Trading altcoins is a type of crypto trading, where users buy and sell altcoin or exchange fiat currency through their debit card or credit card for crypto. Sometimes, crypto trading includes exchanging a crypto like Bitcoin for altcoins or even a stable coin for altcoins.
It may involve using exchanges to speculate the future prices of trading pairs.
There are different exchanges like Whalesheaven that allow users to exchange their coins and tokens like Ethereum, Bitcoin, AVAX and so on. As the name stipulates, Whalesheaven has created a revolutionary trading universe that allows both users with small and large trading amounts to seamlessly carry out their activities. For those that want to trade different altcoins, it is crucial that they opt for an exchange platform with high security.
What’s the best way to trade Altcoins?
There are different steps that a crypto trader should take, and taking them will be best for beginners and even professionals in the field.
Create an account with a crypto exchange
The typical crypto exchanges allow traders to also exchange or speculate altcoin trading pairs within their platform. There are a lot of cryptocurrency exchanges where users can buy altcoins, but it is crucial that a trader looks for one that has a great user interface that is best for beginners and expert traders. It should have a top-notch security level, cheap transaction fees, notable for large trading volumes, easy to use app or website, and easy to deposit in from wallets. For those craving anonymity, a decentralized exchange may not be a bad idea.
Deposit into your account
Immediately the account has been created, it is important to fund it by either sending crypto from your wallet to the account or linking the altcoin exchange to the wallet. Traders tend to opt for responsive wallets that can be linked to any exchange like WH Cypher.
Decide on the altcoin to invest in
At this point, there is a need for intense research on the part of crypto traders. Beginners are advised to do a thorough analysis on the crypto they want to invest in, as a way of making rational decisions. Usually, traders tend to diversify their crypto portfolio instead of merely having one or two coins.
Some smaller altcoins have been known to grow rapidly in a short period, and in other cases, they may fade out of existence. Researching is important.
Decide on a strategy
This is another aspect that a trader should research on regularly. Before users buy and sell crypto, they usually have some criteria that they consider. These criteria are part of their strategy, and every successful altcoin trader has this.
Store your altcoins
Buying and selling of crypto may be done on an exchange, but a trader needs a secure haven to store their Altcoins to trade with. For those that are opting for centralized exchanges, there is the option to store their altcoins there or in a wallet. Decentralized exchange users have to store their tokens in a wallet. While choosing a wallet, it’s best to use one that is highly secure, vetted and can be connected to any exchange to trade with. An example is our innovative wallet, WH Cypher.
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 wallet allows people to securely store their ERC 20, BSC and other tokens. The user interface was designed to offer an intense user experience, and allow traders to have full control over their trading process.