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There are more than 100 million crypto traders currently in the market. The reason behind the popularity is because cryptocurrencies future looks promising. There are speculations that the price of the most popular crypto, Bitcoin, might reach near $20,000 soon.
However, despite knowing everything, many people are hesitant towards this digital currency because their basics are not clear. Thus, we bring here the five most basic crypto trading questions which every user wants to know.
Let’s Start!
Q1. What is Cryptocurrency?
In the simplest explanation, just like any other currency in the world, cryptocurrencies are a virtual form of money which can be used to make online transactions with the help of a digital platform. These are not physical coin; they exist only on the internet.
Some notable features of this virtual currency are – it is decentralised and thus, not controlled by any single entity. Second, no interference from any external party like the government to manipulate it. Third, these are transparent and utterly secure to trade.
Q2. What are some popular cryptocurrencies?
Currently, the world has over 1300 cryptos in the world which has a market value of over $587 billion. Note that these currencies can be created by programmers using the blockchain technology and cryptography.
In these 1300 currencies, only a few were able to establish themselves as a trustworthy exchange medium. These include,
Bitcoin (BTC)
Establishment Year: 2009
1 Bitcoin = $9400 (2020)
Ethereum (ETH)
Establishment Year: 2015
1 ETH = $245
Ripple (XRP)
Establishment Year: 2005
1 XRP = $0.2
Litecoin (LTC)
Establishment Year: 2011
1 LTC = $45
Q3. Is Trading Cryptocurrency Illegal?
It depends on your country. For instance, top developed nations like USA, UK, Canada, and Japan consider the crypto as a legal tender. However, many nations like Nepal, Pakistan, and Algeria have banned this digital transaction system.
Q4. How to Trade Cryptocurrencies?
Educate Yourself: The first step to successful crypto trading is to read and learn a lot of related knowledge. There is a vast era of expertise required to be a profitable crypto trader. One must be able to know how to trade, strategies, trading techniques, tools, and indicators.
A piece of basic knowledge about cryptos is also necessary. A trader can read books, articles, journals, watch videos, learn from courses, and observe other successful traders’ style to build your own.
ROinvesting broker’s educational portal has a vast material for you. All the fundamental and technical knowledge about trading could be learnt from there. Just make an account with us and go to the education icon on the top.
PS: A must-read on your list should be THE WHITEPAPER.
Find a Broker: It is the most crucial steps of all. Choosing the right broker is requisite; otherwise, you can lose serious bucks. Make sure that the broker is licensed and regulates under a financial body.
ROinvesting, a trading name of Royal Forex Ltd, is regulated with CySEC, the financial body of Cyprus. We offer services and products for trading from markets like forex, indices, stocks, commodities, cryptos, etc.
Choose the Crypto: As we told you, there are around 1300+ cryptos in the market today, and obviously one can’t trade all of them. Choose a few from them and make a list of it. Try to choose the top currencies because there are many small ones in the market, whose existence period is not guaranteed.
Research: The next big step is researching. Observe, analyse, and read about the currencies you chose. Keep a watch over them for few days before investing.
Invest: After all the hard work, it’s time to trade now. However, the work doesn’t end here. Keep track of the prices and balance your portfolio from time to time.
If you are thinking of day trading, then make sure to not fall for emotions like fear and greed. Take control of your mind and learn to be patient.
Q5. How to Create an Account with ROInvesting?
Creating an account with us is a simple three-step process. Let’s start.
Step 1: Fill the Form: Go the website www.roinvesting.com. Click on the top-right icon OPEN ACCOUNT. Fill the form, provide necessary details, and submit documents for verification.
Step 2: Deposit the Funds: Start your trading journey by depositing the money in your account to buy and sell cryptos & other financial instruments. Remember the minimum deposit amount to open an account with us is $250.
One can also go for our free demo account service before entering into real trading to get the experience.
Step 3: Buy/Sell: Now, the last step is to start trading. Invest your valuable fund rationally. You can take the help of our indicators, signals, and other tools to predict the prices.
The Bottom Line
ROinvesting is a Cyprus based brokerage website which offers excellent trading services at competitive prices. We are also the official CFD partner of soccer club AC Milan. Apart from a wide range of assets and commission-free trading, our other services include high leverage, accessible trading platforms, and free withdrawal and deposit policy.
A trader can open the account with us here, demo and live both.
