How to start Crypto Trading | Beginner’s Guide

There are many people who have started trading crypto but they failed to make money. Some others made a fortune and some are still waiting to get a profit. So, in this article, we are going to share with you how to start crypto trading.

Steps on how to start crypto trading for beginners?

Do you want to start trading crypto? If yes then you are the right person, because we have seen people who have started trading and they earn a fortune. They made huge profits in just a few days and their portfolio has increased.

But, we would advise that if you don’t know the market and if you don’t have the skills then you cannot expect to make a fortune. In short, you should be a bit lucky to make a fortune in the crypto market.

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Cryptocurrency is a hot topic these days. There are so many people who are getting into crypto trading. This is an opportunity to become rich. You will have to invest in crypto. Investing in crypto is quite easy. You just have to follow some simple steps. 

The first step is to learn about crypto. To learn, read books, and get articles from different sources. After that, learn about the market. You can learn about the market from various sources online and offline. Learn about the trends and which coins are undervalued or overvalued. After learning, it is time to invest. You have to start by setting aside a small amount of money. You have to remember that you cannot go wrong if you put in a small amount of money. Keep investing until you achieve your goals.

Can you get rich by crypto trading?

Yes, you can get rich by trading cryptocurrencies. One reason for this is that the value of Bitcoin has been on the rise over the past few years. The value of one Bitcoin in 2017 was about $8,000. Now, one Bitcoin is worth more than $20,000.

If you are thinking that why you need to start trading, then you should know that a successful trader will make at least 30% profit each year and if you buy the right coins then you can make a huge profit within a few days. The most effective way to trade is with a small percentage of your money, otherwise, you might lose more than you earn.

A lot of people think that they can’t get rich doing cryptocurrency trading. It’s true that cryptocurrencies aren’t for everyone. But if you have the right information then you can definitely make a lot of money. You just need to learn the basics first and you will be able to understand and trade well.

Recommended – How to open and fund a Bitcoin wallet in Nigeria

Is crypto good for beginners?

If you have a decent understanding of the market and you are ready to risk some money then you are the perfect person for this trading. In fact, you can make a fortune and if you are not a beginner then you can make huge profits.

How to start crypto trading

Before you start trading, we would recommend that you should invest your own money and you need to be clear about your goals. Here are some of the things that you need to focus on if you want to learn how to start crypto trading.

1. Choose the right coin

First of all, you should choose the right coin for trading and make sure that it will increase your profit. If you are new to the market, you need to research and learn which coin is trending in the market.

2. Research the market

It is very important to know about the market, because if you are not aware of the current trend then it will be very difficult for you to make a profit. It is very important for you to know about the market so that you can predict what will happen in the future.

3. Learn the basics

There are many people who are making a fortune by trading. It means that they have some skills and they are good at predicting the market and they are not new to the market. So, it is the best way that you should follow.

4. Create a trading strategy

It is very important for you to have a trading strategy, because if you don’t have a strategy then you cannot predict the market. You should be able to understand what will happen and what will not happen in the future.

5. Set a stop loss

You should set a stop loss when you are trading. It will help you to avoid the loss of your money.

6. Have a plan

You need to have a plan for the whole trading process because without a plan you cannot make a profit.

How much should you invest in crypto every month?

As a general rule of thumb, you can expect to spend at least 2% of your gross income on cryptocurrency. If you’re a student or working on the minimum wage, then this will be more like 3% to 4%. For a full-time job, it might be closer to 5% or 6%, especially if you’re making over $100,000 a year. That said, there are always exceptions and there are many other factors that go into determining how much money you should be investing.

The important thing to remember is that you shouldn’t invest more than what you can afford to lose. Cryptocurrency trading can be a tricky business, especially when you’re just starting out. Learn how to navigate buying the dip in the crypto market.

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Best crypto trading platform

If you are ready to trade crypto then you should follow some simple steps. First, you should find a reliable crypto exchange platform. There are several options for you to choose from. You should look for an online crypto exchange that is safe and has a good reputation. There are many companies in this industry. 

The most important thing to consider when choosing a cryptocurrency exchange is safety and security. The best exchanges are the ones that use the latest technology to keep your cryptocurrency secure. Many of the newer exchanges have already proven themselves secure enough to use, but it is still something to consider when choosing an exchange. Cryptocurrency trading can be a tricky business, especially when you’re just starting out.

Many people have lost their money because they chose the wrong one. The best crypto exchange in Africa is Bitmama.  If you are wondering what makes Bitmama special, it is because we have a lot of user-friendly, easy-to-use features that make our users stick with us.

Recommended – Best crypto wallets for Nigerians

After all is said and done

Even though crypto trading can yield quick profits, you must do your homework and learn the ropes. This is because a single blunder could result in your entire income being wiped out. If you trade effectively, crypto trading can yield large returns for those who have mastered the game.

Alternatively, you can trade with professionals who will teach you the ropes before you start trading crypto. Failure to trade cautiously not only jeopardizes your investment but also makes it difficult to benefit from cryptocurrency trading.

Now, it is time to decide if you should be a crypto trader or not. Whatever your decision, always know that Bitmama is here to support your cryptocurrency journey. 

Good thing is, you do not have to be a crypto trader to benefit from crypto. As always, at Bitmama, we are the number one champions of #CryptoBeyondTrading in Africa. Download our app on iOS or Android today to enjoy several other use cases of Crypto.


Confidence Chukwuemeka

Dec 5, 2022

6 mins read

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