The crypto market is set to grow past $4.9 billion in a little less than a decade. We’re past the point of crypto being considered a fad. It’s talked about every day on financial cable channels and gets daily coverage in major newspapers and magazines.
Cryptocurrency is a legitimate investment with amazing growth potential. If you’re new to trading crypto, we can help you learn four easy steps to get started.
The tips below will help you learn how to start crypto trading on your terms.
Table of Contents
1. Understand the Basics of Crypto Trading
To get started with crypto, gain a basic understanding before plunking down your hard-earned cash. Cryptocurrency is based on blockchain, a highly advanced form of recordkeeping.
It’s decentralized and uses blockchain technology to digitally record each transaction. Learn how crypto tokens are mined, how they hold and grow in value, and what industries they serve.
2. Study the Different Crypto Tokens
There are roughly 9,500 cryptocurrencies tracked on exchanges today, with seemingly more added by the day. You don’t have to go that far down the rabbit hole with your research, but definitely get an understanding of the top 50 or so tokens available.
Here are a few crypto tokens that you’ll need to keep an eye on:
- Bitcoin
- Litecoin
- Ethereum
- Stellar
- Cardano
- Avalanche
- ApeCoin
While learning how to start trading crypto, consider the different specifications for these coins, such as market capitalization, white paper, and use cases.
3. Test Out a Few Crypto Exchanges and Apps
There are several platforms for trading crypto you can explore. Open a membership on a cryptocurrency exchange to begin trading. A crypto exchange gives you access to the market and lets you carry out any number of transactions.
The crypto trading platform also allows you to check the day’s market values and exchange rates. Test the exchanges out for their convenience and ease of use. Many exchanges have mock accounts that let you use fake crypto that mirrors the markets.
Choose exchanges that also have mobile apps that are constantly updated. Maybe you need to buy Sand or another token that isn’t traded on a certain exchange. Figure out what works best for your investor personality.
4. Buy a Wallet and Monitor Your Crypto
Finally, purchase a hardware wallet that can keep your tokens safe. This serves as a backup so that you have tangible proof of your crypto purchases. You need this form of backup today since cyberattacks are hitting individuals and small businesses hard.
Keep the wallet in a safe, along with information related to your passcode. Once you’ve purchased some crypto tokens, it’s your responsibility to keep track of them and study the market. This will help you make wise decisions with your assets while also learning about other forms of crypto.
How to Start Crypto Trading 101
You’re in good hands with the tips above if you’re trying to figure out how to start crypto trading. It can be a bit of a complicated field to navigate if you haven’t done your research.
We’re your resource when you’re looking to learn more about crypto and tech. Start with these tips and check back for more tips.