How to get started in cryptocurrency trading
If you want to trade cryptocurrencies, the first thing to do is to buy your first tokens. For this, you need to register on an online brokerage website such as Voytegeon. Take a sneak peek into Voytegeon Review and see what their trading terms are.
The most straightforward way to start is to buy bitcoin, as it is the most common, and almost all exchanges accept it.
You will see later that some crypto-currencies are not exchanged everywhere. This should be taken into account before investing.
The fastest way to buy bitcoins is with your bank card. Although there are fees when you use your card, it is worth it as you receive your cryptos immediately.
If you pay money by bank transfer, although it is free, you will have to wait 2-3 days, so if the price increases by 2,000 euros during this time, it will be as much loss for you.
What you should be aware of?
The crucial thing to remember before you start trading cryptos is that there is always a chance that you will lose your investment.
Cryptocurrency markets are very volatile, and while some people have made a lot of money, there are plenty of others who have also lost money. If you had to remember only one thing from this whole article, it is the following advice:
You should NEVER trade with an amount that you cannot afford to lose.
How you handle your losses will determine your success as a trader. Here is another equally important piece of advice: never try to make up for your losses by investing larger amounts. This is tantamount to investing under the influence of emotion, and it will often cause you to lose a lot of money.
FUD
It is a fairly common term in business, both in the real world and in cryptocurrency trading. It is the acronym “Fear, Uncertainty and Disinformation”.
It’s when people or organizations try to trick people into not investing in an asset by telling them they’re going to lose all their money (or something similar). They like to make big announcements like “It’s a scam” or “It’s going to fall apart.”
Rather than jumping to conclusions based on ads like this, do your own research using Google to find out if the information you’re hearing is correct.
Influence and persuasion
One last thing to consider before you start trading is that you should never allow yourself to be swayed by the opinions of other traders. Remember that you are not the only person who wants to profit from cryptocurrency trading.
Beware of the Youtubers you watch and listen to. Most are paid by cryptocurrency or trading companies to promote their own crypto or service. This may cause the price to rise in the short term but could end up causing it to fall in the long term. So always do your own research first.
If you have arrived here and have read the above correctly, we imagine that you now have a good grasp of what cryptocurrency trading is and things you need to watch out for.
