Crypto is digital money with no physical form that does not depend on central banks and works in its own ecosystem. The emission of digital assets is not on the part of the governmental decision – it is laid in the crypto algorithm at the stage of coin development. The absence of control explains why crypto is so unstable – prices in this market fluctuate depending on various factors:
- Demand and supply, competition
- Economic situation in the world, inflation
- News background
- Technology and application of every specific project
Analyzing these factors helps a trader understand when it is the best time to enter the market and leave it, receiving a profit.
Cryptocurrencies trading really allows earning enormous amounts, playing on the market trends changes. To start a crypto trade, you should first buy crypto and then pick a strategy. Let’s discuss it.
How to Buy Crypto?
To become an owner of a crypto asset, you should pick a crypto platform and buy cryptocurrencies. It is recommended to begin with centralized platforms, which are safe and offer convenient tools. To buy assets, you may use your bank card with fiat currencies. Euros, dollars, and pounds are supported on WhiteBIT. Just follow the steps:
- Register on the platform
- Verify your account
- Deposit fiat to your account
- Go to the converter
- Select your currency and the coin you want to buy
- Pay the fee
How Do Trading Strategies Work?
Depending on the period between opening and closing a position on the crypto exchange, trading methods are divided into the following types:
- Scalping (tiny trades that last for 2 – 15 minutes, allowing to take out small portions of a profit many times a day)
- Day trading (the position is opened and closed within 24 hours)
- Swing (may last from a week to a couple of weeks)
- Position (many weeks or months holding coins without selling them)
To try the strategies and understand how they work, you may use the WhiteBIT demo trading option.
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