For those with no experience trading Crypto, it can appear overwhelming. Just like the stock market, the Crypto market goes through its ups and its downs. You can’t control what the market does, but you can control what you trade, when you trade and the platform you use to trade on. This guide will provide you with all you need to know to get started on trading Cryptocurrency for the first time.
To get started you need two things. A Cryptocurrency wallet and an exchange to trade Crypto on. A Crypto wallet is where all your Crypto coins are stored, whereas a Crypto exchange is the platform you use to do your Crypto trading.
Signing up and getting verified for exchange platforms can be an arduous and drawn out process. To make things easy, the team at CryptoSouk.io use state-of-the-art verification software, enabling you to get signed up and verified within a few minutes.
Once signed up you need to gather an understanding of what you can trade.
You have two options:
- Trade Fiat to Crypto: GBP, USD, EURO to a Crypto such as BTC, ETH, XLM.
- Trade Crypto to Crypto: Trade your BTC for XRP.
On CryptoSouk you can do both options. Meaning you can trade, store, send and receive Crypto coins all on the one platform. A one stop platform for all your Crypto trading needs.
Things to Understand Before Trading Cryptocurrencies!
To make things easy for you, the team at CryptoSouk.io have put together a list of the key things you need to know before you start trading.
Crypto is Volatile: While there is significant wealth to be made from Crypto, there is always the risk of things turning sour. Cryptocurrencies are a relatively new phenomenon and the market is volatile as people adjust to this new trading mechanism. CryptoSouk recommend having a risk management strategy in place prior to trading. Mitigate your risks and hedge your trades to avoid pain down the track.
Exchanges such as CryptoSouk.io are not a Regular Stock Exchange!
While the Crypto market operates in a similar way to the stock exchange, they are separate entities. They have the same general mechanics; however, they are not directly correlated.
Consider Trading Crypto Stocks!
If you are familiar with the stock market you might first, consider trading Crypto stock before trading actual Crypto on a Crypto trading platform. This can be good for beginners as you have exposure to the potential gains Crypto has to offer without directly trading then. The downside to this is that while Crypto trading on platforms such as CryptoSouk.io is a 24-hour operation, the stock market is not. Hence you miss out on some of the great advantages Crypto trading has to offer.
If you’ve never traded Crypto before it can be hard to know where to start. To make things as simple and easy as possible, here’s how the team at CryptoSouk recommend you go about it.
- Become familiar with your platform exchange of choice.
If you select CryptoSouk, we recommend exploring the trade services on offer, market data, and our blog. Be confident that your platform of choice provides you with everything you need. A platform like CryptoSouk with an exchange and wallet in one is the key to making trading simple when starting out.
- Trade in prominent coins when starting out
Start with the coins you know. Bitcoin is the one that comes to mind. It’s accepted by all major platform exchanges such as CryptoSouk and is a good way to dip your toe in the water. Once you’re comfortable with how trading works, you can then explore the other coins on offer. The great thing about Crypto is that new coins are generated all the time, providing plenty of options for beginner and expert traders alike.
A Few Things to Watch Out For!
While the benefits of Crypto trading are great, here are two things to be wary of.
- Margin Trading
Margin trading is not recommended for beginners. As mentioned earlier, Crypto can be volatile. For every trader who makes a fortune there are the unlucky few who miss out. Only investigate margin trading if you consider yourself an expert trader.
- Beware of the tax implications of trading
Trading Crypto is a relatively new concept and the tax implications are tricky. It’s important to note that different Cryptos aren’t necessarily considered to be “like-minded” assets. Do your research to understand how you’ll be impacted from a tax perspective by trading Crypto.
Getting Started with CryptoSouk!
- Sign up to CryptoSouk.io. Thanks to our verification identity technology it’s quick and easy, meaning you’re online and trading in minutes.
- Connect your bank account. This enables you to trade with ease and quickly exchange digital currency into your local currency.
- Start trading! That’s all there is to it.
As you can see, trading Crypto isn’t as hard as you may think. Take in all the information provided and ensure you’ve done your research and are comfortable before diving in head first. By signing up to CryptoSouk you’ll be part of a global trading exchange network with endless opportunities. If you have any problems along the way, the team at CryptoSouk are there to help with any questions you may have. It’s time to trade with no trade-offs.
The information contained within this website and resource section is not intended to be a substitute for financial advice or promotional offer on the investment or purchase of Cryptocurrencies, digital tokens or related assets. Although care has been taken in preparing the information provided to you on this site and in the resource section, we are not held responsible for any errors or omissions and accept no liability whatsoever for any damage or loss you may incur through the result of your own actions and decisions when deciding to purchase or invest in Cryptocurrencies or related digital assets. You should never engage in trading unless you fully understand the nature of the transactions you are entering into and the extent of your exposure to loss. We recommend you always seek financial/or legal advice counsel relating to your investment and purchase circumstances. This material has been prepared for informational use only.