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We’re starting to see confidence build once again in the crypto market. Increased media attention is seeing millions of people flooding back into the market looking to increase their wealth. The dramatic price increases associated with crypto can get people very excited. What traders need to understand is that trading crypto can be complex, and if not approached correctly can result in traders losing a lot of money. Here are some tips for the new traders to help them get started.
Choose the right exchange
To trade crypto safely and efficiently you need to go with a reputable exchange platform. The right platform will impact how you go about your trades and the community of traders which you engage with. When starting out it’s important that you’re trading via a trusted exchange platform. Platforms such as 10CFDs have a state-of-the-art platform giving traders access to a global marketplace to trade crypto.
Don’t be afraid to ask for help
Trading crypto when first starting out isn’t easy. If you’re feeling lost, don’t worry you’re not alone. By trading on platforms such as 10CFDs you’ll have access to educational resources to upskill and learn all you need to be a successful trader. 10CFDs also have a global team of professionals to help guide you on your journey.
Diversify your portfolio
Just like trading stocks, putting all your eggs in one basket is not going to end well. The best way to reduce risk is to buy multiple cryptocurrencies and diversify your portfolio as much as possible. Don’t risk it all on one crypto, do your research and trade with multiple cryptos to avoid heartache.
Automation is key
The crypto market doesn’t take days off. Services continue to run around the clock and trying to monitor it at all times will drive you mad. You need to automate your strategy through an automation tool that ensures you don’t need to monitor the market 24/7.
Keep it simple
There are many trading strategies and approaches you can follow. The best approach for beginners is to keep it simple. Start by looking at an indexing and rebalancing strategy to slowly build your confidence.
These tips should help you kick start your crypto trading journey. To get started today, head over to 10CFDs and realise your trading potential with access to a global marketplace of opportunities.