How To Trade Cryptocurrency For Beginners
In order to join the cryptocurrency fever (but without jumping straight into the high-frequency trading cryptocurrency market), you will need an exchanger. It will help you to make the first steps. You can buy cryptocurrency with cash or do it all online by transferring money to a special trading bank account. As a rule, the chance of fraud is small as the fiat for cryptocurrency exchange is now a profitable business, and no one is willing to set their reputation on the Internet into a tailspin. Check out this guide on how to trade cryptocurrency from ChangeNOW, the leading instant cryptocurrency exchange service!
Having crypto coins in your hands, you can open an account at a crypto-exchange and buy some cryptocurrencies other than Bitcoin (altcoins), which, in general, are less popular counterparts of Bitcoin and are more profitable for trading. For beginners or if you are only getting started with cryptocurrency trading, it is better to use the largest websites, because they always have liquidity. This means that you can easily buy and sell almost any amount of cryptocurrency with minimal fees without any need to learn how to trade cryptocurrency.
Think of the exchange as a kind of bank. Their activity is not regulated by anyone, but the more clients they have, the more reliable they are. Among the best apps for trading cryptocurrency, there are Poloniex, Bitstamp, Bitfinex, Kraken, Bittrex. By the way, it would be a good decision to have an account on each of them and stick to the rule of not putting all your eggs in one basket.
How To Trade Cryptocurrency
Successful trading of any assets has the success formula: buy on the low, sell on the high. Cryptocurrencies are no exception. Most cryptocurrency exchanges do not support fiat trade, therefore it is necessary to introduce already purchased cryptocurrencies into the exchange. For convenience, it’s easier to start trading with the most common cryptocurrency as of right now, Bitcoin.
There are several ways to buy or exchange cryptocurrency. But at once we want to warn that today there is no absolutely safe way to store and trade cryptocurrency. Trading software for cryptocurrency are hacked by hackers, cryptocurrency trading software stops working because of developers’ mistakes, and the owners of crypto stock exchanges can scam you, take your money and disappear. One of the most convenient ways to get the coveted cryptocurrency and start trading is to enter money into the big stock exchange.
One of such stock exchanges is Bitfinex. It is a large Hong Kong cryptocurrency platform. For beginners, a demo mode is offered that will introduce you to the exchange. In demo mode, the system provides access to many functions and you can try a trading simulator (cryptocurrency is not traded for real but you can finesse your skills). From a technical point of view, this exchange is one of the best. The developers have equipped the service with the TradingView software. This is a huge set of tools for working with price charts, machine learning cryptocurrency trading and cryptocurrency algorithmic trading.
How To Trade Cryptocurrency In USA
According to the law on tax reform, signed by US President Donald Trump, all operations with cryptocurrency from January 1, 2018 are taxed. So the Government of the USA taxes cryptocurrency trading.
In the United States, Bitcoin (as well as other altcoins) regulation is mainly the prerogative of individual states. Currently, attempts are being made to develop a set of rules for cryptocurrencies being made in Silicon Valley and on Wall Street. February 6, 2018, in Washington, the US Securities and Exchange Commission and the Commodity Futures Trading Commission supported the introduction of cryptocurrency in the US financial system. This happened during a public meeting of the Committee on Banking, Housing and Urban Affairs.
Taxes are definitely an unpleasant thing, however, they help to fully legalize your income. Apart from that, trading in the USA is now different from crypto trading in any other place on the planet. Be mindful, that those taxes apply only to the USA residents who are registered brokers that trade cryptocurrency.
Best App For Trading Cryptocurrency
How do Ii trade cryptocurrency, how to learn to trade cryptocurrency, where can I trade cryptocurrency? Those questions become more and more popular even with the amount of trading software for cryptocurrency that comes to the market. The brokers who trade crypto are overwhelmed. special programs are being created to allow you to monitor the selected currencies, as well as to run transactions with them.
The only thing you need to remember if you are researching how to trade cryptocurrency on iPhone is the safety of the phone! Password, fingerprint protection is essential. You might want to close access to your phone in case of its loss and the feature that allows remotely erase data from a lost device must be turned on. Also, do not store the stock exchange icons on the main screen and preferably use a hidden screen for them). When crossing state borders, completely remove apps for cryptocurrency trading and trading software for cryptocurrency from your devices. It is also better to choose applications that can be downloaded through the PlayMarket or AppStore (although it is sometimes impossible even with the verified exchanges. In this case, use only official links!)
Binance is one of the fastest growing crypto stock exchanges that have a fully functional mobile application for both Android and iOS users, as well as the desktop version for traders who prefer best apps for trading cryptocurrency.
Cryptocurrency Trading Software
One of the most popular trading terminals is MetaTrader 4. The software is developed by MetaQuotes Software Corp. The platform is very convenient, informative, it is actually a golden standard among similar products. Therefore is very attractive for brokers that trade cryptocurrency. There are several options for the execution of orders and a large set of indicators and tools that allow for a detailed technical analysis. Due to this, it is easier to predict the increase or decrease in the cost of a particular cryptocurrency. There is also a news feed, it helps you to keep your eye on the events that occur on the crypto markets. The flexibility of interface customization is also important. You can create your own tool that will support. let’s say, cryptocurrency high-frequency trading. Considering all of the above, MT4 is very popular. Crypto stock exchanges sometimes offer their users to download an already configured version of MT4 In addition, many well-known Forex brokers added the ability to trade the biggest cryptocurrencies, and you can also work with them using MetaTrader 4.
We hope this guide on how to trade cryptocurrency from ChangeNOW will help you to use your funds wisely!