Millions of people are looking for ways to trade cryptocurrencies these days. Most of them have realized the potential of this market and how they can change their lives if they invest at the right time. In addition to investing at the right time, you also have to make sure you choose the right teacher to teach you how to trade cryptocurrrencies. That’s where Ido Fishman has proved to be an invaluable and indispensable asset to the online cryptocurrency world.
Ido Fishman is a successful crypto investor who is willing to share his knowledge with others so they can benefit from this market too. Here is what he wants you to know about crypto trading.
Basics of Cryptocurrency Trading
The basics of this type of trading are the same as any other format of trading. You buy an asset against another asset and hold on to it until the right time has come to trade again. At the moment, you can’t trade a variety of assets against cryptocurrencies. For now, you are limited to trading some fiat currencies against them. In addition to that, you can trade one digital coin for another digital coin if you already have one. There are multiple ways for you to trade digital currencies and you have to make sure you pick the safest one.
As per Ido Fishman, “If you think the first platform you have discovered for crypto trading is the best, you are about to make a huge mistake. There are multiple ways to trade crypto and hundreds of platforms to choose from. Make safety and security your priorities and you will definitely make the right choice.”
You can trade on an exchange where you buy a digital currency against a fiat currency or another cryptocurrency. In the case of exchanges, you buy or sell real digital currencies and fiat currencies against each other. Another way to trade is through a cryptocurrency broker that provides you this type of trading in the form of CFDs. With this method, you don’t have to trade real digital currencies. Instead, you trade only CFDs and make money from correct predictions on the prices of assets.
Factors to Consider before Cryptocurrency Trading
You have to consider a variety of factors regardless of the type of asset you are about to trade. The ones you have to keep in mind while trading digital assets are as follows.
Regulatory Steps Affect the Market
The world of cryptocurrencies is still battling the regulatory game. There are regulatory bodies in various countries that seek clarity around cryptocurrencies, what they are, and how investors can benefit from them. In a way, you can say that this is the least regulated market and that’s why any news about regulation can send the market into a nosedive.
Influencers and Celebrities Matter
Influencers and celebrities are important people but their statements do not matter much when you talk about forex or stocks. On the other hand, if Elon Musk passes a statement about Dogecoin, it could send the price of this digital coin through the stratosphere. So, you have to keep in touch with the latest statements, posts, and tweets from the billionaires, famous celebrities, and political personalities of the world while investing in digital coins.
Dozens of cryptocurrencies are added to the market every single day, but you can take advantage of them only when you have the insights and guidance from Ido Fishman.