Cryptocurrency trading is now gaining much attention because it is a booming business. What is Crypto trading? It is the act of trading coins by speculative means on a platform (exchange). You buy and sell coin on exchange platform such as BINANCE. There are different ways of trading we have spot (short) and fixtures. What you do is to buy coin, increase the price a little, set it and sell for profit.
Is Cryptocurrency trading secured
Cryptocurrencies exist as a shared digital data of ownership, stored as a blockchain. A blockchain is a shared digital register of recorded data. It is a well secured platform because data is stored on multiple computers across a network instead of a single location.
Is crypto trading profitable
Yes, crypto trading is very profitable. The profit appreciates as the days go by. For instance, you can buy a coin with 20 USDT within few minutes the coin can grow to 30, 40 ,50 USDT etc But it can also take many days to grow; if the market is down the coin will keep dipping and may spend some days before it appreciates. Lets assume you have good capital like 2000 USDT to trade in a day you can make at least 10 USDT profit daily depending on the market trend.
When I say market trend, there are different phases in crypto trading, we have the bull season and the bearish season. Bull season is when coins are up while bear season is when market is down. During bullish season you are sure of making huge profit and little during bearish season. The best way to create wealth in crypto currency trading is to hodl, (hodl) means hold but in is spelt this way in the crypto space.
Take a look at these coins as at last year 2020
- AVAX $3.09
- LUNA $0.05
- SOLÂ Â Â $1.49
- DOGE $ 0.004
- MATIC $0.018
- AXSÂ Â Â $0.65
- BNBÂ Â Â $33.5
- BTCÂ Â Â $23.7
- ETHÂ Â $636
Take a look at their prices as at December, 2021
- AVAX $124
- LUNA $93.7
- SOLÂ Â Â $190
- DOGE $ 0.18
- MATIC $2.7
- AXSÂ Â Â $160
- BNBÂ Â Â $546
- BTCÂ Â Â $50.6k
- ETHÂ Â Â $4k
Let’s assume, someone bought 100 USDT worth of BTC, that means after a year or some months the money multiplied to $5,000,000. In Nigeria, this will amount to #2,800,000,000. Do you now see why crypto trading is very profitable?
How do I start trading on crypto?
To start crypto currency trading, you must have an account with exchange platforms where trading can be performed.
There are many Crypto platforms, I will list some of them not in other of performance anyway. But BINANCE and coin base are considered to be one of the largest platforms.
Register with any of the exchanges to get started. It is very easy and straight forward. All you need for the registration is to fill your personal details and snap your dentification card for KYC. Use this link to register and download BINANCE https://accounts.binance.me/en/register?ref=185859384
Cryptocurrency trading platforms
- BINANCE
- HUOBI
- Trust wallet
- Coin base
- Gate io
- BKEX
- KuCoin
- MECX
- Trust wallet
- Enjin wallet
- Byebit
- Hotbit etc
Many new platforms are springing up. use a good platform, tested and approved for your crypto trading. The least amount to trade on BINANCE is 10USDT, you can trade with 2 USDT in Gate io, Kucoin etc.
Types of Cryptocurrency
There are many different categories of cryptocurrency trading
- Defi
- NFT
- Utility tokens
- Store of value tokens example; BITCOIN, BNB, Ethereum etc.
Is crypto trading legit?
Crypto trading is legit, the exchange companies used are well secured and you can withdraw both your capital and profit anytime you like. You can also easily sell the coins in your country currency. However, you have to be very careful in your dealings because fraudsters see this as an opportunity to defraud or scam people. You don’t have to expose your seeds or passwords in order not to wake up and discover your wallet is empty.
Is cryptocurrency legal
Well, some countries like China have out-rightly banned such activities. However, since digital currency is future, they are also introducing their own system. In Nigeria, people are warned to be careful in crypto dealings, banks have been restricted from allowing such transactions. However, people are still trading crypto since there is no law stopping such activities.
Metaverse and NFT
Crypto business has been compromised of late, it is not as it used to be. We have whales who manipulate the market very often these days. Attention is now moving towards metaverse and NFT tokens. In a year or 2 years from now metaverse and NFT may overtake the crypto space. So if you are a crypto investor, it will be wise you get some of these coins and tokens for hodl.
Cryptocurrency trading tips
Here are a few tips for crypto traders
- Learn how to analyse the market, crypto prices are always floating, you can’t just jump into a trade. The best way to make profit is to buy low price and sell high.
- Some coins are very good in that there are always going up. Such coins are. Bitcoin, BNB, Ethereum, Avax, Sol, Luna, Cake etc.
- Always check to know when coin has gone up so you can sell. A coin can go up within the shortest possible time and can also come down within the shortest time. Crypto trading for daily profit means you have to always be online.
- Put in money that you can do without. You never can predict perfectly the movement of coin because News, Whales etc always pop up to disrupt the movement of a coin.
- Have a good amount of capital so that while coin is dipping you will get some more to continue in the business.
Importance of cryptocurrency trading
- strong security
- adaptability
- individual ownership
- easier international trade
- greater access to credit
- transaction fees
- more confidential transactions
- asset transfer
- transactions
Conclusion
If you are yet to start crypto trading, the best time is now when the space is not yet crowded. It is very easy to start. Buying coins to hodl is the best investment in cryptocurrency trading. We know that humans can’t be very accurate in trading, because the market is very volatile and keep floating. Robot has been introduced to help man in trading for daily profits. Bot Z, is fully automated to pick coin and sell for you without any input from you. It is the cheapest robot and delivers profit consistently.
