Trading Cryptocurrency in 2018: The Definitive Guide

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Day trading cryptocurrency has boomed in recent months. High volatility and trading volume in cryptocurrency trading tips and tricks suit day trading very well. Here we provide some trading tips for day trading cryptocurrency, including information on strategy, software and trading bots — as well as specific things new traders need to know, such as taxes or rules in certain markets.

Day traders need to be constantly tuned in, as reacting just a few seconds late to big news events could make the difference between profit and loss. The cryptocurrency trading platform you sign up for will be where you spend a considerable amount of time cryptocurrency trading tips and tricks day, so look for one that suits your trading style and cryptocurrency trading tips and tricks. Always check reviews to make sure the cryptocurrency exchange is secure.

So whilst secure and complex credentials are half the battle, the other half will be fought by the trading software. Each exchange offers different commission rates and fee structures. As a day trader making a high volume of trades, just a marginal difference in rates can seriously cut into profits. There are three main fees to compare:. Do the maths, read reviews and trial the exchange and software first. Coinbase is widely regarded as one of the most trusted cryptocurrency trading tips and tricks, but trading cryptocurrency on Bittrex is also a sensible choice.

IO, Coinmama, Kraken and Bitstamp are other popular options. Before you choose a broker and trial different platforms, there are a cryptocurrency trading tips and tricks straightforward things to get your head around first.

Understanding and accepting these three things will give you the best chance cryptocurrency trading tips and tricks succeeding when you step into the trading arena.

Below is an example of a straightforward cryptocurrency strategy. This cryptocurrency trading tips and tricks strategy simply requires vigilance. A correction is simply when candles or price bars overlap. You should see lots of overlap. This tells you there is a substantial chance the price is going to continue into the trend. You should then sell when the first candle moved below the contracting range of the previous several candles, and you could place a stop at the most recent minor swing high.

Even with the right broker, software, capital and strategy, there are a number of general tips that can help increase your profit margin and minimise losses.

Below are some useful cryptocurrency tips to bear in mind. Short-term cryptocurrencies are extremely sensitive to relevant news.

When news such as government regulations or the hacking of a cryptocurrency exchange comes through, prices tend to plummet. Analyse historical price charts to identify telling patterns. History has a habit of repeating itself, so if you can hone in on a pattern you may be able to predict future price movements, giving you the edge you need to turn an intraday profit.

For more details on identifying and using patterns, see here. This is one of the most important cryptocurrency tips. By looking at the number of wallets vs the number cryptocurrency trading tips and tricks active wallets and the current trading volume, you can attempt to give a specific currency a current value.

The more accurate your predictions, the greater your chances for profit. If you anticipate a particular price shift, trading on margin will enable you to borrow money to increase your potential profit if your prediction materialises.

Exchanges have different margin requirements and offer varying rates, so doing your homework first is advisable. Bitfinex and Huobi are two of the more popular margin platforms. The digital market is relatively new, so countries and governments are scrambling to bring in cryptocurrency taxes and rules to regulate these new currencies.

Many governments are unsure of what to class cryptocurrencies as, currency or property. S in introduced cryptocurrency trading rules that mean digital currencies will fall under the umbrella of property. Traders will then be classed as investors and will have to conform to complex reporting requirements. Details of which can be found by heading to the IRS notice On top of the possibility of complicated reporting procedures, cryptocurrency trading tips and tricks regulations can also impact your tax obligations.

Each countries cryptocurrency tax requirements are different, and many will change as they adapt to the evolving market. There are two benefits to this. Firstly, it will save you serious time. Trade execution speeds should also be enhanced as no manual inputting will be needed. Secondly, automated software allows you to trade across multiple currencies and assets at a time.

That means greater potential profit and all without you having to do any heavy lifting. If you want to avoid losing your profits to computer crashes and unexpected market events then you will still need to monitor your bot to an extent. They can also be expensive.

Whilst there are many options like BTC Robot that offer free 60 day trials, you will usually be cryptocurrency trading tips and tricks a monthly subscription fee that will eat into your profit. They can also be expensive to set up if you have to pay someone to programme your bot. So, whilst bots can help increase your end of day cryptocurrency profit, there are no free rides in life and you need to be aware of the risks.

Perhaps then, they are the best asset when you already have an established and effective strategy, that can simply be automated. The most useful cryptocurrency trading tutorial you can go on is the one you can give yourself, with a demo account. Firstly, you will you get the opportunity to trial your potential brokerage and platform before you buy.

