Since the electronic inception a bit more than one decade ago, the cryptocurrency has now grown from the highly unnoticed and non-regulated currency for being recognized all over the world for the discretion & accessibility. There’re around 3,000 cryptocurrencies getting traded with the total value of over $221 billion and reality is top ten cryptocurrencies represent around 85 percent of its total market value.
Getting faced with several options of the cryptocurrencies to select from, it is very important to know how you can narrow down the choices & trade currency on an exchange, whereas looking at the risks one must know before you take a plunge or check out bitone core for more details.
Whenever people invest in the cryptocurrency, it generally means they’re buying crypto for a long term. And, they think that price may ultimately rise, irrespective of ups & downs that happen all along your way – and investing in this as they truly believe in this technology, ideology, and team behind this currency.
Key reminders about cryptocurrencies:
Firstly, this currency is highly volatile and you can make good profit in case you manage to rightly anticipate this market. Inverse of this is true, suppose you sell out at the earliest you see the drop, you’re in for the significant losses. (Despite its volatility, investors treat the crypto like the volatility-sheltered and safer assets such as gold or other currencies since they are rising recently in spite of the market-wide uncertainty.)
Secondly, not like traditional markets, the crypto trading stays open 24/7. Majority of the traditional markets, like commodities and stocks, have the opening & closing time. With the crypto currencies such as Bitcoin, you may buy & sell when you please.
Crypto trading in nutshell
Knowing briefly, to trade cryptocurrencies you will have to do following:
- Open the account on cryptocurrency exchange
- Check your identity
- Deposit your money to account
- Open ‘position’ on an exchange
That is crypto trading in nutshell. Before taking the detailed look at those aspects over how you can trade in the cryptocurrency, let us know how you can select exchange & cryptocurrency for trading in.
How will you choose on what exchange network you will use?
There are around 3,000 cryptocurrencies getting traded with the total value of over $221 billion. In order, to determine what exchange you can trade in, one should ensure to check out following:
Availability – Before doing anything, first ensure that exchange is accessible in your area.
Public opinion –Then you have to check reputation of an exchange. Are users happy with the services? Was it ever hacked recently? How much safe is it? Have anyone complained about the service?
Exchange rates – Various exchanges have got their transaction fees that might vary. Do homework here & research five to ten exchanges and rates.