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Ways to Streamline Your Crypto Trading
Since the rise of the Coronavirus, this year has been taking so many unpredictable turns. That at this point, no one can predict how the world is going to look like in 2021. So, with almost all financial markets and industry sectors jumping in all directions, more and more people are looking for stability, something that they can rely on, especially financially. And the best alternatives to savings accounts and similar are, by far, stocks and cryptocurrency.
Many people are just getting into cryptocurrencies and don't know where to start, or are a bit more informed about the basics, but are still looking for the best ways to streamline crypto trading. That's where this article comes in - In this guide, we are going to show and explain to you different aspects and variables that are going to help you for you to better yourself as a crypto-trader.
First things first
Now let's get one thing clear, unlike trading that most people refer to in their everyday lives, trading cryptocurrencies generally revolves a lot more around speculating on its price, rather than owning any of the coins. The problem is - this makes things all that much harder for the beginners since you need the experience to be able to make such speculations.
For this reason, opting for brokers is generally a more straightforward introduction for beginners, and hence your best bet when it comes to crypto training. After you get more experienced, you can switch to buying real currency via an exchange, but for now, let's focus on the brokers.
How to choose a broker?
Now, while having a person/group of people/a program by your side to guide and help you through the whole process sounds hefty enough, it isn't that simple. There are many different options, with other variables that should be understood and researched first, before opting for a broker. Don't overlook this part - choosing your cryptocurrency platform on which you are going to do your trading on is one of the most important decisions you'll make in this whole process!
The exchange will act as a digital wallet for your cryptocurrencies, so be sure to consider everything that we are going to address in the following text before diving into trading.
Consider your priorities
The first and most obvious thing when it comes to choosing a broker is the fact that different platforms offer different services. Sometimes, even if the services provided are the same, the way that they are executed isn't.
So, what services are we talking about here?
Well, some brokers specialize in crypto trades, others less so, some offer specific products, like, for instance, cryptocurrency multipliers. Something like this increases leverage and hence the risk and reward as well. So, the first thing you should do when researching different platforms is to thoroughly examine the services provided and understand what all of them both provide you and require from you.
Apps and software
The thing is, we humans are perceptive, but not nearly as much as machines designed to perform a specific task. That being said, sometimes, being a few seconds late to significant news events could make the difference between profit and loss, and nobody can dedicate all 24 hours of their days to tend to this. Still, there are applications and software that can. An app like this can save you a lot of time, and sometimes, it can even be crucial for your profits. These are the primary reasons why many brokers these days offer user-friendly cryptocurrency mobile apps - it's easier for everyone.
Compare the prices!
Each exchange offers different commission rates and fee structures, so it's crucial to understand how all of this works. There are three main variables that you need to understand - exchange fees, trade fees, and deposit & withdrawal fees.
They refer to how much you are going to be charged to use the cryptocurrency software that you're interested in when adding capital to their service or removing it from their service. The parameter that impacts this fee the most is the currency that you are trading.
Imply how much you are going to be charged to trade between currencies on the exchange provided by the broker. The two most important terms are the marker fee, which is the cost of making an offer to sell. The second one is the taker fee, which is the cost of taking an offer from somebody else.
Deposit & withdrawal fees
These fees are how much you will be charged when you want to deposit and withdraw money from the exchange. Often, it's way cheaper to deposit your funds. It should also be noted that some of the exchanges don't allow credit cards, so keep in mind that you might need to opt for a different kind of payment method.
Security is a must
Over everything that we have explained - security is the most important thing, and you should never overlook it! Instead, be sure to put the considerable amount of research into it. So, how can you do this? Firstly always check reviews to make sure the cryptocurrency exchange is 100% secure.
Is security that important?
If you think that we're overreacting, trust us, we're not. Hacking is not only unheard of when it comes to cryptocurrencies; it absolutely can happen. And, if you do find yourself in such a scenario, and if your account is indeed hacked and your digital currency is already transferred out - there's no way to go back; it's gone forever. And yes, we understand, secure and complex credentials are a lot of work by themselves, and they are only the prerequisites for the real deal, and people are willing to risk it sometimes. But it's worth the hassle because this procedure can potentially save you a lot of money.
To sum it up
When it comes to, well, any business that is out there, there is rarely a perfect guideline that can explain every step of the way and hence make sure that you don't make mistakes as you go, but there are ways to work on bettering yourself.
So, what have we learned from all of this?
It all comes down to research, and as crucial as it is to be invested and committed to the actual trading process - the research that is done beforehand is the backbone that keeps everything in check. The most important thing is security and then come all the details and preferences, so keep that in mind, and good luck!
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If you enjoyed this post and have a little extra time to dive deeper down the rabbit hole, why not check out the following posts on blockchain and cryptocurrency.
- Why Blockchain and Cryptocurrency Is The Future Of Money
- How Companies Profit From Crypto Airdrops
- How To Accept Direct Crypto Payments
- Why Millennials Are Opting To Invest In Cryptocurrency
- Countries With No Tax On Cryptocurrency
- How To Get A Cryptocurrency Backed Loan