How to Trade Cryptocurrency for Beginners?
Trading crypto is one of the most profitable ways to invest money and multiply the initial sum. At the same time, it is one of the riskiest options. The reason is the high volatility of the cryptocurrency market. It does not depend on governmental decisions or central banks - crypto trends are driven by:
- news background;
- demand and supply;
- investors' sentiment;
- overall situation with the world’s economy (inflation, crisis, wars, etc.).
In this article, we will talk about how to buy cryptocurrency and what are the main trading style.
Crypto Trading for Beginners
Trading implies buying and selling crypto assets, taking advantage of their price changes. It may occur in a matter of minutes (scalping), in one day (intraday trading), in a couple of weeks (swing), or the long term (position trading).
The first three trading styles involve a fast trader’s reaction to the market trends changes. Swing trading gives more time for thinking, and position trading is buying and holding coins for months.
A beginner trader should first try the last two strategies, giving them more time to reflect and analyse the market. However, if a trader wants to learn quick method, one may try demo trading on one of the crypto platforms: WhiteBIT or Coinbase.
WhiteBIT’s trading crypto for beginners allows for understanding how the platform works and navigating it quickly. It also allows trying different financial instruments, such as:
- how p2p conversion works
- how to trade in the spot market
- how to use leverage and trade with margin
- how to conclude futures contrasts
- how to install trading bots
- how to use take-profit and stop-loss instruments.
Trade Crypto for Beginners: First Steps
For a start, you need to buy crypto. Using the WhiteBIT exchange, you can do it with your bank card. But first, you need to register an account and pass verification. Then enter the crypto converter and pick the coins you wish to buy and the currency that you have. See the current price for your deal and pay the fee. Coins will arrive in your account in a matter of seconds.
Learn more about crypto trading for beginners on the WhiteBIT blog.