How To Get Started In Cryptocurrency Trading

In our previous article, we took you through some general principles on how to make money Bitcoin trading.

Similarly, as in the last article, we will highlight a few of them principles again and more. To make it big from cryptocurrency trading it’s essential you stick to these principles despite what others may say.

If you leave emotion out of this game and stick to the facts you should be fine. In addition, any principles you learn here aren’t just exclusively applied to crypto trading but also general trading. Whether that be, stocks, bonds, commodities, etc.

Regardless if you’re a beginner or an expert, there’s going to be something valuable in this article for everyone.
Prior to getting started, it’s important that you have your own house in order. What I mean by that is that you should get your finances straight.

You need to analyze a few aspects;

• What’s your monthly income?
• How stable and secure is your monthly income?
• Do you have any other streams of revenue?
• How many assets do you already own?
• How many liabilities do you have?
• What are your monthly expenses?
• How much do you allocate to savings each month?

Once you’ve analyzed how much you spend, all your future outgoings and how much you need to save only then can you establish have much capital you can actually allocate to cryptocurrency trading.

Remember, the golden rule when it comes to any type of investing, never invest more than you’re willing to lose.

As soon as you put that money all the table you have to kiss it goodbye. It’s essential you keep your expectations low as this will keep your greed gene in check.

As previously discussed in our other article on trading Bitcoin, in order to actually trade crypto you’re going to need both a cryptocurrency wallet and an exchange to trade on.

That’s all you need it’s a simple as that. Perhaps you’re wondering, what are the best crypto wallets and crypto exchanges to get started on?

We’ve made a few recommendations below

Best Cryptocurrency Wallets 2018

With digital wallets not only can you store your investments in them such as Bitcoin and other Altcoins but you can also use them for practical applications such as buying food. Depending on whether or not your local vendor accepts these coins. We’ve broken down the best cryptocurrency wallets for 2018 into three categories; best desktop digital wallets, best iOS digital wallets and finally best android digital wallets.

Best Desktop Digital Wallets

1. Armory — This is a great wallet for those who want some added security and privacy.
2. Jaxx — Perhaps you would like a wallet you can use across various currencies and devices.
3. Exodus — Provides a great multi-currency platform. In fact, you can exchange other cryptocurrencies within the platform itself.

Best iOS Digital Wallets

1. Bread — A favorite among Bitcoin users as the wallet only deals exclusively with Bitcoin.
2. Mycelium — Similarly, this is a Bitcoin-only wallet and works exceptionally well on iOS devices.
3. Blockchain Wallet — An extremely customizable, user-friendly cryptocurrency wallet for storing both Bitcoin and Ethereum.

Best Android Digital Wallets

1. Coinomi — Elegant and simple user interface that can store multiple cryptocurrencies.

Similarly as stated above, these digital wallets also work fantastically on Android devices;

1. Bread — A favorite among Bitcoin users as the wallet only deals exclusively with Bitcoin.
2. Mycelium — Similarly, this is a Bitcoin-only wallet and works extremely well on iOS devices.
3. Blockchain Wallet — An extremely customizable, user-friendly cryptocurrency wallet for storing both Bitcoin and Ethereum.

Best Cryptocurrency Exchanges 2018

In addition to your cryptocurrency wallet, you’re going to need to sign up for an exchange to buy and sell your cryptocurrency.

In our next article will go into more depth as to what is the best cryptocurrency exchange, however, we’ve compiled a brief list, check them out below;

1. Coinbase / GDAX — This platform is great for beginners looking to buy and sell cryptocurrency. There are no makers fees, however, there are takers fees, and they’re extremely low.
2. Poloniex — This platform would be a bit more advanced. In addition, it carries moderate fees and is excellent for traders looking to margin trade.
3. Kraken — Similar to Poloniex, it carries moderate sellers fees. This is a great exchange for users looking for a complete set of features to use.

Perhaps if you’re just beginning and what I’ve just outlined has made you take a couple of steps back, fear not, there is an alternative.

If you’re beginning there’s another route you could take, and that’s trading crypto stocks. On numerous stock exchanges, there are various different funds that specialize in trading cryptocurrency.

There’s a great benefit to investing in a cryptocurrency fund in that they pick and choose different cryptocurrency. As a result, you buy a share of a diversified and managed portfolio.

In addition, this cuts out half the workload for you as you have crypto professionals maintaining your portfolio for you. Also, it reduces your stress levels worrying if you made the wrong or right trade, at the right time, at the right price.

The most popular crypto fund would be GBTC. GBTC specialize specifically in trading Bitcoin.

• The cryptocurrency market is an extremely volatile place. You can either gain or lose 20% within a day.
• Choose a reputable digital wallet.
• Choose a prominent crypto exchange
• Pick one coin to start with. Preferably those that are dominant in the market such as Bitcoin or Ethereum.

Related posts:

Writing is the basic element in favor of every one of student’s modish privileged education. It is a process. It starts as well as arrangement your task. It at that moment goes preceding en route for…

A hummer h2 2003 and up. I live in tennessee, and am 16. Parents use state farm. I have never had a car so i have a clean drive record. Its a used hummer, just give me some guessing please ANSWER: I…

An operating system (OS) is a system software which manages different programs in a computing device for example mobile phones, computers, iPads etc. It is a layer of the Graphical User Interface…