There are a lot of different ways to make money from crypto, and trading is one of the most popular options. If you want to learn how to trade crypto, you are at the right place. There are lots of information available online, which could overwhelm anyone, even a seasoned trader. In this guide, we have created a guide to crypto trading for beginners.
Create a Crypto Brokerage Account
Unless you already own crypto, you will need to create an account with a cryptocurrency brokerage. To create an account, you will need to provide your brokerage with personal information, something similar to when you open a stock brokerage account. Some of the important information you may need to provide to set up your account include name, address, SSN, email address, and date of birth.
Fund Your Account
Once you have registered with your preferred crypto brokerage, the next step will be to connect your bank account. Most brokerages provide funding options such as debit cards and wire transfers. Wire transfer is free on crypto brokerages like Coinbase and is one of the cheapest methods you can use to fund your account.
Select A Crypto to Trade
Most active crypto traders trade Bitcoin and Ethereum because they are more predictable than altcoins, so it is easier to trade with technical indicators and tips. Although small low to mid-market cap cryptos are risker than large-market cap cryptocurrencies, these coins provide higher upside potential.
Choose a Strategy
There are a lot of trading indicators to utilize and master, and most crypto traders take into account multiple factors when buying or selling crypto. If you are new to trading crypto, you may want to get a crypto trading course. Trend Trading Academy is an agency that can teach you how to trade crypto. However, if you are an experienced stocks trader, you may already have a strategy.
Some stock trading strategies are also used for trading crypto. For example, many stock traders utilize the Elliott Wave Theory. This strategy concentrates on the psychology behind the market sentiment, and it works well for speculative assets such as cryptos.
It is a smart move to test your trading theories before using real money. Backtesting or paper trading can be useful here. These features are often found on trading platforms. If you are a crypto beginner trying to get your head around the fundamentals of spotting patterns or reading charts, you may want to read the guide for technical analysis for a sense of how to start trading.
Store Your Crypto
If you are buying your crypto to hold for the mid to long term, you may want to get a crypto wallet. Crypto wallets come as software or hardware wallets. While both of these wallets are secure, hardware wallets provide the best security since your cryptocurrencies are stored offline on a physical device.
If you want to learn more about crypto trading for beginners and day trading Forex in Miami, contact Trend Trading Academy today. Our expert will teach you the secret system for trading and strategies such as a one-minute scalping strategy for scalpers and more. Sign up for course now!