A Beginer’s Guide:The Comprehensive Look Into Crypto Trading

Cryptocurrencies such as bitcoin and altcoins generate a lot of interest from would-be investors. But before you jump onto your crypto journey, it is important to understand what you are investing in, the opportunities and the pitfalls.

This beginners’ guide to cryptocurrency aims to give you the information that you need. Here are 5 steps to getting started:

1. Do your research to work out whether cryptocurrency trading is right for you

Remember to never trade more than you can afford to lose and consider chatting to a professional financial adviser before you get started.

2. Decide whether you want to do long-term or short-term trading

Long-term trading

If you believe the value of a cryptocurrency will grow in the long run and don’t want the stress of actively trading, then this might be your style. A good first step is learning how to safely buy and hold cryptocurrency.

Short-term trading

It’s more active, stressful and risky than long-term trading, but it also offers faster and larger potential returns for those who do it right. It also lets you profit from cryptocurrency prices dropping as well as rising.

3. Choose the trading method that’s right for you

If you do it right, your funds grow. If you do it wrong, your funds shrink over time, as bad trades and changing markets can eat away at your holdings. The value of your crypto will rise and fall, but there’s no risk of immediately losing all your money to a bad trade. This method requires timing the market accurately, which can be difficult and requires a lot of research.

You can also trade cryptocurrency CFDs Cryptocurrency, CFDs (contracts for difference) are a specific type of derivative that lets you place bets on the price movement of an asset. Like other derivatives, they let traders go long (bet on price rises) and short (bet on price drops), and utilise leverage without owning the underlying asset.

Unlike other derivatives, CFDs don’t involve buying and selling derivatives in an open market. Instead, you’re just buying from and selling to whichever trading platform you’re using. While most cryptocurrency derivatives treat crypto as a commodity of sorts, CFDs typically approach cryptocurrency similar to forex trading.

4. Learn how to place trades and read charts

5. Choose an exchane and start trading

BIB is the world’s largest exchange that provides trading services between cryptocurrency and fiat currencies. Backed by Singaporean Venture Capitalists, BIB is poised for a tremendous global market expansion. As of June 2022, BIB is available to provide secure and convenient trading services in over 53 countries & regions, and lists 70 cryptocurrencies available for trade.

Get started with instant zero fee deposits and withdrawals on BIB, and enjoy low trading fees, a wide selection of cryptocurrencies and 24/7 customer support.

Don’t forget to subscribe to BIB’s social media channels to stay up-to-date with the lastest news!

Press contact: social@bibvip.com

Twitter: https://twitter.com/bib_exchange

Instagram: https://www.instagram.com/bib_exchange/

Telegram Channel: https://t.me/BIB_Global

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BIB is a global crypto asset trading and custody service platform | bibvip.com | TG: @BIB_Global | TW: @BIB_exchange