By now, most people have heard of crypto or cryptocurrency. It is a type of digital currency that’s primarily used to trade. Some of the world’s most popular social media personalities and celebrities have endorsed it, like Elon Musk and Kanye West.
If you are interested in trading crypto but don’t know a lot about it, then this post has you covered. Learning about crypto before getting involved in it is essential. If you don’t take the time to educate yourself, you could end up making bad decisions.
Here’s a beginner’s guide on how to get started with crypto:
Crypto Gaming
Before explaining how you can get started trading crypto, it’s first important to mention crypto gaming, a new trend in the crypto industry. Crypto gaming involves using one’s cryptocurrency to place bets and gamble at dedicated online casinos. Crypto gaming can be a highly effective way of earning money back on one’s investment without needing to make trades of any kind. There are many different types of crypto casinos, each specializing in a specific currency. Currencies that are stable and that don’t fluctuate too much in price are best for gaming, like Monero for example. You can find the best Monero casinos online with a simple search. If you do end up taking up crypto gaming, then you need to make sure that you approach it in the same way you would gambling with fiat currency. Make sensible bets, play strategically, and gamble responsibly.
Buying Crypto
If you have no idea how crypto works, then your first question is probably ‘where can I buy it?’ Crypto is purchased from exchanges, which will be covered in the next section. First, it is important to discuss currencies. There are many different cryptocurrencies available. Some are more stable than others. If you are new to crypto trading, then it is a good idea to invest in a currency that does not fluctuate in price too much. Investing in a stable currency will help you to get experience with crypto safely, without losing money.
Using Exchanges
As mentioned previously, you buy crypto from an exchange. You also sell crypto on exchanges. There are many different exchanges on the internet, some better than others. If you want to start trading crypto, then you need to find the one that’s best for you. One of the best ways to tell whether or not an exchange is worth using is to read its reviews. There, you will find previous and current users of the exchange sharing their opinions about it. You may also want to reach out to members of the crypto community and ask them for advice and recommendations.
Wallet Storage
Once you have purchased crypto, you then need to store it in a wallet. A lot of people leave their crypto holdings in their exchange accounts, but this is a bad idea. The reason that it’s not sensible to store crypto in an exchange account is that if your account was hacked or compromised, it would be very easy for cybercriminals to steal it. Instead, you should store your crypto in an offline wallet. Make sure that your wallet’s password is written down on a piece of paper, stored somewhere safe, and never stored on your mobile device or computer.
Sensible Trades
The trades that you make need to be carefully thought through. It’s very easy losing money when you are trading crypto. If you don’t put a lot of thought into your trades, then you will end up losing money. One of the best ways to learn whether the trades you are making are sensible or not is to find out what’s going on in the crypto industry and to ask an expert for their support. If you sign up for a crypto trader’s masterclass, then you will be able to run any trades you are considering making by an expert and get their advice.
Reading Charts
However, even if you do sign up for an expert trader’s course, you won’t be able to ask them for help forever. Eventually, you will have to learn how to make effective changes on your own. One way of doing this is to read charts. Learning to read crypto charts can help you to make much more effective decisions. Participating in a trader’s masterclass is one way that you can learn to read charts. Another way is to read guides, watch videos, and learn independently. It can take a lot longer to learn to read charts when you do it alone, though.
If you are interested in trading crypto, then you need to consider all of the points mentioned here. Giving all of them serious thought will help you to make more effective trades and stop yourself from being scammed.