Everyone wants to get a high return by engaging in trading cryptocurrency. But not everyone knows how to start.
The cryptocurrency industry is one of the most profitable and well-known trading platforms. It became a popular investment asset for investors. Indeed, the cryptocurrency market is volatile, and that’s also one of the reasons why investors take advantage of it due to high returns. Trading cryptocurrency is risky, but it doesn’t mean it is not a good investment. As all investments have risks, you only invest what you can afford to lose.
Inspired by my friends to begin with cryptocurrency trading, I started with $500 and some references shared about trading. Looking back, the first coin I bought was SOLANA (SOL). After a month, I was ecstatic, like, “Oh! I already gained profit, enough to pay some of my bills.” From there, I was amazed. I started to love trading and made some moves to learn more about it. I am not a professional trader. There are still a lot of things I need to know about cryptocurrency. I only know the basics, but I have learned a lot since my first trade.
One of the most important things I have learned was to avoid the mindset of “I should’ve bought this coin or I regret not buying this coin”. Just like life, there are many ups and downs, and so in the crypto market. The “I should’ve bought this coin or I regret not buying this coin” mindset is not good if you are trading in cryptocurrencies. If you missed a coin that pumped hard, stop thinking about it and look for other opportunities. Many coins haven’t been pumped yet that have great potential, on which you can make huge profit. There is no need to stress yourself. There are a lot of opportunities in crypto every day, so don’t waste your time regretting anything. I recommend you do dollar-cost averaging (DCA) and hodl.
As a beginner, choose a safe and secured cryptocurrency exchange first. This platform enables you to buy or sell cryptocurrencies. It’s important that you can make sure you always take the time to register your new cryptocurrency trading company with an LEI number if you want to keep your operations aboveboard. As of the year 2018, any and all legal entities who will transact in European financial markets using securities or derivatives need to register for an LEI number. When it comes to cryptocurrency, every step that you take needs to be assessed and monitored either internally or externally to maintain safety and security while ensuring you abide by the rules and regulations, so an LEI is a vital investment that you need to consider. Never skip over such a step if you want to be trading happily long into the future! From there, get verified and fund your account.
How to start trading cryptocurrency?
- Sign up on a cryptocurrency exchange. You can use your email address or mobile number and set a strong password to protect your account.
- Verify your account. You must undergo a KYC (Know Your Customer) process, wherein you will need to submit all the required documents to complete the process.
- Add funds or a payment method to your account. Multiple payment methods like a credit card are available based on your location and preferences.
- Start trading. When trading, you can trade your USD, EUR, GBP, etc to crypto (i.e. DOGE and XRP).
As someone who has been trading for almost a year, I can share with you what I have learned:
- Invest the money you don’t need. Crypto is volatile. You will see huge swings in prices in just a snap.
- Do not gamble. Invest.
- Always do your research and manage your risk.
- Diversify your portfolio.
- Control your emotions.
- Begin with a small investment.
- Beware of cryptocurrency scams.
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Disclaimer: Cryptocurrencies are volatile. Always do your research and invest what you can afford to lose.