How to Trade Cryptocurrency: Beginner Guide • Benzinga - Deepstash

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5 steps to trading cryptocurrency

5 steps to trading cryptocurrency

  1. Make a cryptocurrency brokerage account. Coinbase, Gemini and eToro are good crypto brokerages. 
  2. Fund your account. Connect it to your bank account. Most crypto brokerages offer bank funding through debit cards and wire transfers. 
  3. Pick crypto to invest in. Most active cryptocurrency traders use Bitcoin and Ethereum but they also allocate a part to smaller altcoins.
  4. Choose a strategy. Some choices to teach you how to invest in foreign currency are Asia Forex Mentor and One Core Program.
  5. Consider automated crypto trading with a platform like Coinrule.
  6. Store your funds in a cryptocurrency wallet.

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Best cryptocurrency brokers

Coinbase is a good option for new investors as it has a free cryptocurrency conversion feature where you can trade your crypto for any other token that Coinbase supports.

Other solid crypto brokerages are eToro, Binance and Gemini. Robinhood supports certain cryptos and only supports trading for 5 altcoins.

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How to trade crypto successfully

  1. Learn how to read the charts. The best way is through price action - a technique used by most professional traders.
  2. Trade with a proven trading strategy or a combination of strategies.
  3. Have a solid trading system. Use one that is defined by the technical aspects and the business behind trading.

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Choosing a cryptocurrency

Ensure to invest in cryptocurrencies that have a solid team backing the project.

Decentralized finance (DeFi) cryptocurrencies are some of the hottest altcoins of 2021. Altcoins are a general term for any cryptocurrency that is not Bitcoin. DeFi tokens are usually built on Ethereum's blockchain.

The top 5 DeFi tokens ranked by market capitalization:

  1. Uniswap (UNI)
  2. Aave (AAVE)
  3. Synthetix (SNX)
  4. Maker (MKR)
  5. Solana (SOL)

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Investing in Cryptocurrencies

A cryptocurrency's price can fluctuate over 10% in one day. It is great if you're looking for high returns, but not for the risk-averse investor.

There is always a risk of losing your money to the market. If you believe in the future of cryptocurrency, holding on to your crypto assets long term may be more valuable.

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