I know how you feel. We all got through this path from “WTF is cryptocurrency” to “How to Trade Bitcoin.” I know what it’s like when you bought altcoins for $1 and then sold them for $0.01 😩.
True, cryptocurrency market is harsh and bearish. You never know what the best cryptocurrency exchange is, which one is faking its volume, targeted by black hat hackers, or planning an exit scam.
Nevertheless, we gathered universal crypto trading tips and talked to ROKKEX colleagues about their first experience with BTC and other cryptocurrencies.
Let’s see what we got! Share your tips below in the comments ⬇️.
3 Don’ts in Crypto Trading
1. Don’t Haste
Sometimes, it seems to me that the best marketers are gathered in the cryptocurrency market. It’s insane that random ICO projects got millions during their token sale promising to resolve the issues that we never had. No product, no team disclosure, no technical background, and then boom — $660 million from around 32,000 people, looking at you, Modern Tech.
When you’re a newbie in cryptocurrency, don’t rush to buy “promising” altcoins and new coins, especially on ICO. ICO and IEO don’t give you any legal protection, and it’s so painful to lose even $100.
ROKKEX advice: pay attention to some old and well-known coins, ideally BTC or ETH and HODL them. No matter what is going on in the cryptocurrency market, either it’s falling or rising, define the term don’t touch the coins until the deadline.
Vaidas, ROKKEX Graphic Designer
I first heard about cryptocurrency from my friends who had already invested in crypto mining rigs. Time went by, at the end of 2017 BTC price was sooo skyrocketing (~$19.000), that I decided to dive into the cryptocurrency market. Watched crypto-related videos on YouTube, found some crypto websites and asked my friends which crypto exchanges they used.
I chose an Austrian cryptocurrency exchange as it was somewhat user-friendly, secure, and based nearby. So I signed up, went through all KYC with live agent video call, and send some funds there. First, I bought crypto (BTC) for a small amount of money (at the time bitcoin price was ~$10k), and when I understood that everything was easy, I went for more.
I signed up to a larger exchange, and started manipulations! I bought some coins and sold the other. Later, I found out that I lost funds and decided just to HODL. Until now I’m HODL’ing my funds and just waiting for BTC to resurface again :)
My advice: you need to be careful with those long addresses. Actually, you can check first and last 3 characters of the address (when you’re copying it).
2. Don’t Use P2P Services
When buying cryptocurrency from third parties and on P2P platforms, you can be tricked and hugely overpay. On average, the commission for the deal fluctuates between 10–30%.
Thus, buying and selling cryptocurrency through P2P services will incur fairly high losses.
ROKKEX advice: spend more time and puzzle out how you load money on a cryptocurrency exchange. Soon we’ll show you how to trade cryptocurrency and provide the explanations with all the screenshots. Stay tuned!
Evaldas, ROKKEX CISO
When I was buying crypto for the first time, I used a P2P platform. No KYC, no hustle, just needed to connect with the seller via Facebook Messenger and pay him directly via PayPal. Good old days. :) I sent money straight to exchange, so no wallet setup was needed.
The biggest issue for me at that time was the lack of exchanges supporting FIAT.
I didn’t want to use USDT and searched for the ones which support EUR deposits. An American cryptocurrency exchange was my weapon of choice. Later other big exchanges started to accept EUR.
My only advice would be: get the hardware wallet and stay secure!
3. Don’t Be Too Confident in Margin Trading
Margin trading is one of the most profitable but at the same time, risky strategies. It lies in the fact that a trader borrows capital at a relatively high percentage to increase their leverage.
For instance, if your leverage is 1:5 and the daily volatility of a cryptocurrency is 20%, so the risk to lose everything is 1:100! In this situation, you’re doomed to game away all your money.
ROKKEX advice: don’t go into margin trading until you figure out how the cryptocurrency market works and you’re pretty confident in your actions.
Modestas, ROKKEX COO
I started crypto trading because my friends said I should try it out. I was hyped and saw the cryptocurrency pumping, so I decided to jump into it. I bought my first cryptocurrency on a P2P platform. Just later, I started reading more about the industry and deepened my knowledge considerably.
Oh, I’ve got plenty to tell young cryptocurrency traders:
- Do in-depth research about an exchange you’re about to use;
- Trust the news with care. Articles on non-reputable sources can and are bought. Influencers can be paid to hype a new project.
- Looking into the actual project behind the ICO. Don’t go WHEN MOON I WILL BE RICH way;
- Don’t sell in panic (and don’t buy when hyped);
- Don’t be too confident with margin trading, as the risk grows significantly;
But the best advice I can give is to learn to trade not with trial and error, but reading some theory about it! Try watching the graphs without buying crypto, see if you understand the market movement and analyze what you would have done and how the market actually moved.
“Nothing is absolute, everything is relative” (the internet is confused about the source, either Statham, Frida Kalo, or Helvétius), and we cannot describe the current cryptocurrency market better. There is no best cryptocurrency exchange, and there is no univocal advice about what cryptocurrency to invest in to become rich. Listen to the peers, stay calm, think twice, and don’t get upset if you fail!
ROKKEX cryptocurrency exchange is live now and we’re working hard to deliver a secure and user-friendly product. With all our passion and talent, we want to introduce the cryptocurrency industry to as many people as possible and lay a safety net for your first trading attempts.
Cryptocurrency is the future, and you should know about it!
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At ROKKEX, we take security extremely seriously, and our crypto exchange is built on ‘Security First’ principle. We want to share our expertise with the broader public for the world to become happy, safe, and wise :)
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