Ray Odi Ray is an astute crypto writer that loves penning content on cryptos, DeFi and other blockchain-based platforms.

5 Tips for cryptocurrency trading

2 min read

different cryptocurrencies being traded between each other

For someone to survive in the trading world, they need access to cryptocurrency trading tips. Smart crypto traders involved in crypto trading tend to carry out technical analyses on the cryptocurrency and even the trading platform that they intend to use because they can’t afford to lose their crypto coins. Different cryptocurrency trading tips that crypto traders should have at the back of their minds will be discussed.

How do you successfully trade cryptocurrency?

Before you start trading in any cryptocurrency, it is important to note that this digital asset has volatility, and transaction fees will be charged.

1. Create a cryptocurrency account in an exchange that caters to different markets and pairs.

Usually, some exchanges may have different rules guiding the usage of their platform by crypto traders. WhalesHeaven’s rules are quite easy to follow compared to others. Anonymity is a big aspect of this exchange.

2. Fund the account with stable coins

Once an account is being created, many exchanges expect the trader to link their wallets to their accounts. You can seamlessly link your WH Cypher wallet to the WhalesHeaven exchange.

Before a coin can be bought or a strategy be implemented either in short term or long term, traders have to fund their account.

3. Choose a cryptocurrency to trade in.

Which crypto market do you want to focus on? Are you interested in trading in Bitcoin or altcoins? It is important to decide on which cryptocurrencies you want to trade in, and at what time. Do your own research concerning it.

4. Opt for a strategy.

Smart crypto traders always have strategies before they invest in any cryptocurrency. What are your exit strategies? Monitoring trends and other technical analysis systems is a key line of action. Traders monitor world news and research on the happenings of a crypto platform to know when to buy or sell.

5. Store the cryptocurrency in a wallet.

There are different wallets available in the market, and they have varying features. Before opting for a crypto wallet, it is advisable to research their strengths and weaknesses.

Also read: All Types of Crypto Wallets: Briefly Explained

Which cryptocurrency is good for trading?

Stable coins like USDT, USDC, and BUSD are common cryptocurrencies in trading platforms and activities. At the moment, USDT has the highest trading volume in the stable coin realm and is preferred by many traders and exchanges.

Ethereum is another crypto that is sought after for trading. Other cryptocurrencies are BNB, Tron, and EOS.

Can you get rich by crypto trading?

Yes, it is possible. Some traders became millionaires from crypto trading. At the same time, there are those that lost a lot from it. One thing that makes both sides stand apart from each other is their strategies and research process. Some have invested a lot in researching and finding out about investing strategies to use. Others merely jump in because of the bandwagon effect. Do your research before making a trade or diversifying your crypto portfolio.

What wallet can you use?

It is important to opt for a topnotch wallet or wallet extension with high-security features. It won’t be a bad idea to use multi-sig wallets because they offer a security element that is unseen in other wallets. An example is WH Cypher wallet. For traders and crypto enthusiasts that are looking for a multi-sig wallet or extension, WH Cypher ticks the boxes. WH Cypher is a Multi-sig wallet extension created by us at WhalesHeaven, and it can work on any exchange, both centralized and decentralized exchanges. Through this multi-sig wallet extension, users can carry out crypto trades on our exchange, WhalesHeaven and other exchanges without needing to give up their private details. Using this WH Cypher extension allows people to securely store their ERC 20, BSC and other tokens. The user interface was designed to offer intense user experience, and allow traders to have full control over their trading process.

Ray Odi Ray is an astute crypto writer that loves penning content on cryptos, DeFi and other blockchain-based platforms.