Do you want to start trading in cryptocurrencies, but you don’t know how and where? Then follow the tips that we put together in this article, and you are ready to go. For example, we give you tips on how to set up your portfolio and conduct your own research on the Needacoin .
Tips for starting with cryptocurrencies
- Read in before you start.
Above all, do not start immediately and recklessly. Make sure that you read about the market, how exactly it is traded, where you can trade, and especially what the risks are. Of course, you hear beautiful stories from people who have earned a lot of money, but you can only achieve this by handling your investment wisely. You can find more information in our articles about what a cryptocurrency is and what the blockchain is.
- Research is key
In the market for cryptocurrencies, there is a loud call. There are thousands of experts who think they know what the next big coin will be. But, nobody knows for sure, not even us, although we have put together a number of recommendations for you. So what you absolutely must do before you invest heavily in your own research. This research includes reading white papers and reading yourself into the Subreddit of the relevant currency. In our article about how you choose cryptocurrencies, you can read more about doing your own research.
- Start with a small amount.
It is tempting to immediately invest a few thousand dollars and hopefully get rich soon, but it doesn’t work that simple. First, start with, for example, 100 dollars so that you see what you do and especially what you can do with it. In our article about buying cryptocurrency, you can read where you can easily start cryptocurrencies (for reliable companies) for a small amount.
- Look at what is being done and what the prizes are doing.
If you really want to trade, you have to go on the exchange. This is a platform on which often hundreds of cryptocurrencies are traded. An exchange can come across as complicated, so read about the possibilities and especially watch a few days how trading in digital coins works. In our article about what an exchange is, you will find an explanation about these platforms.
- Safely store your cryptocurrencies.
Digital currency is your concern after purchase and also your own responsibility. There is no bank that can protect your money, only you. It is therefore very important to store your coins safely, and this is possible in a so-called wallet. There are wallets that you can create online but also wallets that are physical, the so-called hardware wallets. You can read more about this in our article about what a wallet is.
- Create a portfolio.
Now that you have purchased a number of coins, you naturally want to keep an eye on what the prices of this currency do. You can easily do this with a portfolio app. Here you can add the purchased cryptocurrencies and see the price changes appear in real time.