What You Need to Know Before You Start Cryptocurrency Trading

Despite the drop in the value of most cryptocurrencies in recent times, cryptocurrency has nonetheless managed to weather the storm and remain relevant. As such, the cryptocurrency market can now be termed a viable market as traders know that they won’t lose their investments regardless of whatever happens as the digital currencies have shown that they can withstand anything. If you are one such person looking to start your cryptocurrency trading adventure, worry not as we have you covered. Below, we will share with you the essentials skills you need to know before you venture into crypto trading. Before we start though, remember you can earn your first cryptocurrencies when you play crypto games at casino.netbet.co.uk.

Pick wisely an exchange to trade on

Once you make a decision that you want to start crypto trading, the next step is to wisely choose the exchange platform that you want to trade on. There are literally hundreds of exchange platforms to choose from but not all of these do offer excellent services. They have been reports of exchange platforms that terminate operations without notice hence leading to loss of investment on the part of the trade. As such, choosing an exchange platform wisely is a sure way of guaranteeing and protecting one’s investment. As a general rule, it’s always advisable to go for the exchange platforms that have been in business for a long time such as KuCoin, Binance and CoinBase. With established exchange platforms, you rest assured that you won’t wake up one day only to realize that the exchange platform you stored your ‘money’ on is no longer in existence.

Choose wisely your cryptocurrency wallet

When you are about to start your cryptocurrency trading adventure, you will realize that there are two different types of cryptocurrency wallets. Some wallets are standalone wallets meaning that they allow you to ‘deposit’, keep and ‘withdraw’ digital money whenever you want. Standalone wallets as suggested by their title are not linked to any other service. However, there is also another wallet type which is an exchange linked wallet. An exchange linked wallet is a wallet that works with the exchange platform you trade on. As such, with this type of wallet, you will only be able to use your digital money at the exchange platform that is linked to the wallet. The former is great for traders who like to shop around for exchange platforms every now and then while the latter is great for traders who love sticking to one exchange platform.

Wisely choose your source of information

By now you probably know that cryptocurrencies are highly volatile. As such, trading in cryptocurrencies is very risky as prices can shoot up or down in large percentages. Therefore, in order to guard against massive loses, you need to have a reliable source of information that tracks and predicts potential major moves. There are a lot of websites that you can choose as your preferred source of information such as Hackernoon, The Merkle, News Bitcoin and Coindesk.