Trading is the way to make money from selling and buying assets, using their price changes. Cryptocurrency trading holds a special position because this market is incredibly volatile and allows one to capitalize in a matter of minutes and, in the same way, lose everything.
Everything depends on the trader’s skills, experience, and knowledge of the market. Although many people have become rich by lucky chance, it does not mean it will always be with you. Trading is not a lottery and not gambling – besides luck, there must be a sufficient understanding of what you do and why.
Cryptocurrency Guide for Beginners: How to Trade Crypto?
Successful trading cryptocurrency requires knowledge of theory and an understanding of how the market works and under what factors it changes. Usually, beginner traders learn how to read crypto charts and analyze them, finding historical indicators and patterns to rely on when making the forecast for the future prospects of an asset. Also, they learn trading strategies and select one suitably.
Here is a crypto trading guide on strategies:
- Long-term investment – when you buy digital assets and hold them for many months or even years.
- Swing trading – when a couple of weeks pass between opening and closing the position.
- Intraday trading – when the trade is closed within 24 hours. Traders pick the best time of the day to buy assets at the lowest price and sell them when the price is high.
- Scalping – the most short-term strategy where trades are opened and closed within a few minutes. Usually, automated programs are applied here.
To understand which strategy suits you best, you may try demo trading on platforms that support this option, for example, Coinbase and WhiteBIT.
To begin trading, you need to buy crypto. Let’s see how to do that on WhiteBIT.
Crypto Trade Guide
On WhiteBIT, you can use the following tools:
- p2p exchange;
- spot markets;
- futures trading;
- trading with margin;
- DEX;
- codes.
To exchange crypto, use the WhiteBIT calculator:
- Select the asset you want to give and the coin you want to sell
- Specify the amount you want to give
- See the price for your trade
- Pay the commission
- Click “Exchange”.
That’s it; you got coins in your account. It is the fastest and easiest way to trade crypto. Look for more extensive crypto beginners guide on the WhiteBIT blog.
