5 simple steps to learn how to trade cryptocurrency
Cryptocurrency is a market that while not so new, is one of the leading industries in trading money and gaining maximum rewards. The cryptocurrency trading game is not much different than local stock markets, and it’s extremely important that you know various aspects about things like currency conversion, maximum exchanging, and more.
Not only that, but you need to know a lot of security details in order to keep your cryptocurrency safe. This helps to protect you from people like hackers, or also to help keep your money so you can trade it at the right times for higher items like bitcoin (or even more importantly trading your bitcoin for cash at the right times) in order to reap the benefits. In this little guide, we’re going to give you a quick 5 simple steps to learn how to trade cryptocurrency properly, so you can keep yourself safe, and get the most out of it.
#1 – The Investment Info
When it comes to investing, this is the most important step, and also a crucial one. You need to know where to invest into your cryptocurrency, find out about the exchange you’re going to use and more. There are many crypto-exchanges that aren’t allowed in certain countries, as well as a lot of fake websites out there. Be careful, and you can find a reputable exchange with decent rates. Look at the rates of each one to make sure that they don’t take a huge chunk out of your incoming cryptocurrency, and make sure that the site is secure. Most of the best cryptocurrency exchanges need some type of identity verification.
#2 – Secure Your Identity
Never give out your social security number to one, as many just require something like e-mail, or even your driver’s license, or even your mobile number for 2-step authentication (sending a text message to your phone with a verification code at every login) in order to protect you.
#3 – Create Your Account
Once you’ve found the exchange you want in step one and decide to go with it, sign up for your account. This includes all of the ID verification, bank account info, etc.
#4 – Getting Your Wallets
Once your account is setup, you can make your initial purchase. Get a cryptocurrency wallet (most exchanges offer one for free online), but make sure you get a backup wallet that is offline. The best thing to do is get a wallet which stores your crypto keys to a USB thumb drive. There are also special hardware crypto wallets to help protect your bitcoin or coins.
#5 – Other Exchanges
You need to create an account on another exchange (such as https://rubix.io) in order to start your trade. Look at things like the market, and see what coins are going up in price. This involves paying close attention to details in charts, and more. Things like the RSI (relative strength index), and if it’s over 70, you may want to see if it goes down (look to see how often it goes up as well). The key to trading is to buy low, and sell high.
Cryptocurrency may seem confusing at first, but with a good bit of research and attention to detail, literally anyone can do it, and reap the profits. If you’re looking for a get rich quick scheme, then this is not a good way to do it, although there are plenty of people with the right investment, trading tactics, and referral programs that have become millionaires under the age of 21 years old just utilizing the cryptocurrency trading game properly.