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As a beginner in cryptocurrency investment and trading, you need an easy to use trading platform that does not bother you with complicated settings initially. Moreover, as a beginner, you should focus on learning the basics such as interpreting chart patterns, understanding the concept of risk management and keeping records of your trades.
The best way for a to start trading bitcoin is to start with a regulated platform with a simple user interface designed for beginners as well as season traders. The best crypto trading platforms are newbie-friendly and ensure users enjoy their trading experience. A platform is considered beginner-friendly if it has certain features that enable new traders to create an account and start trading without any hassle.
Some of the features that a newbie-friendly trading platform must have included an easy to use interface, an official website where all the information regarding the platform can be accessed, crypto wallet, a demo account to practice and familiarize newbies with trading, and a reliable customer support system.
Top 7 crypto exchanges and trading platforms
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Coinbase
Coinbase is one of the most popular crypto exchange platforms in the world right now. The exchange is designed to accommodate the needs of new traders with a simple interface that is simple to navigate. The platform provides a variety of cryptocurrencies to trade and the process to buy and sell is pretty straightforward.
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Bitcoin Loophole
Our second choice is Bitcoin Loophole. Bitcoin Loophole is an advanced cryptocurrency trading application supported by computerized algorithms to make profitable trading decisions on behalf of the trader. The platform has a simple newbie-amiable interface, a demo account and a reliable customer service team. Bitcoin Loophole allows both experienced and new traders to trade crypto CFDs without having to own the cryptocurrencies permanently.
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FXOpen
FXOpen allows both forex and cryptocurrency trading. The crypto trading platform is friendly to new traders and professionals alike. The platform supports more than 50 40 crypto CFDs including Bitcoin, Ethereum, and Ripple. There is a demo account where traders can practice their strategies before shifting to live to trade.
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Bittrex
The platform has increasingly grown in popularity among traders due to its features. Bittrex is suitable for all types of traders due to its easy to navigate user interface. The exchange is also well-known for its robust security and speed. However, some users have raised complaints about the quality of customer support, and Bittrex should be looking to address the issue.
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GDAX
The best thing about trading with GDAX is the low fees charged. The platform switched its name from Coinbase PRO back in 2019. GDAX supports a variety of cryptocurrencies including BTC, ETH, LTC, XRP and XLM. GDAX users enjoy an interactive, friendly and straightforward user interface which is amiable for all types of traders.
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Avatrade
Avatrade is a globally trusted crypto platform which is famous for a variety of trading options. The platform supports copy trading where traders can replicate trades of the most experienced traders on the platform. The features of Avatrade are appealing to both beginners and professional traders.
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Kraken
Kraken offers excellent security features and low transaction fees to its users. The exchange is among the leading cryptocurrency platforms globally. The only drawback with Kraken is its complicated user interface which is not pretty for inexperienced traders. However, the exchange supports margin and spot trading for seasoned traders.
Crypto trading advice for maximum profits
It is impossible to win every single time, but it is possible to put the maximum chances on your side. The cryptocurrency market holds great potential for 2021 and beyond. Crypto traders sometimes describe the crypto market as relentless due to the massive volatility associated with it. Even so, it is still possible to trade cryptos and make huge gains. To make maximum profits trading cryptocurrencies, I suggest you follow these tips:
Trade with money you can afford to dispose of - The main aim of trading is basically to make profits. My number one rule to succeeding in any investment venture is to trade only what you can afford to lose. The crypto market is naturally volatile and opens 24 hours and seven days a week. The risks associated with trading include loss of capital, and it would be regrettable for one to lose a significant amount of money. To avoid risking your daily life funds, you should prepare a well defined monthly budget for investing and trading digital assets and stick to it.
Make Bitcoin a top priority - All the other digital assets in the market lookup to bitcoin. Even so, all the other digital assets were developed to rival bitcoin no matter their purpose. Bitcoin dominates 65 percent of the total value of the cryptocurrency industry, and every other coin aims to take its place. Bitcoin is the most liquid and widely used cryptocurrency. All these aspects, on top of its robust security, makes bitcoin an ideal investment choice for potential long-term gains.
Diversify your cryptocurrency portfolio - Even though I have suggested you prioritize bitcoin, it does not mean you should overlook the other cryptocurrencies. There are several other cryptocurrency projects with huge potential. To maximize your profits trading and to invest in cryptocurrencies, I recommend you to distribute your crypto portfolio with 70 percent bitcoin, and 30 percent altcoins. If you are a risk-taker, you should try going for 40 percent altcoins and target projects that tackle real-life problems and have the potential to appreciate.
Do your own research (DYOR) - It is essential to learn to trust your instincts in cryptocurrency trading. One primary rule for investors in this world is to conduct your research. It would be best if you achieved this by learning how to conduct technical analysis, fundamental analysis and interpreting chart patterns. With this knowledge, you can speculate the price movements of your target cryptocurrencies. Additionally, it is vital to learn about your target digital assets and the problem they solve. Every cryptocurrency has its detailed whitepaper on the official website.
Bottomline
Given the extremely volatile nature of bitcoin and other crypto assets, it is equally possible to make significant profits or substantial losses. You should avoid emotional trading and follow the above tips to maximize profits. It is essential to be well informed before venturing into cryptocurrencies.