Cryptotrading for beginners: a short guide on exchanges and investments

Altcoins, that is, all crypto-currencies other than bitcoin, have recently attracted a lot of crypto-traders and crypto-investors - both experienced and quite beginners. The latter, of course, are interested in the opportunity to make a fortune in a short time, however, like any developing unregulated market, altcoyins are fraught with many risks.
2712.46 $ 0.1288 BTC
Cryptotrading for beginners: a short guide on exchanges and investments

OVERVIEW 06/21/2017
Altcoins, that is, all crypto-currencies other than bitcoin, have recently attracted a lot of crypto-traders and crypto-investors - both experienced and quite beginners. The latter, of course, are interested in the opportunity to make a fortune in a short time, however, like any developing unregulated market, altcoyins are fraught with many risks.

The number of existing crypto-currencies and tokens has long exceeded a thousand. With each new ICO there is another token. Some of them are rather promising, others have long made a name for themselves, and others are created solely for the sake of quick enrichment of their developers. Alcoin exchanges are also represented on the market in huge quantities, so that a beginner trader risks completely getting lost in this diversity.
All this makes working with crypto-currencies potentially profitable, but equally dangerous.
Which exchange to choose?

As already noted above, there are a huge number of altcoin exchanges, some of which do not deal with fiat money at all, while others willingly change the crypto currency for dollars. Nevertheless, the death of such dinosaurs as Cryptsy and Mt.Gox made the issue of the reliability of exchanges quite relevant.

Every stock exchange has advantages and disadvantages.

POLONIEX

Known among traders simply as "Polo", this is one of the most famous altcoin exchanges, offering a huge number of currency pairs. It, however, requires a two-level verification, if the user intends to withdraw amounts above $ 2,000 per day. Many users criticize the support service of the exchange for its slowness. Also in the community it was repeatedly noted that the administration of the exchange may be involved in some fraud, primarily related to Ethereum Classic, as well as managed pampas and dumps. But in general, the reputation of Poloniex is quite good.
LIQUI

Liqui is a stock exchange based in Kiev with an international team. Unlike most of its colleagues, Liqui proposes the creation of a deposit account, the funds on which are not frozen. To this account, interest is accrued from commissions charged by the exchange. Also, the exchange is marked by a rather tough management style: the administration claims that users will not be contacted about the addition of altcoyins, since all such decisions are taken solely at the discretion of the management.
LIVECOIN

There are a lot of altcoins on the stock exchange, and there is also an opportunity to exchange crypto currency for rubles, dollars and euros. However, to do this, the user will have to say goodbye to anonymity and go through a special verification. To the pluses of the exchange include the storage of client funds on cold wallets. In addition, users note that the work of the support service is well established on the stock exchange. Nevertheless, many of the listed altcoyins have very low liquidity and therefore may present a certain danger to unsophisticated users of crypto currency.
2715.29 $ 0.1286 BTC
Cryptotrading for beginners: a short guide on exchanges and investments

OVERVIEW 06/21/2017
Altcoins, that is, all crypto-currencies other than bitcoin, have recently attracted a lot of crypto-traders and crypto-investors - both experienced and quite beginners. The latter, of course, are interested in the opportunity to make a fortune in a short time, however, like any developing unregulated market, altcoyins are fraught with many risks.

The number of existing crypto-currencies and tokens has long exceeded a thousand. With each new ICO there is another token. Some of them are rather promising, others have long made a name for themselves, and others are created solely for the sake of quick enrichment of their developers. Alcoin exchanges are also represented on the market in huge quantities, so that a beginner trader risks completely getting lost in this diversity.

All this makes working with crypto-currencies potentially profitable, but equally dangerous. ForkLog decided to answer the most common questions that beginners ask, starting to work with altcoyins.

Which exchange to choose?

As already noted above, there are a huge number of altcoin exchanges, some of which do not deal with fiat money at all, while others willingly change the crypto currency for dollars. Nevertheless, the death of such dinosaurs as Cryptsy and Mt.Gox made the issue of the reliability of exchanges quite relevant.

Every stock exchange has advantages and disadvantages.

