How to Trade Cryptocurrencies?

One of the most important days in the history of cryptocurrencies took place on November 28, 2017; on this day, Bitcoin reached the mythical $10,000 exchange rate, a record-high valuation that made news headlines around the world. Ever since the first few bitcoins were mined in 2009, investment analysts and economists viewed the cryptocurrency world as a dark and enigmatic place; however, such opinions started to change a couple of years ago, and now people around the world are wondering how they can enter this world and trade cryptocurrencies.

Profit from the Fluctuating Worth of Cryptocurrencies

Maximizing your gains from the exchange rates of crypto-coins
Trading Bitcoin and other digital currencies is a financial activity that is similar to forex trading in quite a few ways. The basis of trading cryptocurrency is to take advantage of the exchange rate; this can be accomplished by either acquiring a digital currency or converting it to fiat. Currency pairs form the basis of the forex and cryptocurrency markets; for example, the most traded pair in forex is the euro against the United States dollar, which is expressed as EUR/USD while the most active cryptocurrency pair is Bitcoin against the greenback, expressed as BTC/USD.
The values of currency pairs are indicated in the currency to the right; in late November, these approximate values were EUR/USD = $1.19 while BTC/USD = $10,000. All currencies, paper and digital, fluctuate in value due to several factors; this fluctuation makes them adequate for profitable trading. An American forex trader who thinks that EUR/USD will rise in value in the near future due to positive economic news from the Eurozone may purchase EUR/USD and convert to dollars when the value approaches $1.25; likewise, a trader who believes that Bitcoin is unstoppable may invest $100 today in BTC/USD, which comes up to about 0.0101 millibitcoins, and if BTC doubles in value in 2018, that investment would turn into $200.

Using Popular Cryptocurrency Exchanges

Buy Low, Sell High
In essence, cryptocurrency trading consists of acquiring digital currencies at a favorable price today and converting them into a profit in the future; this is the proverbial investment strategy known as "buy low, sell high." Trading cryptocurrencies can be accomplished at the following exchanges:
  • Bittrex
  • Coinbase
  • Poloniex
  • GDAX
Opening an account at one of the aforementioned cryptocurrency exchanges is an easy process; each account enables traders to get electronic wallets for various digital currencies such as Bitcoin, Litecoin, Ethereum, Ripple, and others. It should be noted that these exchanges are highly reputable and liquid, which means that funding, withdrawals, and trades are executed with a high degree of efficiency and reliability.

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