Steemitcryptoacademy | my submission post for alphafx

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Hello steemians welcome to my blog once again, am writing in response to the task given by the professor after his lectures. Thanks for reading through my post

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professor-@alphafx

week- season 2 week 3

topic - trading vs holding

task to cover

Do you hold any coins? Talk about the wallet type you prefer/would prefer holding in
With screenshots, show how to perform spot trading on any pair of your choice.
Holding or trading, which do you prefer and why?

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Before I proceed I will like is to have a brief knowledge about what trading and holding is for the sake of newbie that will read this post.

HOLDING

In terms of cryptocurrency it is normally written this way HODL it means to buy a coin and keep it for a long period of time before selling in other to make a huge profit. Hodl sometimes help to reduce the risk of loosing money due to the volatility of cryptocurrency in short term.

trading

In simple words is the buying and selling of coins through an exchange. This exchange could be binance, houbi, quidax etc..

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Back to the question you do hold any coin. Yes currently am holding few cryptocurrencies like steem, tron, litcoin, freecoin, smartchain all in my preferred wallet which is trust wallet.

I preferred holding my coin in trust wallet because it’s is a Web 3.0 wallet and it easy to interact with other dapps exchange etc. trust wallet is decentralized wallet which means no body or organization or government owns it you decide what ever happens. And a decentralized wallet is always difficult to tempered with by hackers unless you disclose your private keys.

Also since trust wallet is decentralized you completely own all the asset in your portfolio unlike the exchange which you ain’t sure of your asset because they might close one day. Trust wallet is recoverable if by any means you lost it, through your private keys known as 12words phrase which trust wallet will ask you to copy and store safely while signing up.Trust wallet is a multin-chain wallet and can support varieties of coins that want make it one one the best.

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With screenshots, show how to perform spot trading on any pair of your choice

I’ll will be using binance to show how to spot trade to get started firstly you have to open an account with binance which you do with either mobile number or Emil and a password of your choice

You click on register and a page will be displayed were you will put your email and password

After this step you click on crate account your account has been created successfully. Them binance will ask you to set authenticator either google or sms for further security.

After that you have more 1 step to go since it is centralized the head makes decisions on what happens for the exchange to known you well you before you can start trading you have to verify your self with any valid documents reason is in other to increase your withdrawal limit too. To do that

When you click on the marked red circle that your profile them if your account not verified it will display so you verify it.

Click on verify to go to next page

^{Click on start}

This page is we’re you fill all your basic information after that you click on submit and continue

This page you choose the one that will be suitable for you for this lesson I chose I’d card and it took me to this page.

This is we’re I’ll put my valid I’d card from and back and continue with face verification after that if your information provided is valid your verification will be successful. Them you can now buy, and carry out spot trading

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how to spot trade

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When I opened by binance app, at the down side I’ll click on trade , then it will take me to a page we’re I’ll see convert, fiat, spot, margin, feature , p2p them I’ll click on spot

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After that you choose your trading pairs, them fund your account with the one you want to use to buy btc usually usdt set your limit and then buy btc by clicking on the buy botton

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Holding or trading, which do you prefer and why?

Holders and traders are still profitable as a crypto investors before you choose any of this you should check your self to know the one your good at. If really your a long term investor them you can go for hodl and if you are afraid of taking risk, loosing money. To me I prefer to hodl because I Believe you loose much more money in trading than holding when it comes to loss. During downtrend holder still have hope it will uptrend in the nearest future. When it come to profit the both makes huge profit but in trading its just a short term why in holding you have to wait for a period of time to meet your desired target. Another aspect I love holding is because I will not do much technical analysis rather fundamental analysis. A crypto trader will always want volatility to make profit while me as a holder will want crypto to be stable even if it’s not stable I won’t have much to bother.

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Thanks for reading through my post.