Are you eager to learn how to start crypto trading? As the popularity of cryptocurrencies continues to soar, so does interest in trading them. However, navigating this complex and volatile market can be daunting for beginners. Fear not! In this article, we’ll outline essential steps to start your crypto trading journey in 2024, providing you with the foundational knowledge and tools needed. This guide will set you on the right path to success in the world of crypto trading.
What is Crypto Trading?
The inherent volatility of cryptocurrencies and their potential for significantly higher returns than traditional investments have increased the allure of crypto trading in recent years.
Crypto trading involves speculating on cryptocurrency prices by engaging in the buying and selling of the underlying coins through exchanges.
With increasing mainstream interest in crypto trading, a wave of newcomers is entering the market, eager to acquire trading skills and knowledge.
For those seeking to gain expertise in trading and understand the dynamics of the crypto market, enrolling in a cryptocurrency certification course offers an opportunity to become a Certified Cryptocurrency Trader.
Distinguishing Crypto Trading from Forex Trading
Forex trading, also known as foreign exchange (FX), involves the exchange of one currency for another for various purposes. It operates as a network facilitating currency transfers between buyers and sellers at agreed-upon values.
In contrast, crypto trading is characterized by higher volatility, with markets prone to significant fluctuations. Additionally, compared to the cryptocurrency market, forex markets typically boast higher liquidity owing to their long-standing history of activity.
Steps on How to Start Trading Cryptocurrencies
Let’s explore how to start crypto trading.
Choose a Crypto Broker Platform
In the realm of crypto trading, selecting the right brokerage platform is paramount. These platforms serve as gateways connecting traders to the world of cryptocurrencies. While some may opt for exchanges, others may prefer brokerage services provided by platforms such as Plus500, Exness, Moneta, eToro, or Vantage.
Broker | Evaluation | Functions | Benefits | Spread | Leverage | Total Fees | Visit Provider |
|---|
 | 4 | CFDs and forex, Stocks, ETFs, Crypto |
| Variable spread | 30:1 and other | 1% for buying or selling crypto |
 | 4.8 | CFDs: Crypto, Indices, Forex, Commodities, Shares, Options, ETFs |
| Tight Spreads | 1:300 | No internal deposit fee |
 | 4.4 | • FX
• Metals
• Indices
• Cryptocurrencies
• Stocks
• Energies
|
| Tight spreads starting from 0.0 | 1:400 | Depending on payment method |
 | 4.2 | 49 global currency pairs, commodities, index CFDs, stock CFDs, ETFs, metals, commodities, energy |
| Tight Spreads | 1:1 – 30:1 | No fees |
 | 4.0 | 1000+ financial instruments, including Foreign Exchange, Commodities, Indices, Share CFDs, Cryptos, ETFs, and Bonds |
| 1.27 | 1:500 | $3 per side for every 100,000 units |
 | 3.9 | 70 crypto-pairs, 49 forex pairs (usdzar as well), 5 metals, 26 Indices, 130 stocks, 6 oil and gas, 6 agriculture assets |
| Spreads from 0.00 | 1:999 | 3% + inactivity fee |
Plus500
Renowned for its user-friendly interface and global presence, Plus500 offers seamless trading experiences across various cryptocurrencies. With a diverse range of tokens available, including Bitcoin (BTC), Ethereum (ETH), and more, Plus500 caters to both novice and experienced traders alike.
- Recommended broker
Our recommendation:
Invest with Plus500
Exness
Exness offers a dependable platform for buying and selling cryptocurrencies, and millions of traders trust it worldwide. Offering a wide array of payment options and competitive spreads, Exness ensures a hassle-free trading experience.
- Recommended broker
Our recommendation:
Invest with Exness
Moneta
With its intuitive interface and extensive range of supported cryptocurrencies, Moneta is a popular choice among crypto traders. Whether you’re looking to trade Bitcoin, Ethereum, or other altcoins, Moneta offers a streamlined trading process.
- Recommended broker
Our recommendation:
Invest with Moneta Markets
eToro
Known for its social trading features and innovative investment tools, eToro allows users to engage in crypto trading with ease. Through eToro’s CopyTrading feature, users can replicate the trading strategies of successful investors, making it ideal for beginners.
- Recommended broker
Our recommendation:
Invest with eToro
Vantage
Offering advanced trading tools and access to a diverse range of cryptocurrencies, Vantage caters to the needs of both casual and professional traders. With competitive fees and robust security measures in place, Vantage ensures a secure trading environment.
- Recommended broker
Our recommendation:
Invest with Vantagefx.com
By selecting a reputable brokerage platform like Plus500, Exness, Moneta, eToro, or Vantage, you can start crypto trading with confidence and convenience.
Selecting a Crypto Wallet
When it comes to storing and managing your crypto assets, choosing the right wallet is crucial. Let’s explore the different types available.
Hot and Cold Wallets
Crypto wallets are categorized as hot or cold based on their internet connectivity. Hot wallets are online and convenient for daily transactions but are less secure. In contrast, cold wallets are offline, offering enhanced security for long-term holdings. Hot wallets are ideal for frequent transactions, while cold wallets provide greater protection against risks.
Hardware Wallets
Hardware wallets are physical devices designed to store public addresses and keys securely. They resemble USB drives with OLED screens and buttons for navigation. These battery-less devices can be connected to a computer via USB and accessed through native desktop applications. While they are more secure than hot wallets, they are less convenient than web or desktop wallets. Popular hardware wallet options include Ledger Nano S and Trezor.
Other Wallet Options
In addition to hardware wallets, you can opt for mobile wallets like Coinomi and Mycelium, desktop wallets such as Exodus, Bitcoin Core, and Electrum, or web wallets like MyEtherWallet and MetaMask. Web wallets come in two varieties: non-hosted, such as MyEtherWallet, and hosted, including Binance and Coinbase.
Stay Informed with Crypto News
Once you’ve selected a crypto exchange platform and a suitable wallet, staying informed about crypto-related news is essential before making any investment decisions. Platforms like Cryptosoho provide valuable insights into various crypto assets, including market capitalization, supply, trade volume, and more. Keeping track of such information empowers you to make informed investment choices.
Wrap up: How to Start Crypto Trading?
We trust that this article has equipped you with the necessary knowledge to embark on your cryptocurrency trading journey confidently. For those seeking further insights into trading strategies and cryptocurrency investment, exploring top-notch certification courses from the Blockchain Council can be invaluable. By becoming a Certified Cryptocurrency Trader through their reputable programs, you can enhance your expertise in this dynamic field.
Stay informed and connected with the latest news:
1 Top Cryptocurrency to Buy Before It Soars 4,500%, And 5 More
Disclaimer: The information provided in this article is for educational and informational purposes only. It does not constitute financial or investment advice, nor is it intended to be a substitute for professional financial advice.
Cryptocurrency trading and investing involve inherent risks, including but not limited to market volatility, regulatory changes, and potential loss of funds.
