The forex market is full of potential opportunities. The value of the entire global forex trading market is estimated to be approximately $2.4 quadrillion or around $2409 trillion. There are a variety of financial instruments one can trade regardless of any background or expertise. In this article, Cryptocurrency will be the topic of the spot.
However, the beginning of cryptographic electronic payment was started in 1995. But the real breakthrough came after creating the first decentralisation currency, Bitcoin. It was created by a pseudonymous developer Satoshi Nakamoto. Bitcoin is created through SHA-256 as its proof of work function.
Since the inception of Bitcoin, there have been around 10k cryptocurrencies in the market. Some currencies, such as Dogecoin or Shiba Inu, are community-driven, and trading in these volatile cryptocurrencies can make anyone wealthy or vice versa.
Trading in volatile assets such as Cryptocurrency requires skills like Creating the right strategy, understanding the factors that move the market, and mastering technical and fundamental analysis that ensures greater success.
A trader must understand the basic definitions and the analysis before starting trading. Moreover, he must understand how to read business metrics through indicators.
Trade Cryptocurrency by following these 4 basic steps:
Step 1: Set up a trading account.
To start with, a trader needs to set up a trading account where cryptocurrencies are offered as a financial instrument to trade. CapitalXtend, eToro and Coinbase are among the most trusted, safe, and secure broker firms in the market. All three render simple solutions and a variety of cryptocurrencies to choose from.
The Process of creating an account requires Registration with uploading of valid documents for identification, including some common information such as your number, name, address, and account number.
Step 2: Make a Deposit in your account.
Once your document verification process completes, you get an Account Service Manager who Assis you at every step of your trading. Deposit the funds in your account through a debit card or credit card. For depositing funds safety and security is necessary and therefore CapitalXtend offers maximum security to protect transaction and funds.
Step 3: Choose the Cryptocurrency of your choice
Traders get a wide array of cryptocurrencies. Bitcoin. Litecoin, Ethereum, Dogecoin or Shiba Inu. Each Cryptocurrency has a different price. This market is speculative, which is why cryptos' rates can change drastically within days or even hours.
Altcoins have seen meteoric rise and fall in their rates. Cryptocurrencies like Shiba Inu have risen 380,000 %, and Ethereum also skyrocketed 500% in a year. It also attracts many traders because the risk is high, and the reward is higher.
Step 4: Choose a strategy and apply it
One can find several trading indicators to choose from, and most of the traders consider multiple factors when buying and selling their Cryptocurrency. If you are new in this field, you would love to go through a comprehensive cryptocurrency trading course.
CapitalXtend Forex Academy is the popular choice that can teach you how to trade in the forex market along with other commodities to trade in.
Once the strategy is final, a trader can apply the strategy and trade cryptocurrency in their forex trading platforms.
If you are new to crypto trading or trading in the forex market, you can also opt for the Copytrading feature, which allows you to replicate the ideas of one of the most leading traders of the market.
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