Mastering the art of trading digital currencies such as Bitcoin, Ethereum, Litecoin...
To start trading in cryptocurrencies you need to have the below:
- A cryptocurrency wallet (to store your digital currencies)
- A cryptocurrency exchange (to trade on)
That is all. Yes that's all you need to start trading. Simple as that.
Things to know before you start trading:
There are only a few things which you need to know beforehand. Below mentioned are the most important things to know:
The simplest and most intuitive place to buy, sell and store cryptocurrencies is Coinbase. (Coinbase currently supports only Bitcoin BTC, Bitcoin Cash BCH, Ethereum ETH and LiteCoin LTC).
If you are serious about cryptocurrencies and want to trade in other than above mentioned currencies then you'll need alternate exchange. See best cryptocurrency exchanges
Any cryptocurrency exchange is not part of any systematic stock exchange.
Cryptocurrencies are most volatile and fluctuating form of currencies. It is almost impossible to predict the futuristic price of any digital currency.
How to start?
I hear you. Yes here I am... coming to the point. As a beginner you need to make wise decisions in choosing the below:
Choose a company which has good reputation that provides both exchange and a wallet. Spend some valuable time on the company's history and performance.
Note - There are more fraudulent companies available on the internet. Beware of them.
Choose a more prominent coin such as bitcoin, ethereum, litecoin. As a beginner, get your hands dirt on these.
Note - This might change in future.
A good start would be start trading with Coinbase.com. Unfortuantely, Coinbase does not support Buy/Sell options in all countries. Please choose a legitimate company which supports trading in your country.
Hope this article was useful and has thrown some light on how to start trading on the cryptocurrencies.
Any queries? Use the comments section... you will get your response ASAP
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TECHOSlovia