Beginner’s Guide to Smart Crypto Trading
Many people want to start crypto trading after seeing the growth of the crypto market in recent years. If you are the one who likes to increase your knowledge about crypto trading and investment and seeking a good platform to learn. In that case, immediatepeak.org is the perfect solution for you.
This platform will help you find the best educational resources and platforms tailored to your specific needs. As the craze of crypto trading is increasing, many people start trading in crypto without proper knowledge and they fail. In this article, we will discuss how a beginner can start crypto trading smartly.
What is Crypto Trading?
Crypto trading is speculating on the price movement of cryptocurrencies through a contract for difference (CFD) trading account. Make sure to distinguish crypto trading from crypto investment, both are different.
When a person buys a crypto asset and holds it for several years this is called crypto investing. On the other hand, when a person buys some crypto asset and sells it instantly after a few seconds or maximum in a week, then its called crypto trading.
5-Steps Beginners Strategy for Smart Crypto Trading
Starting crypto trading can be a challenging task for a beginner. You can follow our 5-step beginner’s guide to start trading. This guide is deeply researched, and it will help you become a successful trader.
- Choose a Cryptocurrency Exchange Platform: Before starting crypto trading, you must select the cryptocurrency exchange platform you will trade. After choosing a platform suitable to your needs create your trading account there
- Fund Your Account: The second step of starting crypto trading involves funding your account. You can use either cards or wire transfers to fund your digital wallet. Wire transfer is considered the cheapest method of funding the wallet. Even some platforms charge zero fees on wire transfers.
- Select A Cryptocurrency: The next step in your crypto trading journey is to select a cryptocurrency to trade. Most people choose either Bitcoin or Ethereum because these coins are more predictable than other small coins. Some small coins like altcoins have shown a growth of almost 1000% in just one month, so this coin also can be a good choice.
Do You Know?
According to the 2023 report of Forbes Bitcoin is the best known cryptocurrency in the market. This study was conducted in the United Kingdom and 90% of people agree that they know bitcoin.
With 50% Ethereum is the second most known cryptocurrency. According to another survey by Forbes, 67% of people think that crypto is a legitimate investment.
- Start trading strategically: When you are starting crypto trading for the first time you should plan it thoroughly and analyze the market and other variables. As a beginner, it is recommended to pursue a course or guide before starting, so that you can get a basic idea of the process. Alternatively, you can use software for automatic trading through bots. In this process, you explore some sites manually as well.
- Store your cryptocurrency: After completing the trading you have to store your cryptocurrencies in the exchange platform. You can go for wallets to securely store your crypto. Wallets are available in both physical and digital form. Hardware wallets are preferable from a security perspective. Hardware wallets are considered safer because they save your crypto in a physical device that is not connected to the internet.
Final Note
In this post, we discussed how a beginner can successfully start trading by following the 5 steps. Your learning doesn’t stop here only, you have to constantly learn about the new methods and techniques of trading.
Various helpful books and courses are available in the market that will help you understand the world of crypto trading. If you find this article helpful, share it with your friends and family who are thinking of starting crypto trading.
