Mar 4, 2019 15:30 UTC
Mar 4, 2019 at 19:13 UTC
How To Start Trading Cryptocurrency?
Cryptocurrencies have become incredibly popular since their inception almost a year back. If you find yourself wanting to start trading cryptocurrency, it is advisable that you educate yourself regarding the market.
Trading cryptocurrency might seem like a difficult task for you if you do not know what you are doing. Which is why it is important that you take note of some of the essential steps you need to follow, to get started.
Post the market crash in 2018, most people were of the opinion that cryptocurrencies will be a distant memory soon enough, However, the market is recovering and the digital asset is showing great promise.
If you do not know where to start, follow this step by step guide below to find out how you can get into cryptocurrency trading.
You May Also Read: Top Cryptocurrency Predictions For 2019
Trading Cryptocurrency: A Complete Guide
Step 1: Pick an exchange
The first thing you need to do is pick an exchange that you want to start trading on. If you need help deciding, take a look at our piece on Top 10 Cryptocurrency Exchanges for 2019 and choose the exchange that meets your needs best.
Compare factors like transaction fees, security, market reputation and more, before you narrow in on any one exchange. Remember to conduct a thorough research before picking any exchange.
You May Also Read: How to Add Your Coins on An Exchange?
Step 2: Register and create a wallet
After having picked an exchange, the logical step that follows is to open your account on that exchange and then create a digital wallet for yourself. Note that your cryptocurrency will be stored in this wallet.
There are both online and offline wallets in the market. Make sure you research well before choosing the kind of wallet that is best suited for your needs.
Storing your cryptoucurrency in a wallet essentially means that you are storing your encrypted keys and passwords there. Be careful with who you show your wallet to.
You May Also Read: How Do I Recover My Lost Bitcoin Wallet?
Step 3: Choose your cryptocurrency investments
This is possibly the most crucial step in the process of trading cryptocurrencies. You need to be very careful regarding your choices.
Ideally, you should conduct a thorough research on the coins that you are looking to invest in. Look up their history, past record, the predictions reagrding their future performance etc.
Once you have decided the coins that you want to invest in, make sure you distribute your money. Avoid any risks by investing small amounts to begin with, and spread them out.
That’s it, that is how you begin trading cryptocurrencies. Make sure you are well informed before you invest and do not take any impulsive decisions based on temporary market fluctuations.
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