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Cryptocurrency Tips for Trading beginners

By admin on December 29, 2022

Reading Time: 3 minutes

Cryptocurrency trading is attracting the attention of a new generation of investors because of the ease with which this new asset class can be traded. On some cryptocurrency exchanges, users can access the markets in minutes. Over the past decade, it has been proven that the crypto-asset market has enormous potential to provide high returns.

That said, it should be noted that this is still a very new and extremely volatile market, which means that newcomers should be especially cautious when trading crypto currencies. In this guide, we’ll go over the basics of trading and explain how even the beginners can exchange cryptocurrency easily and you’ll get the knowledge you need to start investing.

What you Need to Start Trading Crypto

Go in and use one of the many cryptocurrency trading platforms you can find online. We recommend using a reliable non-custodial instant cryptocurrency exchange service to exchange and buy crypto assets.

You will also need to download a digital wallet to access your cryptocurrency locally. Cryptocurrency exchanges have been one of the main targets of hackers for years, so you better keep your cryptocurrencies under your own control.

This is a fundamental issue for anyone who owns cryptocurrencies. You can read more about how to keep your funds safe in this article.

Recommended Platform for Buying, Exchanging and Selling Cryptocurrencies

Quickex is a reliable and trusted service that provides its users with a safe and instant way to buy, sell and exchange cryptocurrencies. This platform boasts a wide list of crypto-assets available on the site, including all popular coins: Bitcoin, Dogecoin, Ethereum, Tether, Binance Coin and many others.

All processes from making a deposit to selecting a cryptocurrency pair are done in 3 steps and take no more than 5 minutes. The navigation and interface of the site are convenient and maximally clear, even a novice will be able to understand here.

Since its launch in 2018, the platform is steadily growing and attracts more customers and investors. Which speaks to its reliability and safety. Quickex does not manage user funds, which is what makes the site credible. That said, the platform offers the best rates and high buy limits. This makes it an attractive option for daily use.

What Beginner Traders Should Pay Attention To

Over the past few years, cryptocurrency trading has gained popularity among a wide range of people. Some of them have succeeded, but there are many more who have not.

Consequently, as a newcomer to this market, it would be wise to turn to history and learn from the mistakes of more experienced traders.

Here are the 5 basic trading tips for beginners

Invest only what you can afford to lose: This is the golden rule of investing. Cryptocurrencies are still a new asset class and can be extremely volatile. Because of the high volatility, it is very important that traders only use money they are willing to lose on exchanges.
Monitor the market: The cryptocurrency market is volatile, so you need to be aware of what’s happening. This allows you to react instantly to any events, whether you need to lock in profits, buy more tokens, or anything else.
Learn the basics of technical analysis: The cryptocurrency market is much different from the traditional market, but the basic rules remain the same. And technical analysis works here as well. That’s why it’s worth devoting a good chunk of your free time to learning, not necessarily diving into the thick of things. However, the basics of curves, resistances, slippages, and so on are worth learning. You don’t need to be a professional trader, but knowing these things and applying them correctly will greatly increase your trading efficiency, increase your profits or at least reduce your losses.
Diversify: Speaking of trading, this concept is about not investing all of your money in one coin. This is due to the following main factors. First of all, following this rule will significantly reduce the risks of losing all of your investments at once. Since there is always a chance that the price of any cryptocurrency will drop drastically. The next reason: when the market rises, you can earn more in the long run, because the prices of different coins rise in completely different ways. Some only add a few percent, while others make double-digit profits, so it’s always best to have a few options.
Pay attention to security: Probably one of the most important and obvious rules. The easiest way to determine the level of security offered by a platform is to look at how old it is and how many times it has been hacked. While the lack of hacks in a platform’s history does not mean that it will not be attacked in the future, it can be a useful indicator to determine the level of security it offers.

Conclusion

The crypto industry is very uncontrolled these days, and there is a long list of both opportunities for you and dangers for your money. The security of your funds is a top priority. Always use strong passwords and two-factor authentication for your exchange transactions, and consider using hardware wallets to store crypto currency. Of course, never share your passwords and private keys with anyone.