Top cryptocurrency trading platforms in 2021
A cryptocurrency exchange, like any other exchange, is not a casino.
Stock trading is not a brand-new way of making money. For example, the world’s first stock exchange began its work in Amsterdam back in 1602. More than 400 years ago, people traded promissory notes and government bonds. Besides, public subscriptions for shares came to use at that time too. That’s where the first exchange lots and exchange clearing of obligations were formed.
Over time, exchange instruments have evolved, while new markets and new entrants have emerged. All these processes accelerated after a while. It took 100 years for the oil market to grow 10 times, and the stock market repeated this result in 15 years (1982-1997). The newest digital coin market has grown from a few million to $1.8 trillion in just ten years.
Bitcoin and other cryptocurrencies have already contributed to the emergence of many new millionaires and even billionaires. Such stunning growth and crazy prospects are attracting more and more non-professional investors and traders to this market. So we will talk about the main rules that a trader must adhere to for successful work. We will also tell you about the best cryptocurrency trading platform in this article.
Tips for beginner traders
- Never invest the last of your money. Invest only those funds that you are ready to lose without causing problems to the budget. Remember, transacting on the stock exchange, including cryptocurrency, is not similar to a bank deposit. There is always some risk involved, especially if you are a beginner trader. Be mentally prepared to lose everything invested. Although the experience of many countries has shown, a deposit in a bank can also be easily lost too.
- Don’t let greed make decisions for you. It can be very difficult for beginners to fix a profit because it always seems that they could earn more. However, it is better to withdraw profits and make a new investment rather than wait and lose.
- Check the information carefully. You should check the information written in the exchange chat no less carefully than the situation in the cryptocurrency market. Many people are ready to promote a certain currency by any means for personal enrichment.
- Analyze. Far not all cryptocurrencies are the same — some are more stable, others less, while some are even doubtful. Stable cryptocurrencies are good for medium to long-term investments. More risky coins can be bought at short-term distances, at about 1-3% of the entire portfolio.
- You should not keep all your assets in one place. Better to create multiple wallets and secure your investment.
- Buy a cryptocurrency when a downward trend, and sell it during upward movement. This will help you stay ahead of the trend-following crowd.
- Don’t try to catch the minimum and maximum. It’s too risky, especially for a beginner. Even stock market sharks can’t assess market changes correctly all the time.
- Ensure record-keeping. It is necessary to write down the strategies and orders you do. This will help you calculate the average purchase price and create your strategy for each stage of trading in the future.
What is the best place to trade cryptocurrencies in 2021?
There are a huge number of different exchanges for trading in the cryptocurrency market. Each of them has its own conditions, advantages, and disadvantages. These sites can differ against a set of criteria, but the main difference is the control system. That is, there are centralized and decentralized exchanges. The latter has begun to actively capture the market lately. Godex is considered to be one such best cryptocurrency trading platform with a decentralized management system.
This is a rather young project that has already gained popularity among users from different countries. The platform is translated into 15 languages and is available to customers from all over the world. The platform developers focused on three things:
- Anonymity. To work with Godex.io, you don’t need to register and pass the verification procedure.
- The best conditions. A special platform algorithm monitors the market situation and provides users with the most profitable rate.
- Simplicity. The exchange interface is as simple and straightforward as possible. All buttons are placed conveniently and intuitively, and the conversion process consists of only two simple steps.
This is just a small share of all the benefits of the Godex decentralized platform. Visit its official website to learn this exchange better.
A cryptocurrency exchange, like any other exchange, is not a casino. Experience, knowledge, and analytical skills matter much more than luck. Thus, if you are seriously interested in cryptocurrency, first of all, invest in your education, understand how this market works, learn all about the types of cryptocurrencies and strategies.
However, when you are confident enough, you can use the Godex.io decentralized exchange.