Secondly, they are the perfect place to correct mistakes and develop your craft. Online you can also find a range of cryptocurrency intraday trading courses, plus an array of books and ebooks. When cryptocurrency trading tips and tricks your broker and platform, consider ease of use, security and their fee structure. There are a number of strategies you can use for trading cryptocurrency in Whichever one you opt for, make sure technical analysis and the news play important roles.

Brokers Reviews 24Option Avatrade Binary. Reviews 24Option Avatrade Binary. Crypto Brokers in Germany. Trade Forex on 0. Specialising in Cryptocurrency trading tips and tricks but also offering stocks and tight spreads on CFDs and Spread betting across a huge range of markets.

Established spread betting, forex and CFD broker with over 30 years in the business. Regulated around the globe. Leverage and spreads improve with each account level - Bronze, Silver or Gold. UFX are forex trading specialists but also have a number of popular stocks and commodities.

Offering tight spreads and one of the best ranges of major and minor pairs on offer, they are a great option for forex traders. Based in Australia, HighLow offer a superior binary options experience.

Regulated by ASIC, the cryptocurrency trading tips and tricks run an honest and transparent service with a great platform.

Avatrade are particularly strong in integration, including MT4. Zulutrade provide multiple automation and copy trading options across forex, indices, stocks and commodities markets. Deposit and trade with a Bitcoin funded account! New Forex broker Videforex can accept US clients and accounts can be funded in a range of cryptocurrencies.

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Longstanding, reliable, Bitcoin and altcoin Contract Mining. You will probably by now heard of one, if not all of these. They are all examples of Cryptocurrency. We'll keep this loose, because it is evolving all the time, but they are a means to transfer a store of value directly from your 'wallet' to another person or organisations 'wallet' by means of the 'Blockchain'. How cool is that. It cuts out the bank by replacing it with a decentralised network of 'nodes' and the transaction is carried in a public ledger, a copy of which is on every node, and this is called The Blockchain.

Every node verifies the integrity of this ledger, and every transaction is recorded in this ledger with no ambiguity, as in - you can't double spend the same bitcoin, you can't alter the ledger.

That is a powerful technology, and the power of it is only just beginning to be understood. It will begin to change the world around you in so many new ways. It is the evolution of not just money, but of contracts and many other innovations yet to be discovered. This may have been possible in the early days of mining, but now it would be economically prohibitive to achieve this position.

The scale and distribution of bitcoin mining, and the concensus of these miners will maintain this condition. Bitcoin is the currency carried on and mined from the blockchain, and this enables remuneration for the computers that are hosting this network, and the 'Miners'.

These computers and miners are all around the globe, and if you really begin to understand this technology, you may want to get involved at this network level. Maybe host a full node, or even start mining bitcoin. You rarely spend a whole one, you'll send say 0. Here's the latest main Coin prices to US Dollar. All other cryptocurrencies apart from bitcoin, are referred to as 'AltCoins'.

There seem to be new altcoins springing up daily, but most of them aren't worth being involved with. Litecoin is already established, and a few of them such as Ethereum are gaining popularity. You are used to exchanging Dollars, Euro's or other paper for goods or services. Cryptocurrency is no different, it has a market value at which you can buy or sell using it. Once you have some Bitcoin, you are very unlikely to want to change it back into the paper stuff.

Many people are now paid in Bitcoin. You will see these 'Coin Codes' used extensively, and they are usually the only term used in Exchanges to represent any particular Cryptocurrency. You can get all the basics about Bitcoin and wallets from Bitcoin. The easiest and most popular wallet is an online wallet from Blockchain. You don't even need to buy a whole Bitcoin. A Bitcoin is divisible into 'Satoshi' named after the creator 'Satoshi Nakamoto', so you can buy for example 0.

Try this free online Bitcoin Converter get used to the values. You're getting all excited, and it's now a good time to pause and read the rest of this tips section. It may save you from some of the piranhas that also swim in the Inernet Pond - And they all want your bitcoin so badly, they will try anything to relieve you of it.

You may even be tempted to send just a small amount - and then feel that you can trust the scheme as it returns that small amount promptly, and with interest. This is old school standard con trickery - intended to lull you into trusting the conman with an ever larger amount.

We have seen dozens of these sites. Please please don't fall for prey to these cons - they are ancient tried and tested ways to steal your money. They depend on your greed, and then your excitement to take more and more from you. They will offer you upgrades to your investment, move you higher up the chain - for a fee of course, all the time underselling you and building a bigger pot to run away with.

