Unlike the tasks in blockchain, for which you need substantial technical knowledge, beginning a career as a crypto trader is quite simple. But you would still have to learn more about cryptocurrency and other trading techniques. The main difference between landing a job in a blockchain company and minting money using crypto trading is that you need to be from a technical background and understand computer programming. Still, in a crypto trading business, you only require a little trading knowledge and a bit of experience.
What you do as a crypto trader affects your investments only, so if things go north, all the profits will be yours, and if it goes south, you will have to bear the losses by yourself as well. Crypto trading can be like a passive income; you can do it with your day job. If you are keen on blockchain jobs, you can still be a crypto trader and rocket your earnings. In this blog, we are going to converse about how you can start a career as a crypto trader. So, let’s begin with the steps to becoming a crypto trader.
How to Be A Crypto Trader
Before we proceed any more and tell you how you can be a crypto trader, there are a few things to remember. You can only be a cryptocurrency trader with basic knowledge of cryptocurrency and trading. If you’ve traded in the stock market or forex market before, you don’t need to learn much about trading but about how cryptocurrency works. Cryptocurrency is much more volatile than stocks and other financial assets. You can never be sure about speculations and where your investments will take you. Once you know all the basics about cryptocurrency, you can start investing or trading in it. To begin your career as a crypto trader, you can follow the procedure given below:
Open An Account In An Exchange
The only way to know how to trade is to get out and gain real-life experience. You can’t learn to trade cryptocurrency by reading articles and doing nothing else. So, the primary step is to start an account in some crypto exchange and carefully understand how everything works there. To open an account in a cryptocurrency exchange, first of all, you must be over the age of 18 years. Next, you would require certain documents to complete the KYC requirements and verify your account. As a new bee, you can begin with easy-to-operate exchanges like Coinbase, Kraken, etc. Such discussions also give you the authority to buy cryptocurrencies with FIAT, which is why it is one of the best options for beginners in this sector. After you register successfully, complete the KYC and enable 2-factor authentication to receive another safety layer.
Purchase Some Cryptocurrencies
Since you are a beginner and just getting to know the basics of this trade, investing small amounts with prior discretion is suggested. You can start by purchasing less cryptocurrency, as much as you are okay with losing or decreasing value. Please note that this blog is meant to be read as an additional read, not as some fixed guideline. Doing thorough research before investing in any security or cryptocurrency is advised, as these are subject to high market risk and volatility.
What Skills Must One Have To Be A Crypto Trader?
To begin your career as a crypto trader, you don’t need any certification or something like that. As long as you get profits from your investments, you’ll be termed as a novice trader. Although, some skills, such as computer programming, could be an excellent addition to your career. As you move ahead, you will need to gain much more expertise. Understanding crypto and currency charts, speculating price changes by looking at the coin’s former performance, etc.
You can also get crypto paper trading platforms to learn more about cryptocurrency and its subsequent trading. Such platforms provide you the services to trade in crypto on paper, that is, without investing actual money. So, when you have nothing to lose, you can quickly get acquainted with all the trading strategies and tricks.
