Crypto

How to trade Cryptocurrency

Afraid to miss out, this is a quick plan to get you traded. cryptocurrency quickly

1. Decide if you want to own it. cryptocurrency or have a hunch that its value will go up or down
   • If you want to own currency, you have to exchange it – try Hodly – it’s a simple and easy to use app
   • If you want to speculate on prices you need a broker, check the list above or use brokers to see the full list
2. Top up your account
3. Buy Cryptocurrency that you want or open trades according to the price.

Congratulations, you are now a trader. Keep in mind that you can proceed through buying or selling. cryptocurrencies In the broker demo account, unfortunately, you cannot practice trading.

Trading crypto generally revolves around speculation about its price rather than owning any actual coins. For this reason, brokers offering forex and CFDs are an easier recommendation for beginners than the alternative to buying real currency through an exchange.

How to compare brokers

cryptocurrency platform Which one you choose to trade on is one of the most important decisions an exchange will act as a cryptocurrency wallet for. cryptocurrencies So don’t dive in regardless of the factors below first.

Some brokers specialize in crypto trading, others less so, others offer specific products IQ. OptionsFor example, traditional crypto trading via Forex or CFDs, but also offer multipliers. These offerings increase leverage and therefore have risks and rewards.Innovative products like these may vary when opening a day trading account. cryptocurrency

Apps and Software

Day traders need to be constantly on the lookout as a few seconds of reaction to a big news event can make the difference between profit and loss, which is why many brokers offer mobile friendly apps. with cryptocurrency It ensures you’re always on hand whether you’re on the train or making your sixth coffee of the day.

trading platform cryptocurrency Where you sign up will be where you spend a lot of time each day, so look for a platform that suits your trading style and needs. An exchange like Coinbase offers in-depth platforms like the Global Digital Asset Exchange (GDAX) should. Always set up a demo account first to ensure that the exchange has the tools and technical resources you need.

Security

Always check the comments to make sure they exchange. cryptocurrency is safe if your account gets hacked and your cryptocurrency transfers are deleted forever, so while secure and sophisticated credentials are half the battle, the other half will be fought by trading software.

tuition fees

Each exchange offers different commission rates and fee structures, as a day trader with high volume trades just a small difference in rates can cut into serious profits, compare three main fees:

• Exchange fee -This is the amount you will be charged for using the software. The currency and coins you trade affect the rate.
• Trade Fee -This is the amount you have to pay to exchange between currencies on the exchange, the token fee is the cost of making an offer, the taker fee is the cost of accepting an offer from someone
• Deposit and Withdrawal Fees -This is the amount you will be charged when you want to deposit and withdraw money from exchanges, you will often find it cheaper than your deposit, please note that some exchanges do not allow credit card, debit/credit use. Usually costs 3.99%, bank accounts usually cost 1.5%.

Last Words About Brokers

This is not a decision to take lightly, do the math, read reviews and try out exchanges and software before Coinbase. It is widely recognized as one of the most trusted exchanges. but trading Cryptocurrency on Bittrex is also a reasonable choice. CEX.IO, Coinmama, Kraken, and Bitstamp are other popular options.

Trading Cryptocurrency For beginners

Before you choose a broker and try out different platforms, there are a few things that are straightforward for you to know.Understanding and accepting these three things will give you a good chance.The best way to succeed when you step into the crypto trading arena.

• Find out what’s growing – Bitcoin, Ethereum and Litecoin top the list for trading and ease of use, however there are Zcash, Das, Ripple, Monero and more to keep an eye on. come up and focus your attention there
• Embrace volatility. – Cryptocurrencies For example, the price of Bitcoin dropped from $3,000 to $2,000 and then rose to nearly $5,000 within three months in 2017, although the risks are also high. But it also means a good profit potential as well, you should always check the volatility of the exchange you decide on.
• Understand blockchain – You don’t need to understand the technical intricacies. But understanding the basics will help you react to news and announcements that may help you predict future price movements. Encrypted, secured, interactive and stored in the public, they act as a public ledger, cutting out intermediaries like banks.

Strategy

Once you’ve decided to become a broker, familiarized yourself with your platform and funded your account it’s time to start trading, you’ll need an effective strategy aligned with an efficient money management system to make a profit. strategy straightforward cryptocurrency

Swing Trading

This straightforward strategy requires caution, the idea is that you keep an eye on the correction in the trend and then catch it. ‘Swing’ Get out of the correction and back into the trend, the correction is when the candles or bars overlap, you will find the price trending quickly. But the correction will not happen.

