How to trade cryptocurrency

As cryptocurrencies are starting to become a more popular investment, people need to learn how to trade cryptocurrency.

The market has fluctuated dramatically since it first started, and there is no guarantee that the trend will continue to rise. It is essential to have a look at https://brokertested.com/forex-brokers-nigeria/ to trade in a better way.

This article aims to show the available trading platform and instruments.

The first step to trading cryptocurrencies is deciding what currency you want to use, whether fiat or other cryptocurrencies.

Then, you can look for an online exchange where you will trade cryptocurrencies. Once your account is set up, you can start trading cryptocurrencies.

It is important to always remember to back up your wallet if you lose your password device or if there are other circumstances where you would not be able to access your wallet.

Steps to trade cryptocurrency: 

Step 1: Decide what currency you want to use in the cryptocurrency market:

There are two main things to think about when deciding what currency you want to use in the cryptocurrency market, fiat or other cryptocurrencies.

Firstly, you will need to decide what currency you want to trade-in. If you are trading in fiat, the most common options are PayPal, Coinbase, Credit/Debit Cards and Bank Transfers.

Moving on to cryptocurrencies, there are many different options for this which you can look into on Coinmarketcap.

Step 2: Find an online exchange where you can trade the cryptocurrency.

Once you have determined what currency you want to trade in, you can look for an online exchange where you will be able to create an account.

There are many different options to choose from, so it is essential to have a good idea of what you are looking for.

An online exchange will allow you to trade money into cryptocurrencies. Here are some examples of exchanges you can use: Coinbase (For US citizens) &Binance.

Step 3: Start trading cryptocurrencies.

Once your account is set up and you have deposited the currency you want to trade with, you can start trading cryptocurrencies.

You must choose a cryptocurrency worth trading as this will affect your profit and loss. Here are some of the most popular cryptocurrencies: Bitcoin, Ethereum, Litecoin N DASH.

Step 4: Always have a way to back up your wallet if you get a virus, lose your device or find yourself in a situation where you cannot access your wallet.

There are many different ways to backup your wallet depending on what you are using. For example, if you are using a mobile wallet, make sure your phone is always charged and have the latest version of the wallet downloaded.

If you are using a software wallet, make sure your computer is protected by an antivirus and has the latest files.

Finally, if you are using a hardware wallet, always make sure it is connected to a USB port and that the device is not plugged into a public computer.

Conclusion

To trade cryptocurrency, consider what currency you want to use and how you will protect yourself.

Next, choose which online exchange you will be using to trade crypto. Then, you can create your account and start trading cryptocurrency. Finally, make sure you have a wallet to back up your cryptocurrencies. 

Author

George Rossi

George is Chief Market and Broker Analyst at brokertested.com. Prior to being recruited by brokertested.com, I served SVS Securities as Chief Market Analyst for two years. Earlier, he joined Morgan Stanley in Nov 2013 as Research Analyst.

George is a well-rounded financial services professional experienced in fundamental and technical analysis, global macroeconomic research, foreign exchange, and commodity markets and an independent trader.

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