5 Things to Remember When Beginning to Trade Cryptocurrencies

There are huge stories of successful traders who have imprinted their feet in Crypto Industry. Thinking of me? No, not me. I consulted popular enterprises who gave me both their flop and success stories of crypto trading till the date. I started digging out the reasons for their failure.

Yes, success alone won’t help you. I explored new refining strategies which could be a reason to fail! I’m still a fact-finder and find new strategies every single day for a successful business with exchanges.

What are the things you should have in a Crypto Exchange platform?

Here are a few things I gained when I enquired the stepping stones of success with my colleagues and popular enterprises!

Not everyone is successful right from the first step. So know the following factors to crank up trading with Cryptocurrency Exchange Platform.

1. Don’t just invest blindly

Don’t just invest your hard-earned money as others are investing. Without a sound knowledge of the domain and market, you cannot be successful. There are investors who have lost desirable money in the crypto industry. Your motto can be making a profit, but it doesn’t mean that you have to sell the pair of glasses to a person who is blind.

At least bare a minimum period, to spend your time researching the current market. You can sometimes get to know the problems, the current investors are facing. Decide a solution on it. You can unveil the solutions with a single tap in Google. Yes, Google is always our assistant.

If you need help from people, I would suggest you join Investment Community groups related to the trading platform such as Bitcoin Talk, Crypto Cartel, You can also follow leading crypto news platforms such as Coin Desk, Coin Telegraph, Coin Idol, etc.

2. Pay Attention to other Crypto Exchanges

When I dug into the reasons for successful exchange business, people have approached the trading platforms which have loaded features.

Here are the mandatory features you should have in an Exchange:

Regulation

Make sure the trading platform is accepted in the countries you are willing to trade. Else you have to face consequences with jurisprudence.

Liquidity

People always prefer exchanges with Higher Liquidity and good market depth. Here are a few popular platforms which have higher liquidity:

• Coinbase
• Binance
• Kraken
• BitFinex
• BitMEX

Customer Support

Sometime you may have queries or errors. Make sure you go with the exchange that renders high-end customer support to the investors. You should not remain helpless right? So, it is a crucial factor you should check.

Intuitive Interface

You cannot trade somewhere where the trading platform is failing to remain attractive. You cannot trade in a platform where you should wait for a hell lot of time to execute the transactions. It is a must that, you chose a user-friendly interface to make your tradings done.

If you are planning to launch your Cryptocurrency Exchange Business make sure to have all these features in your platform.

3. Checklist

Coming to the technical end, I have a ready checklist for you. You have to look for the features which can bring in potential investors for your business:

Blockchain Explorer

Blockchain Explorer allows the investors to examine the Bitcoin Blockchain which could provide high-end security and faster execution.

Order Matching System

A Trade Machine Engine would allow the investors to buy or sell for future contracts with a single-click interface.

IPFS Protocol

IPFS, Interplanetary System is a peer to peer protocol to make your application run faster and safe.

Pretty Good Privacy

There are factors such as Two Factor Authentication which is the important factor in the success of Bitcoin Exchange Business. As the name suggests, Pretty Good Privacy represents an encryption method for the communication of data.

This checklist provides investors with the trust factor. Therefore, make sure the exchange you have chosen has the following set of features encompassed.

4. Tabulate your investments and decide the future plan

You would have invested a lot. Now it is the time to have a look the things you have done so far. Look how will your future investments be in the upcoming years! Look at the great vision which is ahead. Now you can track your success of execution.

There is always a fluctuation with Bitcoin and other cryptocurrencies. At the moment of writing, the Bitcoin price is $7,329.69. But I’m not sure how much, when you are reading at the moment.

I know you will have plans if Bitcoin price surges. On the flip side consider, if in case the price dips down, learn not to get panic. Because the market is with fluctuations, as an investor you should be ready to undergo these circumstances.

5. Try to learn from your mistakes

I have seen plenty of people who are not ready to accept their mistakes. This is a crypto field. There are chances that you can make mistakes or even a blunder.

One such investor whom I met recently said, “ I was trying to send the money to the seller’s wallet when I accidentally entered 40 BTC instead of 4 BTC”.

I’m not sure where to categorize this event! Is it a mistake or a blunder?

Anyhow, he has reached the exchange platform to get his credits onboard. Let us wait.

The same can happen with you too. Therefore, be ready to accept your mistakes if you have done any!

Good Luck Out There:

While these rules are not just the one you should follow, but this is general guidelines if you are a beginner. Reaping the benefits should not be your only motto, but initially, you should learn to figure out the things where you went wrong. You would have been in the crypto field for a decade. But sometimes, you should be ready to face the other side of success.

Moreover, I have seen investors who shifted their designations to Entrepreneurs just with the fact of experience they have gone through! With this, a handful of startups have emerged who are keen to hear out the unique requirements of clients!

Hope you would be a successful investor in upcoming years! Wishes from my end!

5 Things to Remember When Beginning to Trade Cryptocurrencies was originally published in Hacker Noon on Medium, where people are continuing the conversation by highlighting and responding to this story.