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Trading cryptocurrencies on the stock exchange is associated with risks, since digital assets are extremely volatile. On the other hand, this is their advantage: you can make good money on the course jumps. And since the entry threshold to the crypto exchange is quite low, you can start trading with a small start-up capital.
Start of trading on the stock exchange
Let's figure out what cryptocurrency trading is, where to start and what kind of start-up capital is needed.
Let's start with the answer to the main question. In order to start trading, $10 is enough. For example, the equivalent of $5 will be enough for trading on the WhiteBit exchange. This is a good option for those who are interested in trading cryptocurrency from scratch. On the other hand, such a small deposit does not allow you to earn well. Experts and market analysts recommend holding from 1% to 5% in cryptocurrency relative to the amount that you are ready to allocate for investment. Trading commissions should also be taken into account: the exchange charges a percentage for each transaction carried out.
The simplest and most popular trading methods are cryptocurrency futures trading and spot trading. The essence of spot trading is to acquire an asset and hold it until its price rises. The same goes for futures. The main difference is that in the spot market you own an asset, and in the futures market you own a contract: you bet on the growth or fall of an asset, and the profit depends on the accuracy of the forecast. There is also such a tool as cryptocurrency trading with leverage (margin trading). The use of margin makes it possible to increase profits, but, if the exchange rate subsides, it can cause the position to be liquidated.
The WhiteBit crypto exchange website has a convenient section with frequently asked questions that will help you understand the basics of trading, study available financial instruments, register and make the start of trading on the exchange as clear and comfortable as possible.
Trading on P2P platforms
Bitcoin Global is a P2P platform on which cryptocurrency trading takes place directly between users, and the platform acts as a link and a guarantor of security. The main advantages of P2P over the exchange are the absence of a commission for the transaction and the need to verify the identity.
In order to start trading on Bitcoin Global, any amount is enough. To do this, it is not necessary to follow the trends of the crypto world and understand trading instruments: the user selects a profitable offer from the list of ads and carries out the transaction. There is a section on our website with instructions that will help you better understand the work of the platform.
Basic recommendations for novice traders
For those who are interested in cryptocurrency trading, the strategy is determined based on the capabilities, preferences and skills of a single trader. There is no universal way to trade, but we have compiled a list of basic recommendations that will be useful for beginners.
Always be aware that cryptocurrencies have high volatility – their rate can suddenly soar as well as fall. Therefore, be sure to invest and train only on the money that you are ready to lose forever. Trading on the cryptocurrency exchange and investing in digital assets is a process that requires serious knowledge and, most importantly, awareness of all risks. Many trading platforms provide a training account. For example, on WhiteBit, beginners can learn to trade using Demo tokens - virtual tokens that simulate real coins.
Try to invest in cryptocurrencies that have proven their reliability. The market knows many stories of failed projects.
Look at cryptocurrency trading in the long term. The rate on the crypto market often subsides, so do not worry if your asset drops in price during the day.
To minimize risks, use market orders. On WhiteBit, you can create Stop orders that are automatically triggered when the market price decreases or rises to the price you set.
Follow the news. The cryptocurrency market is highly dependent on the media. For example, Elon Musk's recent tweet that he got a dog named Floki of the Sibu-inu breed raised the price of the Shiba Floki coin by 1300%.
To summarize
In order to start trading cryptocurrency, any amount is enough. But the main task of a trader is to increase his capital, so it is necessary to study the cryptocurrency market, trading platforms and financial instruments very carefully. And most importantly, ensure your financial security: risk only the money that you can afford to lose.
