See 6 steps for trading cryptocurrency
Step 1: Create a cryptocurrency brokerage account
Unless you already own a cryptocurrency, you will need to create an account with a crypto brokerage. Coin base, Gemini, and eToro are among the leading crypto brokerages on the market. All 3 options offer a simple interface and a variety of altcoins to choose from.
To create an account, you will need to provide your crypto brokerage with personal identification information, as well as open an account with a stock brokerage. Other common information you need to provide when setting up your account includes your Social Security number, address, date of birth, and email address.
Step 2: Deposit money into your account
Once you have registered for crypto brokerage, you will need to link your bank account. Most crypto buyers offer bank support with debit cards and wire transfers. Telephone transfer is usually your cheapest option to back up your account – it’s free at Coin base and Gemini.
Step 3: Select the crypto to invest in
Most active cryptocurrency traders share most of their money in Bitcoin and Ethereum. These cryptos go much more predictably than smaller altcoins, so trading technical indicators can be easy.
Many crypto traders devote part of their money to small altcoins. Although small cryptos in the middle market are more dangerous than large market cryptos, they offer higher power. Many small altcoins have risen more than 1,000% over a period of months, making them an attractive investment for risk-tolerant investors.
Step 4: Choose a strategy
There are plenty of trading indicators to choose from, and many traders consider many factors when buying and selling cryptocurrency. If you are new to investing, you may want to consider buying a cryptocurrency trading course.
Asia Forex Mentor is a popular solution that can teach you how to invest foreign currency and other assets — including cryptocurrency. The One Core Program is featured on a number of financial information sites and is a favorite of Benzinga. Check out the platform reviews, consider signing up, and changing your trading strategy.
If you are an experienced trader, you probably already have a strategy that you use to trade stocks. Stock trading strategies are widely used in cryptocurrencies. The favorite personal trading strategy used by many traders is Elliott Wave Theory. Elliott Wave theory focuses on the psychology behind the market sentiment, so it works very well on speculative assets such as cryptocurrencies.
Step 5: Consider automated crypto Trading
If you are looking for a crypto trading strategy, you can try automated crypto trading with a platform like the Coin rule. Trading bots create a strategy that aims to give you the best results when given your investment objectives. Because automated trading can give you a more economical, neutral, or aggressive approach, you can make money quickly, seize your coins or split your portfolio.
You can also consider trading cryptocurrency actively on other platforms while using automated trading with others.
Step 6: Save your cryptocurrency
If you trade your cryptocurrency actively, you will need to keep your money in exchange to be able to access it. If you buy your cryptocurrency to hold it in the long run, you should get a cryptocurrency wallet.
Both are secure, but hardware wallets provide the best protection, as they keep your crypto on a portable device, offline. Ledger is a good hardware wallet product that many investors rely on to keep their crypto assets. If you are looking for a software wallet, there are a few options for iOS, Google Chrome, and Android that can be used for free.
One of the best software wallets available for cryptocurrency traders is ZenGo. The mobile wallet uses 3 secure securities to protect your digital assets, providing the same protection for other wallets on the market. Also, ZenGo lets you buy, sell and earn interest on digital assets directly in your wallet.