Stepping into the world of cryptocurrency trading may be daunting, especially for beginners. If you are someone who wishes to venture into cryptocurrency but don’t know how to do it, read on.
So, you have some money and you want to invest it. How do you go about doing it? To trade, you must first have:
- A cryptocurrency exchange (like ecxx.com)
- A cryptocurrency wallet
Before anything else, here are some points to consider when choosing your trading platform.
- VALIDITY: Is the exchange available in your country/ region?
- REPUTATION: Are people happy with the exchange? Has the exchange been hacked previously? Users’ reviews of a platform is a factor that you may want to consider.
- EXCHANGE RATES: Different exchanges have different rates, so it’s best to do your own research and comparisons.
- SAFETY: The security of your assets is most crucial, so you would want to choose a platform that offers great safety for their users. ecxx.com, for example, uses multi-layered authentication and advanced security measures to protect the assets of their users.
After selecting your preferred trading exchange, you can set up your account wallet. This wallet is where your cryptocurrency is stored and protected. It saves your public and private keys that allow you to store, send and receive cryptocurrencies. Let’s do a quick run-through of what a private and public key means.
A private key gives you the ability to access and send your money. In no event should you disclose your private key to another party. If you give out your private key to another party, they will gain access to your money.
A public key allows everyone else to send you money. It is safe to disclose this key to others.
“BUY” and “SELL” refers to the purchase and sale of cryptocurrencies available on the trading exchange. “DEPOSIT” and “WITHDRAW” refers to depositing and withdrawing credit from your account wallet.
Before you start trading proper, you should be aware that crypto is known to have a highly volatile nature. You can monitor candlestick charts or use performance measurement tools such as RSI (Relative Strength Index) to monitor the cryptocurrency’s price movements before making your trade decision.
“People have made fortunes off Bitcoin, some have lost money. It is volatile, but people make money off volatility too.” -Richard Branson, Founder of Virgin Galactic
If you’re still reading this, I wish you the best in starting your cryptocurrency trading journey.
Please feel free to share the article if you enjoyed it! You can trade* Bitcoin, Ethereum, XRP and other altcoins on ecxx.com too. Sign up for an account here now.
Disclaimer: This article is not trading or investment advice. It is for entertainment and educational purposes only. Please do your own research before investing into any digital currency.