If You Must Trade In Crypto, Pick Up A Professional Crypto Broker
Many people with a steady job and a steady income dabble in trading in the hope of making a few extra bucks. For them, the process of making money is not a hard one. Then there are hopefuls who do aspire to become professional traders and make a living out of trading. In this case it is wise to choose the right asset and then aim to become professional. Should you prefer crypto (which has its advantages over fiat currency, metals, commodities and stocks) then aim to become a professional and start by picking the right professional crypto broker. A good starting point for those aiming to become professionals is to read the CEX.io review.
Why aim to become a professional crypto trader
You do not just dip your hand in the pond and come up with fish. Even fishing is an art and science. Likewise, crypto trading requires knowledge. There is little of luck involved, a factor that casual traders depend on or depend on third party opinions to make a trade. Aim to become professional even if you do not plan to invest a lot. Reasons?
- With serious intent, you will want to learn and acquire knowledge about cryptocurrencies, how to trade, and when to trade. You will also want to pick a standard broking platform such as CEX for which you should read the cex.io review.
- A combination of factors influences crypto price swings. Anticipating it is the key to making profits. Guesswork may land you an occasional profit otherwise you are likely to lose money most of the time.
- You learn the value and importance of interpreting charts and keeping a regular watch on market movements. That does not just include crypto but also the entire economy and political climate. Everything has a bearing. This knowledge helps in making informed trade for profit. You also learn the value of caution.
- It gives a deep sense of satisfaction that you are putting knowledge to good use. Eventually, you may think of becoming a full-time trader, sustaining yourself the way you want.
Different paths, common goal
There are different ways to trade in crypto
- You can simply invest long-term and even “cold store” cryptos at CEX as can be seen in the cex.io review.
- You can engage in day trade and book small profits because transactions must be squared off at the end of the day’s trading session. At the end of the month, provided you do it professionally, based on knowledge and tradecraft, you will find you have made a substantial profit. This is even after you pay handsome brokerage and fees such as CEX charges, mentioned in the cex.io review.
- You can engage in Contract for Difference trades. This means you can leverage the power of margin, depending on the margins a particular broker allows. Suppose you put up margin money of say $ 1000, you could trade for ten times that amount. You can go long or short, carefully evaluating risk factors based on knowledge, and take advantage of volatile markets. The beauty of the crypto trade is that you can start small, with as little as 0.1 bitcoin.
It is advisable to stick with any one type of trading practice and develop proficiency.
Choosing a professional broking house
It is your money. It should be safe and secure, which unfortunately may not be the case should you pick the wrong broker. Look for important clues when picking a broker for crypto trading:
- Duration of establishment: Look for a broker who has been in operation for at least five years. It indicates stability.
- Client base: How many users use the trading platform is a good indicator of possibilities of buy and trade options. The more, the better.
- Currencies handled: The broker you pick must, at the least, handle Ethereum, Litecoin, and Bitcoin, plus support for fiat currencies like USD, GBP, and Euro, with a presence across several countries.
- Registrations: You know you can trust the broker if it is registered and accredited with several countries and has PCI DSS certification for information security. CEX is one such trustworthy platform, as you will find in the cex.io review. You have a safe trading environment.
- Brokerage: There are lots of platforms that charge low brokerage and allow big margin trades but how safe is your money is a question you should ask. A reputed platform like CEX has higher fees but offers rock-solid reliability, assured payouts, and security of transactions.
Even if you do not plan to trade every day in crypto, it is always a good idea to do so based on knowledge and developed skills. Aim to become pro by learning tricks of the trade, practicing in plenty, and having patience. At the same time pick the right professional platform such as CEX, more fully detailed in the cex.io review.