MiniFlokiADA is a crypto project that helps users earn passive income and NFTs from gaming and Elon Musk’s tweets. Its official launch took place on October 22, 2021. When he doesn’t influence Bitcoin’s ups and downs, Elon Musk unwittingly inspires countless projects to surface on the blockchain. Also, it doesn’t take much for Tesla’s CEO to trigger an avalanche of crypto projects. For instance, his latest pet friend, a Shiba Inu he calls Floki, has galvanized the community into launching…
Investing in crypto without understanding how the network works is a recipe for disaster. One needs to understand what he is getting into and learn about the specifics to track usage and growth and ultimately profit off the market. Investing in crypto is more on the lines of venture capital than public equities/stocks.
Crypto fundamentals essentially boil down to major news, user growth, transactions per block (or block size), fees, confirmation time, and, most of all, security. Understanding fundamentals in crypto requires a deep understanding of the dynamics that create the network.
To help all beginners out there, we cumulated a list of pre-requisites and other necessary knowledge that a trader might need to begin their crypto journey.
How to Start Trading Cryptocurrencies
- DYOR: The First Rule of trading cryptocurrencies or any asset for that matter is always to DO YOUR OWN RESEARCH (DYOR). Avoid falling over other people’s opinions and form the habit of making informed decisions on your own.
- Laptop or PC: For starters, you would need a good PC. Mobile trading can be done, but using a PC allows greater flexibility.
- Resources: Cumulate a set of platforms that help you make your informed opinions. Platforms can range from charting sites, information sites, news sites, blogs, etc.
- Reading Whitepapers: It is a good practice to look at the project documents of any cryptocurrency that you might be interested in. Usually, all projects have a website, Reddit/Twitter handle, LinkedIn redirects, and whitepapers. Please read our guide on how to avoid getting scammed in the crypto world.
Moving to the Next Level
Charting represents an essential set of tools when working with financial markets that are nothing if not erratic. The constant ups and downs of the overall system result in the market’s reputation of being largely unpredictable. Any trader – whether they be a novice or an expert – will tell you this. The cryptocurrency market is no different in that regard.
Some of the Best Charting Platforms are:
For more Tradings resources, check here.
Choosing a Trusted Exchange
A cryptocurrency exchange is a platform that allows you to buy and sell cryptocurrencies. However, there are some distinct differences between some cryptocurrency exchanges that you will need to know. For investors looking to enter the cryptocurrency space, a centralized exchange is still the most common means of doing so. But the list doesn’t just end there. To gain complete knowledge of the ecosystem, one must know about the other options available as well. When selecting an exchange, it’s important to keep in mind the host of factors which will impact user experience, including which pairs are traded, how high the trading volume is, the security measures adopted by exchanges to protect their customers, and most importantly, the risk involved in trading with the particular platform.
Choosing the right cryptocurrency exchange can be a difficult task. Some of the best cryptocurrency exchanges include:
Storing Funds in a Secure Wallet
A cryptocurrency wallet is where you store encrypted passwords representing the ownership of coins, much like a Bank account, but fully owned and operated by the holder. Beginners are usually unaware of the distinction between wallets and end up storing all of their cryptocurrencies in a third-party exchange, thinking it is good enough. But in many cases, as history shows, scams and heists result in holders losing all of their funds just because they trusted the third party to hold their funds. Check out our top picks here.
Users are encouraged to know and understand the different types of wallets, i.e., Hot Wallets, Paper Wallets, Hard Wallets, etc. A Hard Wallet is considered the best way to store funds securely. A Hardware wallet is a physical, electronic device designed to protect an individual’s cryptocurrency funds by securing their private keys.
Some of the best hardware wallets include
To understand wallets in detail, click here.
Finally, when completing each level of the cryptocurrency journey – gaining knowledge, doing research, choosing the best trading platform, and making peace with the volatility, one can go ahead and dive into the world of Bots. Crypto Bots are automated software that allows users to customize their trading strategies, encode automated trading algorithms, and use sophisticated methods to make the most out of the market. It is not easy to make and successfully use a bot.
Shrimpy – One Stop Solution for Crypto Bots
Shrimpy is a crypto trading bot and automation platform built on exchange APIs or Application Program Interfaces. They allow investors to connect to multiple cryptocurrency exchanges through a single interface. This makes the experience of trading more automated, efficient, and profitable. The Shrimpy application allows anyone to invest like a professional by allocating a diverse portfolio, building custom market indexes, and rebalancing. It’s the perfect solution for personal crypto portfolio management.
Recent events have led to a continued increase in demand for legitimate trading bots. Shrimpy has aimed to fill that demand gap. Trading bots like Shrimpy have become increasingly popular among traders because they allow investors to control their cryptocurrency. Since trading bots can run continuously, they won’t stop trading even when you sleep. That way, you never miss out on an opportunity.
For the technically inclined, Shrimpy also offers services for developers. The Universal Crypto Trading APIs are the industry-leading APIs for developers to build their own trading bots, connect to different exchanges, and access real-time market data. The aggregated trade and order book WebSockets Shrimpy can be used to execute arbitrage strategies across every major exchange.
Among the several dozen features, some include connecting multiple exchanges to one platform, rebalancing portfolios, indexing cryptocurrencies, and managing multiple portfolios at once. Social trading is one of the most lucrative features of the platform, where you can copy portfolios of other successful investors. An amazing team of world-class developers creates Shrimpy. With a decade of experience across software, web design, and development, the teams aren’t just digital experts but marketers also with a strong knowledge of how the traders market is.
Don’traders t forget to cash in the profits!