Cryptocurrency has emerged as a popular investment option and a new frontier in finance. To trade in cryptocurrency successfully, it is essential to educate oneself about the basics of cryptocurrency and its underlying technology, blockchain. In this article, we will offer some crucial things for investing in cryptocurrency for beginners.
How to Gain Experience and Knowledge in Trading?
Here is a cryptocurrency guide to learn about cryptocurrency:
- Read books and articles. There are numerous books and articles available that provide in-depth information about cryptocurrency and blockchain. Some of the best books to start with include “The Basics of Bitcoins and Blockchains” by Antony Lewis and “Blockchain Basics” by Daniel Drescher.
- Online courses. Online courses offer a flexible and convenient way to learn about cryptocurrency. Platforms like Coursera, Udemy, and Khan Academy offer courses on cryptocurrency and blockchain technology, ranging from beginner to advanced levels.
- Participate in forums and online communities. Joining online forums and communities can be an excellent way to learn about cryptocurrency and connect with other people interested in the field.
- Attend workshops and conferences. Workshops and conferences provide a great opportunity to learn about cryptocurrency from industry experts and network with like-minded individuals. Conferences like Consensus, Devcon, and Blockchain Week are held regularly and are a must-attend for anyone looking to learn more about the industry.
- Follow influencers and experts. Following experts and influencers in the cryptocurrency space can provide valuable insights and keep you up-to-date on the latest developments. Some of the top influencers to follow include Andreas Antonopoulos, Vitalik Buterin, and Roger Ver.
Here is an easy guide that outlines the steps for investing in cryptocurrency for beginners:
- To ensure the safety of your investments, take some time to research a high-quality and dependable cryptocurrency exchange that best meets your requirements.
- Sign up. Select an exchange, fill in your personal information, and confirm your identity to create a new account.
- Fund your account: Add funds to your trading wallet before making a cryptocurrency purchase. Most exchanges accept various payment options such as bank transfers, debit/credit cards, and other cryptocurrencies for quick top-up of the balance.
- Select the cryptocurrency you would like to purchase. After depositing funds into your account, pick out which digital currency and how much of it you wish to acquire.
- Place your trade. Instantaneously execute a market order at the prevailing price or enter a limit order to trigger only when prices reach your predetermined level.
To receive trading skills, you may use a demo account on large crypto exchanges. For example, on WhiteBIT, you can apply demo tokens and use different trading styles to understand which strategy is closer to you and how high is your risk tolerance. Combining theory and practice is the best way to learn trading cryptocurrency for beginners.