Discovering the Safety Secrets of Crypto Trading
2022 was the year when the Crypto Market crashed. Many people lost their fortune due to the market conditions, and not a few quit because of the stress. This is the point where almost everyone argued over the crypto-market stability. And this condition wasn't only applicable for Crypto, but also for the other financial markets.
However, in 2023, Crypto began to rise again. It could perhaps be considered the heyday of cryptocurrencies and blockchain. As speculated by the experts, 2023 will be a huge year for the Crypto market as the market began its full recovery. As time goes by, many have decided to (re-)enter the market, including MEMAG and CCHG.
So, if you want to start, 2023 will be a great year. For those interested in investing in Crypto assets or are still beginners in the cryptocurrency world, here are some things you need to know before starting to trade with cryptocurrencies.
Get to know Cryptocurrency and Crypto Trading.
So, what is a Crypto coin? Cryptocurrency or Crypto asset is a digital asset that uses a public ledger with strong Cryptography to secure online transactions.
Crypto assets work using a technology called a blockchain. Blockchain is a decentralized technology that functions to manage and record Crypto-asset transactions. Part of the appeal of blockchain technology is its level of security.
According to the CoinMarketCap website, until this article was written, more than 10,000 types of Cryptocurrencies were registered and publicly traded.
This indicates that more and more companies or projects are creating Crypto asset tokens or coins as the number of users investing in Crypto assets increases. Thus, Cryptocurrency continues to grow, one of which is by submitting funding through an initial coin offering (ICO).
Meanwhile, Cryptocurrency trading is a transaction activity using Crypto assets, which consists of buying and selling Crypto assets to make a profit. To be able to trade Crypto assets, you need to create an account on the exchange platform and store several Crypto assets in your wallet.
A wallet plays an important part in storing all your Crypto assets within a very safe and kept place.
How Do Crypto Assets Work?
Cryptocurrency is a digital asset backed by blockchain. Blockchain technology maintains a ledger of every Crypto asset transaction on every node that powers the blockchain.
Nodes are computers connected to the Bitcoin network for mining Crypto assets, such as Bitcoin. If any of the miners try to enter a bogus transaction, it will be rolled back by the correct ledger. To carry out transactions or trading using Crypto assets, you must have a set of public keys and private keys. These two keys are passwords generated by your Crypto asset wallet.
Your public key is linked to your wallet address and can make it easier for anyone to send you some Crypto assets. Meanwhile, the private key is used to approve transactions sent from your wallet, and only you have access to your private key.
Users also need a good layer of protection when they trade Cryptocurrencies. There are some VPN services that are specialized for this purpose, like Binance, for example. And it’s always safe when you access your Binance account with VPN. Always pick the ones with reliable services, especially the ones related to Crypto. That way, you can trade more safely every time you want.
The Safety Secrets of Crypto Trading for Beginners
Those curious about trading Crypto for the first time must first know how to trade Crypto for beginners below. That way, you will understand what to prepare before entering the Crypto market.
1. Choose a legal Crypto trading application
The important way to trade Crypto for beginners is to choose a legal application. The legal intent here is that the application has obtained legal permissions.
Even though many advertisements are circulating on the internet, these trading applications are not necessarily legal. You can do the checking on the internet to find out whether an app is legal or not. After that, you need to register and follow the procedure given by the application. Your account is usually active within 24 hours.
2. Pay attention to the terms of the deposit
Those of you who are beginners can really start trading Crypto with low capital. For that, you need to check the terms of the deposit first.
There are applications where the deposit requirements are cheap; there are those that are moderate. Of course, an application with easy deposit requirements is suitable for beginners like you.
This minimum deposit differs from the fee per transaction. You also need to check how much the transaction fee for each application is.
3. Choose a coin or Crypto token that you are happy with
There are thousands of Crypto coins or tokens that you can choose to gain cash. However, you still need to be selective in choosing it. For example, you choose the Cryptocurrency that is traded the most or is the cheapest in price. The criteria are up to you as long as the coins and tokens are legal in Indonesia.
4. Make a purchase transaction first
The next way to trade Crypto for beginners is to make purchases of coins or tokens that you like. Purchases are made with capital that has been deposited. It doesn't matter if you want to start with small capital. Later you can increase the capital over time.
5. Learn technical analysis to make the right decisions
Technical analysis is needed for trading. This analysis helps you chart the price movement of the selected coin or token. Indeed, in the beginning, it is rather difficult to learn at the beginning because there are many terms you may not understand. Try reading an article on how to analyze Cryptocurrency to get initial shadows.
6. Perform regular monitoring
You don't need to enter the Crypto market daily, but you still have to monitor it. The reason is that the Cryptocurrency market is very dynamic. Sometimes it is difficult to predict what will happen in the future. For that, you should not pass to do the monitoring.