When it comes to trading cryptocurrencies on exchanges, you have a choice between using fiat currency or Bitcoin. There are very few exchanges that allow payment in anything other than fiat currency or BTC. Coinbase allows some coins to be purchased with GBP. However, these coins can only be stored in specific wallets supported by Coinbase. Kraken is one of the few exchanges that allow you to use USDT (Tether) for fiat currency transactions and EURO/GBP if your account was verified for Tier 3 verification status or above at Kraken’s website. If you want to trade a coin that isn’t available to be purchased with fiat at the pair you wish to, you must first buy Bitcoin and then use an exchange like Binance or Kucoin to trade for it.
8 Tips To Trade Crypto Like a Pro
Trading cryptocurrencies involves understanding how these exchanges work is just the first step. To start trading like a pro, you must know the basics of buying, selling, and owning cryptocurrencies. Here are some tips that will help you become a more proficient trader in the cryptocurrency market:
Wouldn’t it be great if you had an app that tracks your performance in real-time? Well, Tap is the perfect app for tracking your success. It provides all the information you need about every coin, including volume, price, market cap, history charts, and more. You are only required to download the app from Tap Global and start putting your crypto and cash to work. With a reliable app that gives you all the vital information you need, you’ll be trading like a pro in no time.
Some things aren’t worth it when it comes to investment, but so many people fall victim to them. One of these is listening to all the noise surrounding your favorite cryptocurrency, especially on social media platforms like Facebook, Twitter, and Reddit. These platforms are full of amateur traders who share their opinions regarding prices and other factors that might affect the market situation. And while most of them mean well with their advice, there’s nothing worse than having untrained amateurs tell you what you should do with your money. Always remember that no matter how experienced they claim to be, you should never trust what they say blindly.
Do not invest in something you know nothing about or have no actual use case or demand because it is dead without a proper plan to market the coin. Most coins/tokens, especially those introduced in ICO stages, have zero working products. Hence, their prices tend to drop due to a lack of funders interested in the project, thus leaving early investors with bags full of dreams but zero chances of getting anything back on their investment. You can avoid this by doing your research thoroughly before investing in any coin, even if it’s just $1, because every dollar counts, especially in the long run.
4. Keep An Eye On Your Money As Well as the Market
People make the mistake of paying attention only to what is currently happening in the market and not where the money should be going. It’s easy to get caught up in reading charts, looking into different coin prices, and finding trends that appear promising; however, you mustn’t forget that your money comes first, and without it, nothing can happen. To avoid making mistakes like this:
- Log into your exchange account at least once a day. Check your balances and transactions history.
- Keep track of the market as well as just your wallet. Do not simply focus on one aspect of cryptocurrency trading and ignore the rest.
Another important tip is to only invest in coins that meet your requirements. Every person has different priorities for cryptocurrency investment, so there is no single set of the best coins that will suit everyone. Some people are looking for long-term investments with low entry points that they can hold for months or years, while others want quick turnarounds with high returns within a few days or weeks. In addition, if your priority is anonymity and privacy, you may want to look at coins like monero (MXR). On the other hand, if you are not planning to hold coins for extended periods because you either buy them only when the price is low or sell when it’s high, you should consider alternative options.
The same principle applies to cryptocurrency trading. If you have a cursory understanding of each coin or token involved in a trade, you’ll be able to make better decisions about buying and selling it. Always do your research first before investing in any crypto-related business, so you know how the company works behind the scenes and why people worldwide believe it is worth their money. In addition, cryptocurrencies are decentralized, which means there are no specific banks or institutions responsible for investing the money people put into it.
Do your research before investing in any coin, whether it is about their working product or not, because you can never be too sure of anything regarding crypto trading. Some bots make false claims but cannot show actual proof of their statements, therefore, making them scams or pump and dump schemes. You should check out social media accounts that talk about the particular coin/token because they could give you a hint on how things are going regarding promotion and plans by the team members behind it all. Plus, online communities where you can find a huge following of loyal supporters ready to provide advice on trading and all sorts of other things.
The experienced investors in these communities might sometimes use new phrases and jargon, so it might be a little overwhelming to understand them if you are a newbie. You can use online resources to search the unfamiliar cryptocurrency terminology to know and get to understand what the word or abbreviation means.
If you come across any scam, don’t hesitate to bring it to public attention because crypto is decentralized and belongs to everyone equally, unlike banks which can censor your account anytime for no reason whatsoever. Remember, “Bye-bye fiat,” so always be cautious when doing anything with your hard-earned money. It’s the wild west out there, especially in cryptocurrencies, so always beware of outlaws who will do anything to steal from you.
Some of us in the crypto space are just in it to make money or are interested in investing, while others want to invest and influence the crypto space. There is nothing wrong with these reasons, but studies show that investors who spend time educating themselves about cryptocurrencies tend to earn more than those doing it for fun.