Investments in crypto have become a fairly popular activity since it brings enormous profits. Buying crypto at a lower rate and selling it when the price goes up is the core of trading, though things are not as easy as they may seem to be. Trading always bears risks.
Asking yourself, “should I buy crypto?” you should decide on:
- What crypto do you want to purchase and why?
- What services are you going to use for it?
- Consider all the risks. Answer the question, “Am I ready to lose the money I invest?”
To avoid making mistakes, you should clearly understand your purpose: do you want to invest for the long term, or do you want to trade every day? The first option is easier and does not require deep knowledge. Besides, check out the most popular crypto asset on the market (Bitcoin, Cardano, Ethereum, etc.), invest the amount of money you can afford to lose, and forget about it for some period. When it skyrockets – you will gain fortune.
If your goal is to trade, this will be a more challenging venture. Trading requires deep knowledge of strategies. Here are some of them:
- Technical analysis
- News and sentiment analysis
- High-frequency trading
Trading requires a fast reaction to market changes. You should always keep abreast of the latest news from the industry. You must know when exactly you buy and sell an asset, read charts, and make your forecasts. Altogether, this knowledge allows you to have a comprehensive picture of how trading works. You can get more knowledge on crypto by reading the White blog.
Once you learn trading strategies and the market, you say to yourself, “I want to buy cryptocurrency. Where can I do it?”. Here we switch to the next topic – crypto exchanges.
Best Sites for Buying Crypto
Should you buy cryptocurrency on the first website you see? – Definitely not. We recommend using only credible resources such as Binance, WhiteBIT, and Coinbase. They all belong to a centralized type of exchange, which means they focus on providing users’ security. It is important to note that to provide complete security for users, exchanges ask them to pass KYC (know your customer). It means you should provide your documents to the exchange office for checking. This is a standard procedure required on all credible platforms. Once you pass KYC, you receive access to the full range of the platform’s tools. WhiteBIT exchange allows buying cryptocurrency with fiat money, which is especially valuable for beginner traders.