How To Start Crypto Trading!

Thanks to the Internet, this task has become easier over the years. A Google or YouTube search will yield a wealth of information. Although understanding the technical aspects of cryptocurrencies can be challenging, investing in cryptocurrencies is not much different from investing in stocks. One of the most difficult aspects of crypto trading lies in transferring cryptocurrencies from an exchange to a wallet. When you buy shares, the security is held by your broker, who lists you as the owner on their books.

Cryptocurrencies should not remain on an exchange. It is too risky to store large amounts of coins on crypto exchanges, so you have to crypto wallets use to keep your wealth. Crypto wallets are necessary to keep your crypto assets safe, so it’s important to learn how to store your cryptocurrencies safely exchanges can transfer. To win at crypto trading, you should educate yourself before risking your hard earned money. Crypto education is ongoing, and the better informed you are from the start, the better your overall experience will be.

The Best Crypto Education Websites

  • gasoline left
  • run
  • Bitcoin
  • block nerds
  • 99 bitcoins

YouTube tutorial videos

  • Andreas Antonopoulos, one of the most knowledgeable blockchain experts
  • Into the Cryptoverse with Benjamin Cowen
  • Eric Krown’s top-level cryptograph analysis

The temptation to jump blindly into cryptocurrencies can be great, but this move usually leads to failure and disappointment. In addition, the crypto space is patrolled by scammers who target unsuspecting traders. Victims are often new to crypto and have not educated themselves on how to spot and avoid scams, although even the most savvy traders can fall victim to scammers.

The story of Bitcoin’s origin

Many people probably think that the idea of ​​cryptographic electronic money started with bitcoin. In reality, this idea existed about 26 years before Bitcoin was created. The failures and development of these early projects laid the foundation for Bitcoin’s success.

On August 18, 2008, the domain name Bitcoin.org was registered. On October 31st, a link to a paper by Satoshi Nakamoto appeared on a crypto mailing list. The paper was titled Bitcoin: A Peer to Peer Electronic Cash System. About two months later, on January 3, 2009, the Bitcoin network was launched and Satoshi Nakamoto mined the very first block – the Genesis block. As a result, the first 50 Bitcoin were issued as a reward. Bitcoin ushered in a new era that changed the global financial landscape.

Why do people use cryptocurrencies?

The reasons for using cryptocurrencies are varied. For some, cryptocurrencies are a matter of speculation that they buy to make life-changing profits. For others, they are a way to diversify their investment portfolio. Some appreciate the possibility of having an alternative to government-issued fiat currencies. For others, cryptocurrencies can be life-changing. If you were born in a developed country with a mature and sophisticated economy, consider yourself lucky. Whether you are financially well off or not, you are living at a level far superior to billions of other people on this planet.

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Residents of developed countries even have advantages when it comes to their identity. Everyone is assumed to have a birth certificate, social security number, driver’s license or photo ID to prove who they are. Being able to verify your identity has huge benefits: you can open bank and investment accounts, travel abroad, get credit, find a job and receive unemployment benefits.

If you live in an underdeveloped country, many of these options are not available to you. You may not have a way to prove your identity, which means you may not be able to access credit markets, investment opportunities or bank accounts. They would be dependent on paying only in cash and forced to live and work in an informal local economy isolated from the world economy. According to a 2017 World Bank report, 1.7 billion adults worldwide are unbanked.

This is where Bitcoin and other cryptocurrencies can change lives. A $20 cell phone, cheap tablet or laptop to download one of the many cryptocurrency applications is all it takes to become your own bank. Access to a global, decentralized, borderless, peer-to-peer payment network opens up incredible possibilities. Business owners and entrepreneurs with this access can operate worldwide.

Where to buy cryptocurrencies

You have access to hundreds of crypto exchanges worldwide, so it should be easy to find one that suits your needs. If you are a US citizen, the list of available exchanges is slightly shorter due to government regulations. The list below contains just some of the most popular major exchanges with excellent trading platforms.

Global Crypto Exchanges:

  • binance
  • Bitfinex
  • Crypto.com
  • twin
  • KuCoin

US Crypto Exchanges:

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  • Binance.US
  • Coin base
  • Webull
  • SoFi
  • FTX.US

Stocks and Crypto Brokers:

  • eToro
  • Robin Hood
  • trading station
  • Interactive brokers

How to transfer cryptocurrencies

Events like the Cryptopia exchange show the importance of learning how to transfer your crypto assets to a secure wallet. Cryptocurrency transfers can be nerve-wracking the first few times you do it. However, it can become second nature if you take your time and pay attention to the details.

Double and triple check everything. Things to check include:

  • Transfer to the right wallet, e.g. B. ETH into an ETH wallet
  • Complete the transaction on the correct network
  • Is it an ERC20 token? For ERC20 tokens, you will use the Ethereum network
  • Some exchanges allow you to switch networks, while others do not
  • If you can select the network, make sure you have selected the correct network
  • Make sure there are no errors in the address you are trying to send to
  • Check at least the first and last four characters
  • Most cryptocurrencies cost little to transfer, but pay close attention to the fees
  • This is especially important when transferring ETH
  • The transfer fees for the Ethereum network can sometimes be very high

The most important thing is that there is no rush. Take your time and double check everything before you hit the “Transfer” button. Once you click transfer, the transfer will be unstoppable and you will most likely lose everything.

How to keep cryptocurrencies and NFTs safe

With so many wallets to choose from, there’s no excuse not to use one. If you are venturing into the world of non-fungible tokens (NFT), you will need a wallet to store your NFTs. If you want to use a decentralized financial exchange (DeFi), you need a software wallet to connect to the exchange. A software wallet (hot storage) is at least a step in the right direction.

But if you want the ultimate security for your crypto assets, consider using a hardware wallet (cold storage). Ledger makes two different models and is one of the best out there. A few features make Ledger wallets very secure.

The first is the Secure Elements chip, designed to withstand advanced cyber attacks. This is the same chip used in credit cards and passports. On the other hand, the wallet is only connected to the Internet when you manage your cryptocurrencies. Being isolated from the internet, hardware wallets are difficult, if not impossible, to hack.

Conclusion

Do as much research as you can before investing in cryptocurrencies. Take advantage of free content available online. Learn to read and analyze price charts. Can you invest without analyzing price charts? Sure, but this ability can be a powerful tool that you can use to your advantage.

Be aware that cryptocurrencies are volatile and risky as an investment. If you do it right, you can make a lot of money, but if you jump in blind, you will most likely suffer a setback. Only invest an amount you are willing to lose.

This post first appeared on Benzinga:

https://www.benzinga.com/money/how-to-start-crypto-trading

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