Unlike the tasks in blockchain, for which you need huge 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 in blockchain, you need to be from a technical background and understand computer programming but in a crypto trading business, all you require is a little knowledge of trading and a tad bit of experience.
What you do as a crypto trader affects your own investments only, so if things go north, all the profits are going to be yours and if it goes south, you would have to bear the losses by yourself as well. Crypto trading can be like a passive income, you can do it side by side with your day job. So, if you have a keen eye on blockchain jobs, you still can 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 in order to become a crypto trader.
How to Be A Crypto Trader
Before we proceed any more and tell you about how you can be a crypto trader, there are a few things to keep in mind. You can not be a cryptocurrency trader without having basic knowledge about cryptocurrency and trading. If you’ve traded in the stock market or forex market before, then you don’t need to learn a lot 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 get to know all the basics about cryptocurrency, you can start investing or trading in it. To start your career as a crypto trader, you can follow the procedure given below:
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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 going through articles and doing nothing else. So, the primary step is to start an account in some crypto exchange and understand how everything works there, carefully. 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 get done with the KYC requirements and get your account verified. As a new bee, you can begin with easy-to-operate exchanges like Coinbase, Kraken, etc. Such exchanges also provide you the authority to buy cryptocurrencies with FIAT, this 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 in order to receive another layer of safety.
Purchase Some Cryptocurrencies
Since you are a beginner and just getting to know the basics of this trade, it’s suggested to invest small amounts and with prior discretion. You can get started by purchasing a lesser amount of cryptocurrency, as much as you are okay with losing or decreasing in value. Please note, this blog is meant to be read as an additional read and not as some fixed guideline. It is advised to do thorough research before investing in any security or cryptocurrency as these are subject to high market risk and volatility.
What Skills One Must Have To Be A Crypto Trader?
To begin your career as a crypto trader you don’t really 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 a good addition to your career. As you’ll move ahead, you would need to gain a lot more expertise. Understanding crypto and currency charts, speculating price changes by looking at the coin’s former performance, etc.
To learn better about cryptocurrency and its subsequent trading, you can also get crypto paper trading platforms. 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 easily get acquainted with all the trading strategies and tricks.
