It seems like the chaotic period is over and the cryptocurrency market is once again on an upward trend. Even with pessimists saying that bitcoin was just bubble, but it has proven many of them wrong with the current appreciation. Who would have thought Bitcoin would hit anything above $11,000 in February? Well, many people have predicted this, but most people listened to pessimists, they hold back in fear of losing. But for the loyal traders, it is time to reap big.
With such positive trajectory, there has been an influx of new trader coming into the market. But a huge chunk of the new traders is newbies. As you usual, most of the new investors have very little or no knowledge about the trade. To most of them, it is just a euphoria or frenzy created by Bitcoin that is attracting them.
Unfortunately, most of them might end losing their investments. Trading cryptocurrency is not as easy many would tend to think. A lot of skills are required to trade and make profits in this market. From reading chats and graphical presentations, it can be tricky for newbies.
So what is the best way out for the newbies? Well, different approaches can help newbies get the best out of their crypto assets. For the newbies, this is a perfect crypto guide for you.
Understand the Market
The first step is to understand what cryptocurrency is. There are several terms associated with cryptocurrency trading that you should understand before engaging in trade. If you don’t understand what bitcoin is, what Ethereum is or blockchain technology is, then it will be extremely difficult to trade altcoins. Study all the popular currencies in the market and understand how they work.
Open an Account with Cryptocurrency Exchange
Now that you have understood how the market works, and the best currency to invest in, open an account. There are numerous coins in the market with Bitcoin and Ethereum being the most expensive as of today. But you need to get the best exchange. User-friendly features is a crucial factor to consider. However, there are a vast number of exchanges out there too choose from. For instance, you can open an account with the binance exchange. Make sure that exchange that you have picked accept fiat deposits so as to allow you buy Bitcoins with it.
Pick a CryptoCurrency
For the veterans, they can invest in multiple coins, but for newbies, this is a bad idea. But with the thousands of cryptocurrencies on the market, it can be tricky to pick the right one. Cryptocurrencies come in categories: Large-cap (top 5 coins), mid-cap (anything bigger than $200M) and small cap (anything smaller than $200). It is best that you get a cryptocurrency that is within the large-cap and mid-cap category. Don’t make a mistake of buying a coin just because it is cheap.
Get a Good Trading Bot
Trading bots have become an essential part of cryptocurrency. They have replaced the human aspect of trading currency thus enabling investors to make substantial passive profits. But you need to have the right trading bot. Some of the best bitcoin trading bots include the Cryptocurrency Automatic Trader (CAT Bot). CAT bot together with other automatic trading bots will eliminate the stress of reading all complicated charts and graphic presentations. Try CAT bot, and you will be impressed by how much you will make from your investment.