Let’s say on the chart cryptocurrency At your 250 minute candles you will see 25 candles where the price is within 100 pips If the price contracts daily movement only 20 pips you are seriously interested and alert You should see a lot of overlap this tells You say it is very likely that the price will continue to trend.

You should then sell when the first candle moves below the contracting range of the previous several candles and you can stop at the last small swing high, it’s simple, straightforward and effective.

Tips

Even with the right brokers, capital software and strategies. But there are several general tips that can help increase your profit margin and reduce losses, below are some helpful tips. cryptocurrency to consider

Take advantage of news

cryptocurrencies Short-terms are especially important for relevant news, when news such as government regulation or hacking of cryptocurrency exchanges come through, the price tends to plummet.

On the other hand, if a big company announces that they will be integrating the use of the currency into their business, the price can climb rapidly. If you are aware of any news and can respond quickly, you will have an edge over the market. other

Technical Analysis

Analyze historical price charts to identify patterns telling history has a habit of repeating so if you can practice in a pattern you may be able to predict future price movements to your advantage you need to convert intraday profits for earnings. More details on specifying and using patterns can be found here.

Study metrics

This is one of the most important crypto tips, by looking at the number of wallets versus the number of active wallets and the current trading volume you can try to give the current value to a specific currency, then you can make an informed decision. Smart based on current market prices, the more accurate your predictions are, the more profitable your chances are.

Trade on margin

If you anticipate a change in trading prices, margin allows you to borrow money to increase your potential profit if your predictions come true.Exchanges have different margin requirements. and offer different rates, so do your homework first. Bitfinex and Huobi are two of the more popular platforms.

Remember that trading or speculating using profits increases the size of potential losses as well as potential profits.

Rules and taxes

The digital marketplace is relatively new, so countries and governments are struggling to adopt taxes and crypto regulations to regulate these new currencies.If you weren’t aware of these before you started trading, you might find yourself in a very expensive point

Rules

Many governments are unsure of what to classify cryptocurrencies or currencies or property. The United States in 2014 introduced cryptocurrency trading rules, meaning that cryptocurrencies fall under the ownership of real estate. Is classified as an investor and will be subject to complex reporting requirements, details of which can be found by heading to the IRS Notice 2014-21.

Taxes

In addition to the possibility of complicated reporting procedures, new regulations could affect your tax liability. ‘property’ This means your income will be treated as capital gains tax (15%) instead of ordinary income tax (up to 25%). Each country has different cryptocurrency tax requirements and many will change as they progress. They adapt to evolving markets, so before you start trading do your homework and figure out what and how much taxes you will pay.

Bots

If you have a working strategy then trading robots. cryptocurrency It might be worth considering that once you’ve programmed your strategy, the bot will automatically execute trades when certain predefined criteria are met, there are two benefits to this.

First of all, it will seriously save you time, you don’t have to stare at the charts all day looking for opportunities, it should speed up the trade execution as there is no need for manual data entry.

Secondly, the automated software allows you to trade multiple currencies and assets simultaneously, which means more potential profits and all without you having to do any heavy lifting.

Risks

Having said that, bots are not ordinary sailboats, if you want to avoid losing profits from computer crashes and unexpected market events, you need to monitor your bot to some extent.

They can also be expensive, while there are many options such as BTC Robot that offer a 60-day free trial, you will be charged a monthly fee to get your profits, they can also be costly if you Someone has to pay to program your bot, on top of that you have to pay to keep your bot updated when the market changes.

So while bots can help increase profits. cryptocurrency yours at the end But there are no free rides in life and you need to be aware of the risks, perhaps they are the best asset when you have an established and effective strategy that can be automated.

Education

trading lessons cryptocurrency The most useful you can take is the course you can give yourself with a demo account, first of all you get the chance to try out potential brokers and platforms before making a purchase.

Secondly, it’s a perfect place to correct mistakes and improve your craft, you usually trade with virtual money, so mistakes won’t cost you your hard-earned capital once you’ve tried out your strategy. Get rid of any wrinkles and start trading with real money.

Online you can also find intraday trading courses of cryptocurrency This includes a wide range of books and ebooks.

Key Points

Think of this as a guide to cryptocurrency trading and you will avoid most of the hurdles that many traders fall upon.When choosing your broker and platform, consider their ease of use, security and fee structure.There are several strategies. that you can use to trade Whatever you choose for cryptocurrency in 2017, make sure technical analysis and news play an important role. Finally, beware of regional differences in rules and taxes, you don’t want to lose profits from unexpected regulations. think