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Here is a quick beginner's guide on how to start investing and trading cryptocurrency. Please understand that this is a high risk market and you should not invest more than what you are willing to lose.
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Bitcoin trading is the act of buying low and selling high. Unlike investing, which means holding Bitcoin for the long run, trading deals with trying to predict price movements by studying the industry as a whole and price graphs in particular. Successful trading requires a lot of time, money and effort before you can actually get good at it.
That’s Bitcoin trading in a nutshell.
Alright so, forex versus crypto. The first thing that i think we should look at is the hours of operation. Because forex really kind of changed the world for traders, it’s open from Sunday afternoon until Friday afternoon. The traditional stock market of course is closed at night so this really opened up a much wider trading period for traders and that was huge. Crypto is really taking that another step further and they have the first truly accessible twenty four hour live markets seven days a week. For somebody just getting into the space that might not mean much, but for established traders it really is huge to be able to get those extra two days in. Not just for the trading time but also the ability to manage positions you already have during those periods.
Now, along with the forex crypto battle we of course have to look at the fact of establishment. Forex has been around for well over a decade, its an established industry and with that you have regulations, you have oversight, and that’s one of the big points that comes with crypto versus forex, is your security. We see it all the time with crypto, exchanges being hacked, losing money, things like that. And the reality is, current situation you have no legal recourse. The nice thing with forex, being that it is established and regulated you have legal recourse if something goes awry with a broker. You actually have rules that are in place. Now, with that and the regulatory issues, the other factor with crypto is that were so new that really were currently in a place where the way that we trade crypto could very well drastically change over the next two years as new regulations and laws come in. If you’re trading the forex markets, its very unlikely that any kind of regulatory restrictions are going to drastically change the way you trade on a day to day basis.
Okay, along with that regulatory framework that you get with forex, you do get a slight advantage with crypto. I won’t talk too much about the logistics of it, but the reality is KYC at this point is rather extensive in forex, there's a lot of information that you have to give to be able and open an account. There’s a lot of red tape involved with all that. Crypto is still in a space where realistically you can actually trade anonymously. I won’t speak to the legal issues of this, but to some people that does appeal, and I do understand that.....
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