Step 4: Find The Best Coins To Trade
So now you’re ready to trade, but don’t go at it blindly and start risking your funds. There are opportunities everywhere, but also big market swings.
So, as we’ve covered in the past articles, for each ICO there’s a token sale that then converts into a coin that goes to the major exchanges. Every coin that you see in an exchange is associated with a blockchain related project.
You have projects ranging from online gambling to banking and insurance. Some are solid and have great teams working, others are just white papers with a business idea that will never generate revenue.
For the best tips and alerts you have Coinvision.
On Coinvision we only give tips on credible coins and projects, but that doesn’t mean that it can’t go wrong or that you don’t do your own research. You have to do your homework and assume responsibility over your funds and trades.
Here’s how you can do it:
- Go to the website of the coin/project that you’re thinking of investing in. Try to understand their business model, check if they have credible partners and an experienced team working full time.
- You are an investor, even if you’re only trading, you are buying into their business, check if they actually have or will have a business.
- Traction and community are key in cryptocurrency. Almost every coin has an associated subreddit, a Medium and a Discord or Telegram channel. If you really believe in the coin, join the discussion!
- Before buying, analyse the price history and learn the behaviour and the high and lows of the coin.
- If you’re still in doubt if it’s a credible coin or a “shitcoin”, search on Google for keywords like “scam” and try to understand the general sentiment about that coin.
Remember, we give you the tips, but whether you’re a pro trader or a noob you have to do your own homework as results are not guaranteed. Also, we highly recommend joining ourcommunity to help expand your knowledge and increase your confidence. Check out the reviews of Coinvision’s crypto community and decide for yourself.
Next article: “Step 5: The Best Tools For Cryptocurrency Trading”