Trading cryptocurrency can baffle even the experts, especially when a new form of trading comes into play. With new cryptocurrencies and things like NFTs and digital financing platforms popping up more regularly, it helps to know where one can trade crypto. Keep reading for some tips on trading cryptocurrency.
Remember the Regulations
Crypto has come a long way since it was introduced. Now there are certain markets that are banned from doing business in the U.S., and a lot of regulations have been put on the industry ever since. It is recommended that you research and keep those regulations in mind as you foray into crypto trading. That way, you are trading on federally approved markets and you do not accidentally do something shady.
Where to Trade Crypto
One of the most popular ways to trade crypto is on a cryptocurrency market. Such markets can be accessed via apps like OKX trade spot or just typing it into your browser. A lot of these markets require you to have a profile set up, so you will have to get all of that squared away before you can start making deals.
What You Need to Start Trading
Unlike most websites and platforms, you need more than just an email, username, password and two to three security questions set up. To trade cryptocurrency, you need a lot of things to confirm your identity and to keep your money and identity secure.
First, you need an ID, like a driver’s license, to confirm that you are who you say you are. A lot of trading platforms and apps will ask for your physical address as well. Once you have all of that set up, you also need to set up security measures such as two-factor authentication and extra encryption. Doing so will prevent everything getting stolen by the frequent hackers that plague the crypto trading industry.
Next, you need to have some cryptocurrency. If you want to go for the original to start, look into bitcoin. Other popular options include Ethereum, Tether and XRP. Whatever you choose, make sure it is stable and can give you the ability to exchange for what you want.
Finally you will need a record of all of your transactions that you can access at any given moment. It is unfortunate, but there are frequent instances where people lose everything they have and there is no way to recover if they have been scammed out of everything. This is where that record comes in. By keeping a detailed record of all of your transactions, you do not run the same risk and can pick up the pieces after a breach, theft or other crypto related disaster.
There are a lot of things to consider and obtain when it comes to trading crypto. However, the process can be virtually painless if you do it right. Keep this article in mind when you begin trading crypto so you know where you are going and what you need to be safe and wise on the market.
Read more: 6 Apps to Get You Started on Crypto