The evolution of cryptocurrency over the last decade is seen to have a tremendous impact on the business world.
Gradually, the economy is shifting direction to the digital demands of crypto traders around the world.
Crypto trading, a form of business that involves buying and selling of these virtual coins (cryptocurrencies) is now a common phenomenon however risky the business may be.
It is often said that the fast-growing evolution of digital money is alarming basically because there are no government policies to guide and direct the activities of the platform.
Presently, there are over 1600 available crypto coins for trade.
Crypto exchange involves exchanging a particular coin for another or exchanging a coin for paper money.
However, the risks associated with crypto trading, many still venture into it, make huge investments and realize a good deal of profits in return.
At the same time, many run into unseen crashes, loss and even theft. Basically, anyone can become a trader.
It doesn’t require any serious amount of education, just a good deal of knowledge on reading charts, and good internet connection to start.
Trading of cryptocurrency is serious business.
Simply put, it is not for beginners.
Only masters in the field can tell how the game will go.
You can get started by taking a few courses online.
You should devote about six months to carefully learning and understanding the antics of the trade and trying demos on crypto-investments.
There are several platforms online that will help you out with this.
You only need to ensure you invest in the best crypto-courses.
To become a crypto trader, you must know the basics of trading.
Firstly, you must decide on what coin you want to trade. It could be Bitcoin, Litecoin, Ethereum or any other coin.
You need to watch out for the best coins and decide. Carry out research.
Bitcoin is probably the best but at the same time the most expensive to invest in.
Secondly, you need to get a wallet.
An online wallet or a digital purse is where you store your coins.
It is similar to a bank account, where you see and monitor your transactions, balance, trades etc.
You have to get familiar with some crypto base.
For example, Coinbase. Coinbase crypto exchange is a platform you need to get very familiar with.
On this platform, you can sell, buy and store coins without having much to worry about.
There are also similar platforms out there that are reliable and secure for trading.
So far, in the past eight months to be precise, the crypto market has been extremely volatile.
Coins fall and rise almost every hour.
More than ever, every trader needs to be armed with knowledge and a good analysis of all these digital coins to realize the profit.
There are three major ways to make money from cryptocurrencies:
I. Invest in coins.
II. Trade coins.
III. Mine coins.
Each of these has its own facet and uniqueness.
Crypto mining – although difficult and time taking, is a good option for many traders.
Many will prefer exchanging some few USSD for coins but with a good and quality miner, the complexities of mining are minimized.
To mine, you may have to purchase a good rig which might be somewhat expensive.
However, with time, you will make profits.
To start your trading business, you need to get familiar with trusted companies that are known with buying, trading and storing coins.
Also, to be on the safer side, one should establish himself using a prominent coin before going with unfamiliar ones.
Bitcoin is a good example you can use to start your trading business, the reason being that bitcoin has dominated the market for a while and proven to be one of the most trusted and secure coins.
If you decide to go with startup coins right away, you must be very certain about the source, security, and future of such coins.
After establishing yourself in trading with bitcoin, you can begin to trade with other similar coins (known as altcoins) as well.
Coins such as Litecoin or Ethereum should be your first consideration.
At this stage, you are not advised to go into “margin trading.” It takes a while to get to this level of trade. Never do this unless you are sure you are an expert and you can risk losing your coins.
Crypto Trading and Investment
