transactions. Paper and hardware wallets relate to cold storage. But for industry newbies, it’s better to opt for versatile hot wallets. Once you have decided, you are officially a first-timer!
3. Everyday niche monitoring is a must
The scourge of the cryptocurrency industry is the volatility of coins. The price of any given asses can become ten times higher and then fall back – all in one day! Traders are aware that these swings are due to many reasons, that’s why you should make it a habit to see what’s going on in the market.
So, you want to make money with the best crypto trading sites, that’s a good call! However, do not dive headfirst into any pool out there; research the assets first. CoinMarketCap will become your e-helper. This is an excellent tool to study the potential of any given crypto coin by learning the information about its supply, trade volume, capitalization, and so on. There’s also CryptoCompare, in case you want to compare the cryptocurrencies.
One more bullet point in all crypto trading strategies is to keep abreast of the industry news. How do you do it? Super-easily, we’d say; start reading dedicated social media pages, blogs, Telegram channels, threads, subreddits, etc. Coindesk, News Bitcoin, Hackernoon, and Quora can serve a good starting point.
4. Use technology to be on the safe side
If you have heard about investing fiat money, chances are you familiar with the notions of benchmarking and stock indices. Benchmarks are used by fiat investors for portfolio creation. The reason behind that is the ability of benchmarks to simplify the crypto trading routine, reduce the risks and volatility.
Not surprisingly, the same toolset can be applied in the sphere of crypto investment. For example, Cryptoindex 100 can lessen volatility and slash the expenditures you might have when you invest in several coins simultaneously. Thus, you won’t hinge on crypto market’s instability anymore and your money is likely to remain intact.
As soon as you finish your portfolio, make use of coin trackers (Delta or Blockfolio will do). These apps will shower you with valuable insights and help to increase productivity; as a newbie, go check them out!
2019: Best Crypto Trading Sites So Far
Despite your radiant hopes, it’s not that easy to come across a trustworthy crypto trading platform, especially for the industry first-timers. A few paragraphs ago, we have enumerated a couple of exchanges that are safe to join. We’d like to add a few more top crypto trading sites, so the end result is as follows:
The mentioned web platforms have already won the trust of the crypto community. Thanks to dedicated teams who work day and night to develop new safety measures, ensure transparency and credibility, these services managed to earn their place in the sun. For all that, we highly recommend you to conduct your own research so you can cross out the unbefitting platforms.
Recap of Crypto Trading Strategies You Need to Learn
Before we let you peek behind the curtain, come to terms with the following statements.
- volatility is the scourge of the crypto niche
Keep in mind that a coin can rise in value by 20 to 30% and then drop back in just one day.
- blockchain is an emerging technology
And owing to it, the market of cryptocurrency is called “volatile.” Nevertheless, the blockchain sees a tremendous rise in value, since many non-crypto industries recur to it and the benefits it offers.
Enough of prelude, let’s focus on the rules to follow.
1. Set the sum you can invest
The market is unstable, and that’s why coins can be threatened by hackers and bugs. If you approach the investing mindfully, chances are you’ll save your coins and wellbeing.
2. Do not trust anyone in the industry
Always doublecheck the info and steer clear of spontaneous investments. Research the e-coins you would like to own and make a conclusion if they are a fit for you.
3. No more FOMO
Whatever cryptocurrency is promoted via media channels, it doesn’t mean you need to purchase it. Keep calm and play it cool. In this way, you’ll manage to avoid blind investments.
4. Never put all eggs in one basket
In a perfect world, you should have several time-proven assets that bring profit for sure. When seeing a positive dynamic there, it is less risky for you to invest in other coins.
5. Set limitations
Stop-loss limits are supposed to avert both setbacks and loss of profit. To set the limits, you’ll have to figure out for how much you’d prefer to sell an e-coin in case of low value.
Happy trading to you!