Interestingly enough, out of all the cryptocurrencies that are available for trading on the market, Bitcoin has perhaps evolved the most, and is perhaps one of the most popular forex trading investments available.
As we have mentioned before that forex trading is most certainly not easy for new beginners. In fact, it can even be tricky for even the most experienced traders amongst us. If you get it wrong in forex trading, then you risk making huge losses and this can lead to a failure trap for many inexperienced and undisciplined traders. On top of the tips provided in this blog post, we are delighted to present some more inside tips on forex trading that you can use to avoid disasters and maximise your potential to win!1. Plan your goals
In recent years, investing in various cryptos, including Bitcoin, Litecoin and Ripple has become very popular- even with those people who know not much about cryptos but are keen to see if they can cash in on the trend.
This craze for trading in cryptos has seen many brokers listing various currencies such as Litecoin, and Ripple.
An exchange and broker may sound similar but they are in fact very different from each other. Let's take a look at why.
It’s a question which often gets asked by crypto traders. Indeed, while there is no real inherent value in any of the cryptocurrencies, it may be worth noting that cryptocurrencies were designed as a unit of exchange and as a safe place to store assets without being a burden on any central bank.
1. Only use a cryptocurrency exchange / broker
It is important to note that a cryptocurrency exchange is not part of or similar to any regular stock exchange. It is suggested that you use an exchange/broker that purely specialises in cryptocurrencies, such as Coinbase, Binance, Bitpanda, Coinmama etc. (there are lots). There are also options for you to choose others such as GDAX, which is the advanced version of Coinbase but with lower fees. It cannot be stressed more than enough that none of these is the same as Wall Street and its exchanges. Effectively, the mechanics are similar, but different specifics and entities.