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Knowledge

Cryptocurrencies are a new area of interest to many financial traders. If you are new to the crypto space, here is the most basic beginner's cryptographic knowledge of cryptocurrency trading.

What is Cryptocurrency trading?

Cryptocurrency Trading (Crypto Trading) is the establishment of positions in the direction of the price of each cryptocurrency against the dollar or against other cryptocurrencies. Contracts for difference are a popular choice among traders as they allow flexible trading with leverage in long and short positions. Cryptocurrency trading involves buying and selling cryptocurrency using trading platforms or cryptocurrency exchanges. Some popular cryptocurrency trading platforms can be mentioned as Binance, Coinbase, and MEXC, ...

Crypto trading strategies

  • Scalping Trading: A short-term trading strategy, even just minutes or seconds to get instant profits.
  • Day Trading: A trading strategy that involves holding assets within a day, i.e. entering and exiting a position on the same day.
  • Swing Trading: A trading strategy where positions are held for a few days or weeks, following short- to medium-term trends, usually between 1 - 30 days.
  • Position Trading: A trading strategy that focuses on the long-term price changes of an asset, in which traders look at large price changes to achieve maximum profits.

Crypto Trading Guide

Here is the knowledge on how to trade crypto. Basically, cryptocurrency trading will follow the following steps:
  • Step 1: Find the right exchange
Binance is the world's largest exchange by trading volume. You might consider using this exchange. If you don't have an account, sign up for Binance here to get 20% off trading fees for life.
  • Step 2: Deposit money into your account
You need to set up a crypto wallet to store your assets. Then, top up the crypto wallet to start making transactions.
  • Step 3: Choose the right cryptocurrency
There are many cryptocurrencies on the market, you can consider choosing big coins like Bitcoin or Ethereum or others.
  • Step 4: Choose the right trading strategy
This is an important step in cryptocurrency trading, you need to carefully consider your investment conditions to make the right choice. If you know how to use fundamental analysis and technical analysis properly, you can achieve very high profits.
  • Step 5: Secure your property
It is important to store your cryptocurrency in a safe place, you can choose between a hot wallet or a cold wallet to protect your assets.

Conclusion

In the Knowledge category, WikiBinance provides you with the most basic crypto knowledge to conduct cryptocurrency transactions in general and trade on Binance in particular. Besides the Knowledge section, you can refer to the following directories: Note: All information we provide is not investment advice, we are not responsible for any financial risks users face during trading.

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