POLONIEX

Known among traders simply as "Polo", this is one of the most famous altcoin exchanges, offering a huge number of currency pairs. It, however, requires a two-level verification, if the user intends to withdraw amounts above $ 2,000 per day. Many users criticize the support service of the exchange for its slowness. Also in the community it was repeatedly noted that the administration of the exchange may be involved in some fraud, primarily related to Ethereum Classic, as well as managed pampas and dumps. But in general, the reputation of Poloniex is quite good.

LIQUI

Liqui is a stock exchange based in Kiev with an international team. Unlike most of its colleagues, Liqui proposes the creation of a deposit account, the funds on which are not frozen. To this account, interest is accrued from commissions charged by the exchange. Also, the exchange is marked by a rather tough management style: the administration claims that users will not be contacted about the addition of altcoyins, since all such decisions are taken solely at the discretion of the management.

LIVECOIN

There are a lot of altcoins on the stock exchange, and there is also an opportunity to exchange crypto currency for rubles, dollars and euros. However, to do this, the user will have to say goodbye to anonymity and go through a special verification. To the pluses of the exchange include the storage of client funds on cold wallets. In addition, users note that the work of the support service is well established on the stock exchange. Nevertheless, many of the listed altcoyins have very low liquidity and therefore may present a certain danger to unsophisticated users of crypto currency.

YUNBI

This is one of the largest altcoin exchanges in China. In early 2017, it became famous for auditing bitcoin-transactions and freezing Ethereum's output. Despite this, many traders prefer this particular stock exchange due to the large choice of trading pairs.

BITTREX

This American exchange can be of interest to users who put money safety above user experience. In addition, the Bittrex presents perhaps the largest number of altcoyins. Another significant plus of this trading platform is a fairly simple verification procedure, as a result of which it is possible to increase the maximum output per day to 100 BTC. That is much more than we say for Poloniex, the main competitor of Bittrex in the market of altcoyins. The shortcomings of the exchange include the slow work of the support service.

In what and how much to invest

Many novice crypto people are desperately looking for advice on what to invest in, and often find those who are willing to give such advice. Nevertheless, professional traders argue that investing in anything solely on the basis of someone's statements is a rash enough decision, and it is advised to conduct their own investigation of the coin they are going to spend their money on.
Preparation for investment involves studying not only forums and thematic media, but also reading the Whitepaper project. After all this, it is already possible to consult with experts. If you take this precaution seriously, this will significantly reduce the risk of losing all invested funds.

Another question that professional traders often hear from beginners is how much they should invest in one or another coin. Although it sounds somewhat provocative, it already has a well-known answer for a long time.
Professional traders, heads of exchanges and just experienced players of the altcoin markets unanimously recommend investing exactly the amount that the user can afford to lose.

Lack of regulation and deposit insurance makes cryptoinvestment and cryptotrading risky operations, and responsibility for them can only be borne by those who directly implement them.
Exchanges and wallets

Having bought a crypto currency, a beginner immediately faces the problem of storing it.
The most reliable, admittedly, way is to withdraw funds for a cold wallet, for example a carefully protected USB flash drive, on which the records of your crypto-currency savings are stored. To protect against unauthorized access, a variety of methods can be used - from cryptographically generated passwords to biometric identification.
If the user is not going to make a long-term investment, this method can be inconvenient because of the need to frequently resort to such a purse. If there is a need to perform transactions with crypto currency relatively often, it makes sense to have a "hot purse" - an online analog of a cold wallet. However, in this case, there is a risk of hacking and theft of funds.
For this reason, most experts recommend keeping the "hot" storage small sums necessary for daily operations, and the main means to store in a "cold" purse.

If most of the operations with the crypto currency are made on the exchange, then it is more reasonable to keep funds directly on the exchange in order to avoid regular expenses on the commission. This solution is both the most convenient and the most unsafe way to store cryptosaving, because exchanges in theory can block the withdrawal of funds, be hacked or simply go bankrupt, as has happened more than once.
Svetlana also recommends using unique passwords and two-factor authorization with a separate device (usually a smartphone), and never in any case store all the funds in one place. Such security measures are offered by most existing exchanges.
Although most altcoins are positioned as trustless, trust is still necessary when it comes to the human factor. In the end, the only rationale for any investment, short-term or long-term, is faith in the object of this very investment. Similarly, the user must trust the wallet that he uses and the exchange where he buys and sells crypto-currencies. The success of the trader is determined by the degree to which this trust is justified.
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