Crypto Currency Trading: Guide for New Traders
Crypto Currency Trading: Guide for New Traders
As a new trader entering the world of cryptocurrencies, you are about to enter an exciting but complex market. To be successful in this market you need to know some basics.
What is Crypto Currency?
Cryptocurrency is a digital or virtual currency that is secured through blockchain technology. It is not controlled by any central government or economic agency, which makes it unique.
Which coins to buy?
There are many types of cryptocurrencies on the market, but the most popular coins for new traders are:
- Bitcoin (BTC): The first and most popular cryptocurrency.
- Ethereum (ETH): A blockchain platform that supports smart contracts and decentralized applications.
- Binance Coin (BNB): Binance exchange's own crypto currency.
- Tether (USDT): A stablecoin pegged to the US dollar.
How do you know if the price of a coin can go up?
Cryptocurrency prices depend on many factors, such as:
- Market Demand: The more people want to buy a coin, the higher its price will rise.
- Supply: If the supply of coins is limited, the price may increase.
- Technological Improvements: Technical improvements to a coin can increase its price.
- Market News: Market news and events can affect the coin's price.
WARNING
Cryptocurrency trading is risky and the market is extremely volatile. So adequate research and market analysis should be done before investing.
Hope this article helps you in your cryptocurrency trading journey. Always be aware and consider all aspects before investing. Good luck!
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