Decided to venture into the world of Cryptocurrency Trading? Well, it certainly isn’t easy. But with a little guidance and some research, you could end up being a millionaire in no time. So let’s have a look at how you could go about investing and starting your very own profitable Cryptocurrency Portfolio!
What exactly is Cryptocurrency? Simply put, Cryptocurrency is any virtual currency that is traded and/or held by individuals or entities on the World Wide Web. In essence, Cryptocurrency is any “real” currency that can be converted into another currency. So basically, when you purchase a piece of Cryptocurrency, you are essentially buying a stock in the currency market. The great thing about this is that, if for instance, you choose to purchase the LUX currency (that means Luxury Xchange) from a website, the value of the item will immediately increase in price from its base currency to whatever Cryptocurrency you’ve purchased it in.
Now, the question here is “How do I know which one is the best”. The answer is simple: By researching the various available (and often competing) Cryptocurrency pairs. There are two primary types of Cryptocurrency available; namely, “Dollars” and “Ethericals”. Here is a general list of the more popular, and frequently referred to, Cryptocurrencies available on the Forex market:
Although we’ve discussed a handful of the most common ones, there are a few others that are worth taking a look at. The two best crypto for traders currently are; Monero and Dash. Which one you choose is ultimately up to you and your personality. Both of these coins have their pros and cons, but in the end it comes down to personal preference.
Another interesting option for traders is “Ripple”. Much like XRP, but much like the EUR/USD pair in the Forex market. However, unlike XRP, which are a well-known currency, and is used by banks and other financial institutions; Ripple is an “unfolded” peer-to-peer digital cash that has been in the works since 2021. One of the biggest reasons this coin is currently so sought after is because it is meant to be a free open source software that can be used anywhere any other software may be used.
Finally, we come to another segment of Cryptocurrency traders – Those that trade in the OTC (over-the-counter) realm. These are the most volatile of all the Cryptocurrency pairs out there. Because of the high volatility in these markets, many investors have made a living trading these, and as such, there are literally thousands of new companies listed daily on the OTC market. As such, the large number ofICO offerings makes it very important for investors to do their due diligence and research before deciding on which company to trade with.
As you can see, there are many different aspects of Cryptocurrency that need to be considered before deciding which way to go with your trades. The best way to do this is to simply take the time to learn more about the various methods and trends of each market. This will give you the information you need to make the right decision on which of the top 9 most valuable Cryptocurrencies to trade in. Remember, when looking for the best way to trade, you must learn what’s valuable and what isn’t.
We hope this article has given you some insight into the world of Cryptocurrency and the best way to go about investing in it. There are several other ways for you to learn more about the best ways to trade Cryptocurrency but the above list is by far the best sources for getting Forex training. So what are you waiting for? Start practicing today!