The cryptocurrency market is subject to sudden fluctuations. There are both small swings in a day and large periods of downward or upward market trends. In spring 2022, the market experienced a collapse, and all digital assets moved down. Perhaps now is the best time to invest in cryptocurrencies while their rates are low.
Crypto trading is the process of buying cryptocurrency at a low rate and selling it at a higher price. Prices can change over the course of a day or over a much longer time. This article will look at some strategies often used in cryptocurrency trading and tell about how to buy crypto online.
Key Patterns To Follow In Crypto Trading
Here are some strategies commonly used in the crypto market:
- Position trading
- Day trading
- Buy and hold
The first thing you should do before getting into crypto trading is to study these strategies thoroughly. You may combine the theoretical part with practicing to make your studying efficient. The WhiteBIT crypto exchange allows users to practice on a demo account, giving demo tokens for use.
Demo trading helps beginner investors to understand how the market works and find all the pitfalls in trading strategies. It is a priceless experience for all novice users.
Where Do I Begin?
To get started, you need to buy some crypto. To do this, you can register an account on one of the most reliable cryptocurrency exchanges (WhiteBIT, Binance, etc.).
To buy crypto with fiat, you need to pass KYC, which can take up to a week, and then you need to add your bank card to your account. Then transfer the desired amount of money to your account. By clicking on “Exchange”, you go straight to the trading section, where you will see the crypto calculator.
It will calculate how much you need to purchase crypto assets and the fees you will pay. The calculator also shows the current fees. If it suits you, go ahead with the transaction. Similarly, you can convert your cryptocurrency into other assets depending on your chosen strategy.