Trading is a common buzz, but many of us aren’t aware about the crypto trading. So let’s quickly peer into the subject called cryptocurrency trading.
Before that let’s have an overview about cryptocurrency.
Virtual money or cryptocurrency is considered as the digital assets and is highly secured by cryptography which truncates the problem called double spending in financial transactions. By influencing the blockchain technology many cryptocurrencies are performing in a decentralized structure. For example Bitcoins, Litecoin, Etherium, are the most popularly known cryptocurrency.
So What is Crypto Trading ?
Trading the cryptocurrencies are called as crypto trading. To do crypto trading you have to be aware about the following steps like
- How to convert FIAT to Cryptos
- How to store Cryptos
- How to change from one cryptos to another cryptos.
- What is the tool to do this crypto trading.
All these knowledges are mandatory for the crypto trading platform.
Step 1 : Tools To Do Crypto Trading
We all know that Cryptocurrencies are virtual one, so to get connected to this digital money “exchange platforms” acts as a medium. There are multiple exchange platform exists like Binance, Coinbase, poloniex, Bittrex which supports trading.
If you need to know about the trading platforms in details then check cryptocurrency exchange script
Before choosing your appropriate trading platform check whether the particular trading script is validated in your location. Because the most prominent exchange platform like Coinbase are not available in India and other countries. So make sure to check the validity of the platform.
Furtherly also check the reputation of the chosen platform. Do they recently got hacked or any other issues has to be clearly investigated in before hands, because human greed has more power compared to the security and technology. So check out their to and fro in details.
Once you are done in choosing the trading platform, (let’s consider as Binance)
Sign Up – Signup in to the account by providing basic information like Email Id and password.
Make sure to enable the two factor authentication. Yes it may take another 5 to 10 mins to set up, but it helps you to secure your account highly.
( Also other security features like google authentication, SMS authentication, Withdrawal address management, email verification and many others have also been incorporated in the platform. So after the initial setup make sure to set all these security features. Check how to setup security features from the binance clone script. )
Step 2 : Convert FIAT to Crypto
Recently Binance allows the user to buy the cryptos from the credit cards. That is Binance have integrated with the third party so that the user can easily buy cryptos like Bitcoins or Ethereum directly by paying through Fiat like USD, Pounds.
To do this choose the coins and enter the card details and proceed earning cryptos. For this exchange the users have to pay transaction fees to the exchange platform.
This is a revenue generating factor of the exchange script business. For every transaction from other sector like withdraw to another platforms transaction fees are collected from the users.
(The transaction fees varies in trading platform like Binance, coinbase etc)
Step 3 : Store The Cryptos
As cryptocurrencies are virtual, digital wallet is required to store the cryptos in secured format. There are two types of wallet like hot wallet and cold wallet, which is to store both private and public keys.
Every exchange platform has its own digital wallet and its appreciable to convert their cryptos to their personal digital wallet users rely on.
Step 4 : Do Trading
Continuously monitor the rise and fall of the crypto values and do buy and sell when you can be profited. For trading convenience there will be two sectors like Limit value, Market value and stop value. Choose the appropriate one and do hit the trading option effectively.
If you need any clarification regarding the cryptocurrency exchange script or crypto trading feel free to reach us at our website Zodeak Technology. We are one of the best Binance clone script developers in the market.