Crypto trading is a popular activity that many crypto-savvy individuals engage in, and quite successfully. Cryptocurrency prices are volatile, which makes it possible to make both long and short-term profits. The only requirement is that you have enough practice and knowledge about the market and cryptocurrency trading.
Several common trading strategies have been developed specifically for this market:
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Intraday trading
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Swing
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Scalping
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Position trading
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Arbitrage.
All of these trading patterns refer to different periods between the start and end of a position on a crypto trading platform, as well as the use of different tools such as bots. Bots automatically track the market and buy cryptocurrencies according to the settings the user has specified for the bot.
How to start trading? Regardless of the strategy you pick, it all begins with buying cryptocurrency. Let’s discuss this first step and take the WhiteBIT cryptocurrency exchange as an example.
Buying Your First Crypto on the WhiteBIT Crypto Trading Platform
WhiteBIT is a cryptocurrency exchange suitable for beginners. It has a user-friendly interface and all the tools you need for efficient trading. To buy cryptocurrencies, you need to:
- Register an account on the exchange and verify it.
- Add your bank card to your account and move real money (dollars, euros, British pounds).
- Open the trading section and select the cryptocurrency you want to acquire. The calculator will display the current exchange rate of the cryptocurrency.
- Pay the commission and proceed with the transaction.
The WhiteBIT platform offers demo crypto trading, which helps beginners to gain enough practice, experience and confidence in trading. A demo account proposes demo tokens you use for any trading tool. It efficiently works with an intraday trading strategy when you open many trading positions in one day, reacting to slight market fluctuations. Such intensive trading is the most efficient way for you to receive experience.