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What is crypto trading?

Amarachukwu Grace Awaeze

Blockchain content writer| I simplify how the Technology works, and I help brands to become visible to their target audience. Jan 27, 2023

What is crypto trading?

Crypto trading simply means the buying and selling of cryptocurrencies. Here, cryptocurrencies are articles of commercial value or trade. They are bought in marketplaces which are called cryptocurrency exchanges in crypto trading.

In these exchanges, you can exchange fiat money (e.g. naira) for cryptocurrencies, or trade one cryptocurrency for another.

Is crypto trading profitable?

Crypto trading is very profitable, but it is very risky. This is because the value of cryptocurrencies can fluctuate greatly within short periods. These fluctuations can result in significant losses or gains or both.

4 Tips to help you kick start your crypto trading journey.

Get proper crypto education
Before placing your first trade, learn about the industry. Learn how to identify phishing scams, ad fake coins.

Understand the basis of Technical analysis. Have a good understanding of the market before trading cryptocurrencies.

Find a mentor
A mentor implies a skilled trader. Having a mentor that can teach you will go a long way in making your crypto trading journey less of a bumpy ride.

You will learn from his or her mistakes and you will leverage his or her experience. You can find a mentor online in a community or by paying for a crypto class.

Join a community if you can.
Joining a community makes it easier for you to get answers to your questions.

Develop the habit of Independent personal research.
Having a mentor and being part of a crypto community is great, but they do not replace the place of personal research.

Learning how to conduct thorough research on your own is very important.

If you are looking for another stream of income, crypto trading is a good but risky option. Ensure you do not invest more than you can afford to lose.

So tell me, with the high rate of fluctuation, would you consider Crypto as an investment option?

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Amarachukwu Grace

Amarachukwu Grace Awaeze

Blockchain content writer| I simplify how the ... Show more

Location
Nigeria
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Newsletter writer
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Oct 27, 2022

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Immutability
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A Cryptocurrency is a digital or virtual currency that uses cryptography for security whereas a Fiat currency is the normal currency you use to conduct your daily transactions. Bitcoin and USDT are examples of cryptocurrencies. Naira, Dollar, and Euro are examples of Fiat currencies.

Cryptocurrency is different from fiat currency in several ways. In this post, five differences will be mentioned.

1. Fiat Currency is a government-issued currency.
It's legal tender because the government of your country stipulated it as the currency. What that means is that if they decide to change it to a new one, the currency will cease to be legal tender, and thus is useless to its holders. This is not the case with Cryptocurrencies. Cryptocurrency is decentralized and not controlled by any government or institution, while fiat currency is issued and controlled by governments.

2. Anonymity
Transactions that are performed with cryptocurrencies are recorded on a public ledger, but the identity of the users is not revealed. However, most financial transactions with fiat currency are traceable to the individual or entity that made them.

It's easy to identify the person who transferred money to your bank account. Some details like the name of the sender are available to you but all the relevant personal details of the individual are available to the bank.

3. Security
Cryptocurrency uses advanced cryptographic techniques to secure transactions, while the security of fiat currency transactions is maintained by governments and financial institutions.

4. Borderless Transactions
Unlike Fiat currencies, Crypto transactions can be conveniently made from anywhere in the world, and to anyone in the world provided that the sender and receiver have access to the internet and are crypto-educated.

Being crypto-educated implies that both parties understand how to use crypto exchanges, and can perform transactions with Crypto.

5. Supply
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Questions?
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Let me know in the comments section.

By the way, once a month, I host a free class on my Whatsapp status, join here.

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Crypto trading is a profitable but risky business. If you're interested in building a career in the field, the basic steps you should take are explained below.

Gain Crypto Education
Understand the different types of cryptocurrencies and the market conditions before you trade. Understand the technology behind the coins, their use cases, and the teams behind them.

Research
Researching to understand the market. Conduct thorough research before making any trades.

Choose a reputable exchange
A reputable cryptocurrency exchange is regulated, has a good reputation, and offers trading pairs with the coins you want to trade.

Set up an account
Sign up for an account on the exchange and verify your identity. This may include providing personal information and proof of ID.

Add funds to your account
Once your account is set up, you can add funds to it. This can be done by transferring money from your bank account or using a credit/debit card.

Learn to use the exchange
Familiarize yourself with the exchange's platform, including how to place orders, set stop-losses, and monitor your positions.

Start trading
Once you feel comfortable with the platform, you can start trading cryptocurrencies. Be sure to set a risk management strategy and stick to it.

Keep learning
period about the market, new projects, and new technologies in the space.

Be patient
Crypto markets are highly volatile and it's not uncommon for the value of a coin to fluctuate greatly over a short period It's important to be patient. Do not make impulsive decisions based on short-term price movements.

Crypto trading is a high-risk activity and not suitable for all investors, and traders should be aware of the risks and limitations before investing in cryptocurrencies.

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