How to Start Trading on the Cryptocurrency Market
Crypto trading is the way to generate income from opening and closing positions in the crypto market (buying and selling coins at different prices and, sometimes, on different exchanges). Let’s see how to start trading. There are some popular trading methods for you to try:
- Scalping (lasts from a couple of minutes to 15 min)
- Intraday trading (trades are completed within 24 hours)
- Swing (up to a couple of weeks)
- Position (from a couple of weeks to a few months).
How to Make my First Trade?
Before starting crypto trading, you must first learn about strategies and pick one that suits you the best. Obviously, the more time you have for reflecting, the better. In this sense, the best strategy is “position trading”. However, you may try and pick a strategy using a demo trading account that some crypto platforms offer. For example, you may try the WhiteBIT demo trading account and practice different trading techniques.
Then when you are ready, you may start trading on the real market. First, you need to buy crypto. If you have fiat money, you need to:
- Register your account on WhiteBIT
- Pass KYC (takes a couple of days)
- Move the needed amount of fiat money to your account
- Pick the trading sector
- Select the coin you want to buy (for example, ETH)
- See the current crypto price and the fee.
Once you pay the commission, the coins will be accrued to your account. Then you may sell them or exchange them for any other cryptocurrency depending on your strategy.
The WhiteBIT platform offers different trading tools, from simple exchange to advanced instruments such as margin or crypto futures derivatives. You may try them all in the WhiteBIT demo account.
If you have any questions or doubts, you may always address the WhiteBIT customer support chat and ask your questions.
Photo by Maxim Hopman on Unsplash