The most prevalent type of Bitcoin scam, is the good old Ponzi scheme, a crowd of which are called hyips. Some even call it a 'game', and people do 'play' these schemes, trying to get in and out quickly and take the profit to the next ponzi. Few if any are successful with this strategy however, as most of these crooked schemes simply keep everything.

Lately, the payment logs displayed on these sites are simply a pre-written array that updates a timestamp, and repeats. These Ponzi's aren't always straight theft - but most may as well be. Avoid many of these Badsites by checking here first. There are some great sites out there that will pay you small amounts of Bitcoin to view ads Ptc's This is one that will pay you properly. PayPal and Bitcoin just don't mix Too many people get robbed by people selling bitcoin and using PayPal as the payment medium.

They will often ask you to send the payment as a 'gift' or a 'friends and family' payment. This gives you zero protection. Also as a digitally delivered product, bitcoin will always fall outside PayPal's buyer protection, and that's if the seller doesn't get their account suspended first. Just don't do it. Mining cryptocurrency doesn't involve a pickaxe, but it does involve expensive equipment, with custom chips, especially designed for solving the complex maths problems required to 'solve' the block of data.

These blocks, starting with the 'Genesis Block' form a continuous chain which is called the Blockchain. All coins whether Btc or Doge have their own Blockchain.

By mining, you also discover the coins contained in these blocks. To mine a Bitcoin block on your own, is a lesson in futility. You need to pool your mining resources, and share the rewards with other miners.

Mining pools are springing up faster than anyone can keep up with. You are essentially trusting these pools with your wages. Do your homework, check the Bitcoin Forums, but even then, they can rip you, rob you and leave you high and dry.

A recent development is so called 'Cloud Mining'. Recently, cloud mining has become almost impossible to return a profit ROI or Return on investment as the altcoin market which led to the rise in cloudmining has virtually imploded. The price crash and sheer number of these altcoins has diluted this market to the point that it is now unprofitable. Other Mining pitfalls include Equipment that you buy, but never arrives - Preorder at your peril. If you're after a quick profit though, mining isn't for you.

You can still achieve a steady return from mining, but it may cost you more than you can get back. Do it for the fun factor, like a great many people, who just want to be involved. A lot of mining scam sites are just 'clones' of legitimate operators, and these sites produce strikingly similar websites, but don't have any equipment to back it - up.

Ask the site for proof of genuine mining if you aren't sure. There are a few well established exchanges. Depending which Country or Jurisdiction you are in will dictate which of these exchanges are available to you, in order to convert FIAT Currency dollars pounds etc directly into Bitcoin or Litecoin, and back again.

The same constraints are currently not applicable to the Cryptocurrencies themselves. They can be freely traded on a great many exchanges. The biggest danger to your funds in any exchange is probably internal fraud. The now infamous Mt. Gox is almost certainly an example of internal fraud. The lesson that we learned from Mt. Don't use an Exchange as a Wallet. When choosing your exchange, read up about it, search it on Google etc.

You will be surprised how chatty this community is when it comes to spotting security flaws that may threaten their irreplaceable Bitcoin. Currently, Coinbase, Bitstamp, Xapo and a couple of others are enough for most users. You can also search for sellers, and Bitcoin 'ATM's' in your vicinity.

Pump groups are set up to benefit the one or more people who organise these unashamed and unethical scams. If you aren't 'The Man' or in 'The Clique' - you will be mercilessly fleeced by this pondlife. They kill off cryptocurrencies with their actions - they are literally killing the goose that lays the golden egg, they are the single biggest threat to cryprocurrencies, and are too dumb, and personally selfish to realise it.

If you organise or participate in pumping a coin, then could you please refrain from ever having children. The person who sets up the ponzi will always get rich - you probably won't. In a Ponzi Scheme - the early investors are paid out by investments from later investors.

Every scheme therefore has it's limits and normally will reach a point where new investors dry up and you may be the one to lose out - Take your chances if you like risk. Will you be the one holding the bag? Most current Ponzi's just fake the logs, and steal your Btc outright. If you don't have up to date antivirus software on your PC, don't enter the Bitcoin World. There are a few exploits that are well documented.

A new one is Fake Flash Player exploits. Use CCleaner before you close it down. Do all these and you are reasonably safe from malicious software. Most informed IT people will do all this daily. For the best level of safety - use Linux, and we also recommend you use a VPN. Your Bitcoin Wallet is like the wallet in your pocket - except in the case of an online wallet such as Blockchain.

Despite what you may read in the Press, no wallet has ever been stolen or hacked from any Blockchain.