March 29, 2024

6 tips for trading the cryptocurrency market for beginners

6 tips for trading the cryptocurrency market for beginners

The first acquaintance with the cryptocurrency market can result in loss of money for beginners, since digitalcurrencies are a highly volatile asset. In order for a novice investor to protect his investments from losses, he must strictly follow certain rules, writes RBC Crypto.

Experts gave tips to newbies to help them get the most out of the crypto market and reduce the number of failed trades.

Choose a reliable crypto exchange

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposits and withdrawals of funds inrubles, hryvnias, dollars and euros.

The reliability of the site is primarily determinedtrading volume and number of users. By all key metrics, the largest cryptocurrency exchange in the world is Binance. Binance is also the most popular crypto exchange in Russia and the CIS, since it has the largest cash turnover and supports transfers in rubles from bank cardsVisa / MasterCardand payment systemsQIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

# Exchange: Website: Rating:
1 Binance (Editor's Choice) https://binance.com 9.7
2 Bybit https://bybit.com 7.5
3 OKEx https://okex.com 7.1
4 Exmo https://exmo.me 6.9
5 Huobi https://huobi.com 6.5

The criteria by which the rating is set in our rating of crypto-exchanges:

  • Work reliability— stability of access to all functions of the platform, including uninterrupted trading, deposits and withdrawals of funds, as well as the duration of the market and daily trading volume.
  • Commissions– the amount of commission for trading operations within the platform and withdrawal of assets.
  • Feedback and support– we analyze user reviews and the quality of technical support.
  • Convenience of the interface– we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
  • Platform Features– availability of additional features — futures, options, staking, etc.
  • final grade– the average number of points for all indicators determines the place in the ranking.

Don't search for little-known tokens

Search for small cryptocurrencies by capitalization withThe goal of an investment that can “shoot” is a very difficult task, associated with high risks, says Denis Voskvitsov, head of the fintech company Exantech. According to him, this approach requires a deep immersion in the industry. Therefore, the expert does not recommend this for novice investors.

Denis Voskvitsov advises beginners to focus on a few of the top 10 tokens in terms of capitalization, which can bring good profits in the long term.

Don't use leverage

At first glance it may seem thatMargin trading is created for beginners, but it is worth remembering that leverage is other people’s money and other people’s assets, explained Maria Stankevich, development director of the EXMO exchange.

According to her, leverage with a competentuse allows you to achieve greater profitability, however, beginners often trade haphazardly and unprofessionally, which is inadmissible with this approach.

Develop your own trading strategy

When buying and selling an asset, you must havea carefully prescribed mechanism for performing their actions, said Andrey Podolyan, CEO of the cryptorg.exchange crypto exchange. He argues that in the modern exchange world, robots account for the largest earnings, since they strictly follow the rules and are not subject to psychological fluctuations.

“Bots are not influenced by the element of psychology that live traders always experience. Psychology is an important factor that often interferes with earning. "- added the expert.

Close the deal on time

In the cryptocurrency market, there are oftensituations when assets are growing rapidly and signs of excitement appear, says Denis Voskvitsov. In this situation, it is worth remembering that rapid growth can turn into massive sales, he warned. According to the expert, at such moments it is easy to lose vigilance and succumb to euphoria.

"The market often punished those who did not have time to jump out of the hype in time", - said Denis Voskvitsov.

Examine assets

The more information about an asset is owneda trader, the more harmonious his trading is, says Andrey Podolyan. He advises combining technical analysis with fundamental in order to have an idea of ​​what is happening with the asset.

There are situations when a coin falls in price or stands still and a trader loses interest in it, but there is important news or a project update ahead that can affect the price, the expert explained.

6 tips for trading the cryptocurrency market for beginners

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