What You Need to Know Before Starting Trading

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Cryptocurrency for Beginners: What You Need to Know Before Starting Trading

Trading digital assets is becoming more and more popular, for it has numerous successful cases inspiring new people to join this field. However, the level of risk is equal to the level of success because the crypto market is still emerging and sensitive to different factors.

The easiest way to become a crypto investor is to buy digital assets through a cryptocurrency calculator.

Picking a worthy calculator is not an easy task. Many different services allow quick crypto exchange, but not all of them deserve your attention. Plus, the Internet is full of scammers, attracting users with low fees and providing false services. So in this article, we will talk about the main things you should know before you start trading.

Be Cautious When Picking a Crypto Exchange

As we said before, there are many places where you can exchange crypto, but you should not use the first product that you come across. A worthy exchange should have:

  • Official company registration. It should work legally and have all the needed certificates and documents for audit checking.
  • A sufficient number of traded pairs.
  • Customer support which you can always address if you have any troubles.
  • Quick and efficient cryptocurrency converter for fast transactions.
  • Transparent fee policy and no hidden commissions.
  • Open and active community and social networks.
  • High level of safety for clients. The official registration and KYC verification, anti-money laundering mechanisms, etc.

Remember about Diversification

If you buy several crypto assets of different ranges – mega, middle, and small-cap coins, you will have more chances that one of them will boost. Better buy mega-cap coins for the long-term and small-cap assets for the shorter perspective.

Learn and Practice Strategies

Trading strategy is a basis for success in this field. Having a strategy, you know your next step and how to behave if the market moves in the wrong direction. The theory is never enough – try to use demo accounts on crypto exchanges that allow for this option, for example, the WhiteBIT crypto exchange. While practicing, you will understand how each strategy works and find the details you could miss when reading the theory.

After demo trading, it is not recommended to start with large amounts. Better begin with small sums and gain experience little by little.

Looking for a Place to Purchase Cryptocurrency?

Selecting a reliable and trustworthy cryptocurrency exchange is vital for the safety of your funds and the success of your investments. When you purchase cryptocurrency, you are entrusting your money to a platform that must guarantee 100% safety. One such dependable platform is WhiteBIT, a centralized service that requires user registration and verification and offers user-friendly tools to convert crypto quickly, at favorable rates and low fees.

With the WhiteBIT crypto coin calculator, you can view current crypto rates and calculate how much money you need to spend to purchase a specific coin, as well as the transaction fee.