If you’re thinking about investing in cryptocurrency for the first time here is the Cryptocurrency beginners guide for new investors, it’s important to understand what you’re getting yourself into.Here are a few things that teach you How To Start Investing In Cryptocurrency to help you navigate the terrain more effectively.

Cryptocurrency Beginners Guide: How To Start Investing In Cryptocurrency
Cryptocurrency Beginners Guide: How To Start Investing In Cryptocurrency | 99cryptox

Here are 8 Cryptocurrency Beginners Guide: How To Start Investing In Cryptocurrency

1.) Start with Small Investment

Our first and foremost recommendation for cryptocurrency trading is to proceed with caution and start with a small deposit. In general, cryptocurrencies are volatile.

Avoid the urge to jump in with all the guns burning and instead go for small tasks that allow you to gain a better understanding of the market while minimizing your risk.

The biggest tip of cryptocurrency is that you should never trade with a lot of money that you cannot afford.

2.) Choose a Secure Wallet or exchange platform

It’s important to choose wisely to ensure security and ease of access for your first crypto trading. There are multiple options out there, all with their own features and functionality.

For beginner traders(international), it’s advisable to trade through a reputable broker, such as :

Coinbase, BinanceUS, Crypto.com, BlockFi, Bisq

For beginner traders(India) , such as :

WazirX,Krypto, CoinSwitch Kuber, Unocoin, CoinDCX, Zebpay

3.)  Manage risk

Some people who offer crypto trading tips may not have your best interests at heart. So don’t get upset if you make the same mistakes as others.

Set limits on how much you invest in a digital currency and do not be tempted to trade for more than you can afford. Cryptocurrency trading is a very risky business and many traders lose more money than they do not earn.

4.) Market order

Market order allows you to buy or sell financial assets quickly at the best price currently available. Orders on the market take prices on orders limited to the order book.

This means you cannot be 100% sure of the price you will get. Smoothness is possible if you get a different price than you expected.

The main advantages of market orders are simplicity, speed, efficiency, and the ability, in many cases, to complete. However, marking orders are in poor condition due to the risk of slipping and the fact that you need to be present when making an order.

5.) Diversify With Different Cryptocurrencies

It does not pay to invest a lot of money in one cryptocurrency.There are more than 1,600 different coins and tokens in the crypto space.

Bitcoin (BTC) and Ethereum (ETH) are the oldest and largest crypto currencies and represent the world’s most basic cryptocurrency currency. Therefore, it is recommended that you always have a large portion of your investments in both currencies as they are stable and facilitate trading with other altcoins. Thereafter, it is recommended that the remaining distribution of all significant altcoins have the potential to disrupt their environment.

Look for coins that solve real-world problems, not shitcoins. You should learn how to recognize shitcoins and coins on good foundations. This means you do not risk exposure if one of them goes down in price – especially as the market prices for these investments fluctuate. There are thousands of options, so do your research.

6.) Buy and Hold Bitcoin

There are many benefits of buy and hold bitcoins :

Buying and holding bitcoin allows you to bypass its temporary flexibility. It is not uncommon to see significant movements throughout a given day that would mean that your losses on quitting and profit-making goals are easily attainable, knocking you out of your trading career.

This, too, can lead to over-trading, and as opening a new position is expensive, over-trading can eat away at your profits.

As an idle trader, you can keep your position open and you can get good profits with a short-term commitment, but you still need to have a solid risk management strategy, carefully considered for stop loss orders.

7. ) Think For The Long Term

Cryptocurrency is not a “quick get rich quick” strategy. Don’t go for less that your full potential. Let’s face it, many in the crypto markets are unaware that they are investing their money and are only on this temporary rewards. This is a recipe for disaster.

It is important that all investment decisions are based on total diligence and patience. Don’t be the guy who had 1700 BTC when it cost $ 0.06. He sold it for $ 0.30 and then cried when he got to $ 8.00. This was back in 2011. Imagine if you had played today, it would have cost tens of millions today!

You should always focus on the long term, as the technology that supports cryptocurrencies is still in their infancy stages and it may take some time before the various new technologies and processes within the cryptocurrency ecosystem are ready for general use.

Short-term trading in this highly volatile market can be catastrophic, especially if you do not have the expertise to trade.

8.) Always Check For YOUR PROFIT & LOSS

When I first started, I ignored the amount of satoshi the coin was worth. I simply saw those statistics as randomly controlled by bots. In contrast, those numbers determine the value of your money at any given time. The key to profit in this area is to buy less and sell higher.

You need to pay attention when you place a purchase order and watch when the market moves towards a bullish spot to calculate your profits. Here is a guide to calculating your crypto benefits. If you can pay attention to this, you will probably crush the crypto market as an expert.

Summary : How To Start Investing In Cryptocurrency

  • Start with Small Investment: Our first and foremost recommendation for cryptocurrency trading is to proceed with caution and start with a small deposit.
  • Choose a Secure Wallet or exchange platform: It’s important to choose wisely to ensure security and ease of access for your first crypto trading.
  • Therefore, it is recommended that you always have a large portion of your investments in both currencies as they are stable and facilitate trading with other altcoins.
  • Look for coins that solve real-world problems, not shitcoins.
  • You should learn how to recognize shitcoins and coins on good foundations.
  • Buy and Hold Bitcoin: Buying and holding bitcoin allows you to bypass its temporary flexibility.
  • Don’t go for less that your full potential.
  • Let’s face it, many in the crypto markets are unaware that they are investing their money and are only on this temporary rewards.
  • It is important that all investment decisions are based on total diligence and patience.
  • Short-term trading in this highly volatile market can be catastrophic, especially if you do not have the expertise to trade.8.)
  • In contrast, those numbers determine the value of your money at any given time.
  • The key to profit in this area is to buy less and sell higher.
  • If you can pay attention to this, you will probably crush the crypto market as an expert.

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