An Ultimate Beginner’s Guide for All the News in the Cryptocurrency World

While most of us are celebrating New Year with strong, diehard resolutions to earn more money with smart investment, few brainiacs have already pledged their loyalty to a recent, rapidly evolving digital deity named cryptocurrency with an expectation of big money.

The cryptocurrency is an entirely new market with piles of opportunities to be edged by traders. But for average traders, they still don’t understand the world of cryptocurrencies well enough and much or less they still feel that there is a risk. Where do they start? What are the useful pieces of advice to keep up in mind? Where to get the best resources? Well, there are just too many questions to be answered for a newbie in cryptocurrency world.

So, let’s start an absolute beginner’s guide for cryptocurrency trading.

You May Ask, What the Heck is Cryptocurrency?

Instead of a complex, technically savvy, long definition, the easiest way to define cryptocurrency is “It’s basically money on software platforms or a peer-to-peer electronic cash system”. It’s definitely not a new form of currency. To use these software platforms, a type of money is used, which will be further replaced by cryptocurrencies in exchange for a database access based on blockchain technology.

So, What Do I Need to Start Cryptocurrency Trading?

All you need is a verified cryptocurrency wallet and a cryptocurrency exchange, that’s all you need is to start your trade on. Both are completely online platforms and highly secure as well. Starters can choose between:

➢ A cryptocurrency exchange to purchase coins and store them in crypto wallets

➢ The Bitcoin Investment Trust (GBTC)

➢ A high value & secure cryptocurrency IRA

➢ A hybrid exchange-broker-wallet solution

Advisedly, an exchange-broker-wallet platform is the most preferable one for beginners as it allows both trading and investing conveniently on a single platform.

How Does It Differ from Regular Stock Exchange?

A cryptocurrency exchange is far different and not a part of the regular stock exchange. Crypto trading professionals suggest using a broker/exchange to beginners, but you can rely on premium exchanges to start with. As GBTC trust (the prime Bitcoin stock in 2018) owns Bitcoin and sells the shares of it, this avoids individuals to trade cryptocurrency directly. Cryptocurrency trading is also an around the clock market which differs it hugely from the traditional stock market.

Is There Any Risk Associated with Cryptocurrency Trading?

Although cryptocurrency trading is a highly demanding market, it can also be extremely volatile (which has not happened to date). Cryptocurrency investors can make a genie wished fortune in a moment or lose it all in the very next. But, the risk is well associated with every trading industry and we just can’t deny it. Try to invest and trade with top-level cryptocurrencies such as Ethereum (ETH), Bitcoin (BTC), or GTBC, so that the chances of losing huge overnight stay slim.

Okay, I’M Interested…What to Do Now?

For those who are interested to go with cryptocurrency after continuing through above notes, you should start to begin by choosing a renowned agency that offers both exchange and wallet. Although there are a few cryptocurrencies which can offer quick gain, the chances of losing by a huge margin are also high with them. Start your trade with prominent coins for less risk factor for a steady and good start. Expert guidance is highly required or you can say that a must recommendation for beginners. You can end up losing all your investment in an instant if you aren’t careful enough.

Finally Investing, What Should you Ask Yourself!!!

Is My Investment Safe with the Agency I Choose to Work?

Preservation of your investment capital will always be the first rule to follow while cryptocurrency trading. Thoroughly check the background of the agency that you have been thinking to work with and decide that fact that you can trust them with your money. Back off immediately if your chosen agency is involved in any previous scams or legal issues. Your investment might grow exceptionally, but it’s not worth if it puts your capital at risk.

Should I Go for a Long Term Plan with The Team?

Try to get a complete timeline and milestone list that your team will try to achieve. Do they have the necessary skills to achieve your interest? Your long-term cryptocurrency trading plan can only be determined with the acknowledgment of reliability and efficiency of the team.

How Long Should I Stay in Crypto Trading? Should I Have an Exit Plan?

Beginners should stay on short-term gains. Set a timeframe or an effective exit plan with your trading team to reduce emotion effects on your cryptocurrency trade as it is highly volatile. Stay out of trading on crypto coins that look too much like a “GET BILLIONAIRE” scheme.

Should I Know the Platform Rules?

Ask your agency for the details regarding the cryptocurrency platform fees. The fees are inconsistent, depending on which platform you prefer to use. Some may charge a percentage of each deal, while others may charge you on basis of income and outcome transactions. It’s better to know all the platform rules beforehand rather than paying a huge hidden fee afterward.

How Do I Minify the Possible Risks with Cryptocurrency?

It’s always a sensible idea to distribute your fiat money (the real world currency we use) marginally into different cryptocurrencies. Try not to sell all your part from distribution at once. Always give your emotion factor a better control with an exit plan. Be upgraded with the latest and trusted cryptocurrency news sources. It will help you to take better decisions.

How Much Should I Invest at First?

Always play safe from the beginning. Never ever trade with an amount that you just can’t afford to lose. Like we said before, control your emotion factor, because it’s a matter of moments always. You don’t want to lose your whole saving with a clean sweep, don’t you???

Invest smartly on cryptocurrencies with professional trading guidance and the results are almost certain to be spectacular. Nevertheless, always there will be risk factors. But, to gain a huge, a little risk is always welcoming in every type of trading. Follow a pre-planned process and always be prepared with an optional strategy. We hope this guide will help you with your few beginners’ questions regarding cryptocurrency trading.

If you have further queries regarding crypto trading, please leave us a comment below. We will make sure that your queries will be solved by expert answers as earliest as possible.

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