Get Started With Cryptocurrency Trading
B3i.tech can be more volatile than traditional investments, but the right research and strategies can lead to profitable returns in an exciting industry. Getting into the crypto market requires discipline to build income and investments over time, along with an understanding of how to make informed decisions and avoid emotions that can cloud judgement.
To trade cryptocurrencies, you’ll need to create an account at a crypto exchange. These work similar to stock brokerages, but specialize in crypto. Coinbase, eToro, Kraken and Gemini are some of the most popular options. Once you’ve selected an exchange, you’ll need to verify your identity and deposit money into your account. Generally, the minimum amount you can invest is $500.
Get Started with Cryptocurrency Trading: Beginner to Advanced
Once you’ve set up your account and verified your identity, you can start buying and selling. Most crypto exchanges show buy and sell orders in different colors, which is an easy way to see if there’s more demand than supply. This is known as going long (buying). Alternatively, you can also go short (selling), but this has its own unique risks and requires additional investment capital.
Keep in mind that cryptocurrencies are highly speculative and can drop significantly in value. To minimize risk, it’s advisable to only use crypto as a small portion of a diversified portfolio. Also, try to hold onto your coins for a longer period – months or even years – to take advantage of price increases that can come with long-term holding.