How to trade cryptocurrency?
How to trade cryptocurrency?
A cryptocurrency exchange, or a digital currency exchange (DCE), is a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. Exchanges may accept credit card payments, wire transfers or other forms of payment in exchange for digital currencies or cryptocurrencies. A cryptocurrency exchange can be a market maker that typically takes the bid-ask spreads as a transaction commission for its service or, as a matching platform, simply charges fees.
Cryptocurrency traders often have one of two goals: to accumulate Bitcoin or make a profit in USD. In a crypto bull market, it’s pretty easy for your portfolio to increase in USD value, but it’s more challenging for Bitcoin value to increase.
How do cryptocurrency markets work?
Unlike traditional currencies, cryptocurrencies exist only as a shared digital record of ownership, stored on a blockchain. When a user wants to send cryptocurrency units to another user, they send them to that user’s digital wallet. This is also how new cryptocurrency tokens are usually created. Decentralized exchanges are resistant to security problems that affect other exchanges, but as of mid-2018 suffer from low trading volumes
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Trading Venue
The buying and selling of cryptocurrencies are done on cryptocurrency exchanges. A trader needs to open an exchange account by filling out an online form. Most exchanges feature an order book that will indicate what traders are buying and selling and where they are doing this.
The cryptocurrency market can be daunting for beginners and seasoned traders alike due to the vast amount of jargon and processes involved. We’ve broken it down into six simple steps to help you better understand the cryptocurrency market and how to trade it:
- Decide how you’d like to trade cryptocurrencies
- Open an account
- Install Metatrader 4
- Install expert advisors
- Install and attach indicators
- Open, monitor and close your first position
