1. Only use a cryptocurrency exchange/broker
It is important to note that cryptocurrency exchange is not part of or similar to any regular stock exchange. It is suggested that you use an exchange/broker that purely specializes 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.
2. Mitigate the risks of high volatility
The cryptocurrency market is exceedingly volatile in 2018 – everyone wants to take their pick and become quickfire rich! If you have the correct methodology, you can make a fortune quite quickly but then you may also lose it very quickly too. It doesn’t matter if you trade in Bitcoin, Litecoin, Ripple or another coin. Therefore, it is best to have a bit of patience and consider mitigating risks with all your funds.
The LeoPrime advantage: You are in safe hands with LeoPrime because we provide the stable and safe top coins to trade in, such as Bitcoin, Ethereum, Litecoin, and Ripple. The world of cryptocurrency is diverse and growing rapidly, with new coins being created frequently. So, by trading with the cryptos that LeoPrime offers, which are sometimes written as top coins, the chances of losing everything are quite slim.
3. Trade cryptocurrency on the stock market
If you are a beginner to cryptocurrency trading, then it is highly recommended that you look at the option of trading cryptocurrency stocks on the stock market. It is worth a shot but only if you are new and you want to learn how crypto trading really works. With Bitcoin’s GBTC being the main stock this year, it is worth noting that Bitcoins are cheaper than buying shares of the GBTC Trust. But we would highly recommend that you learn more about the GBTC Bitcoin Trust and the related advantages and disadvantages before you start your crypto trading journey!
4. Don’t put all your eggs in one basket
Don’t use all of your funds to trade in a single coin. Why? Because you’re putting yourself at risk of going through a tough time trading. As pointed out earlier that cryptocurrencies are volatile and are seriously subject to crazy swings of highs and lows (one day it could be all great and another day you wish you never traded!). No doubt that this can result in you not making enough to break even or waiting a very long time until you break even. There is a serious potential to make serious money but you need to make sure that while some coins fall, others may arise. Bitcoin is one of the more “stable” cryptos out there and has a great reputation but again, be careful when you trade.
LeoPrime’s cryptocurrency account allows some of the premium cryptocurrencies in the market till date to be traded through off-exchange OTC transactions.
