How to earn money with crypto trading algorithm?
If you have available funds, and you want to multiply your capital in a short time, the best opportunity for this is crypto trading. It is unlikely that you will find other assets that change their value in a couple of weeks by 2-3 times. However, we should not forget that the trade in cryptocurrencies carries high potential risks associated with the reliability of online sites.
Reliable exchanges offering a huge number of cryptocurrency pairs
The first step is to determine the platform for trading. Its best to choose from the list of the most famous altcoin exchanges: Poloniex, Bitfinex, EXMO, Kraken, Livecoin. In this case, your trading capital will be relatively well protected from theft by cyber attacking or hacking account. Consider several trading platforms in more detail.
EXMO is a universal service. The most popular cryptocurrencies are applied on the site: Ethereum, Dogecoin, Bitcoin, Litecoin and others. Convenience of this site is in a large number of options for replenishing the account: Webmoney, bank cards Mastercard/Visa, QIWI, Neteller The average commission for the transaction is 0.2% of the purchase volume. It is possible to set limit and protective stop orders with the Trailing Stop function.
Vithinex is one of the most famous crypto trading calculator in the world. Its main advantage is the possibility of margin trading (opening positions with a leverage), which allows you to earn significantly more from your own capital. On the site you can open one of three types of accounts: investment, for trading operations, for margin trading. The commission for one transaction varies between 0.1 and 0.2%, depending on the user’s activity.
Poloniex or simply “Polo” is a stock exchange with a good reputation, which supports a huge number of crypto-currency pairs. More than 45,000 active traders are registered on the site, which indicates a high level of confidence. The value of commission payments is in the range of 0.05-0.25% per transaction. Among the shortcomings, you can note the English interface and the slow work of the support service. Also within a month you will have to undergo the procedure of verification of personality, but if it does not frighten you, we advise you to stop your choice on this site.
Step-by-step instruction for opening an account on the exchange
Before opening an account on the stock exchange, it is necessary to take care of the purchase of bitcoins, since the trading platform does not work directly with the fiat money. For these purposes, you should use a reliable and trusted online exchanger. We recommend to convert funds through Localbitcoins.net. The service automatically determines your location and shows the most suitable options for sharing.
If you want to purchase cryptocurrency remotely, choose the section “Buy bitcoins online”. Further, read the offers by the seller, paying attention to the following parameters:
- reputation of the user (whether there are negative reviews and how many transactions are made);
- restriction on the amount of exchange;
- rate Bitcoin;
- payment method.
After you decide with the seller, you need to enter into a correspondence with him and specify the details of interest. He will have to give the number of his credit card to which you will pay. If all goes well, after a few minutes on the balance of the internal wallet of the system will see the enrollment of the cherished bitcoins.
Now you can start working with the exchange crypto trading volume, which offers a huge number of currency pairs. To do this, go to Poloniex.com and complete the registration. Specify real data, otherwise you will not be able to pass verification and implement crypto trading. It is better to confirm your identity right away by sending a scan-copy of the passport and photo, where you hold the document in your hand. Do not forget to come up with a complex password consisting of many symbols and numbers, preferably mixed.
The next step is to translate the existing bitcoins from the Localbitcoins.net site. Hover the cursor over the “Balances” section and click “Deposit & Withdrawals”. In the list that appears, select BTC and click on the word “Deposit”. An address of 34 characters should appear. Copy it and go back to Localbitcoins.net. Here send the cryptocurrency to the copied address. Please note that a commission is charged for the money order. In case of correct execution of the above algorithm of actions, in the “Balances” section your bitcoins will appear.
Everything, the trading account is ready for realization of crypto trading spreadsheet. Now the bitcoins can be exchanged for other cryptocurrencies, making deals with the participants of the system. Your task is to guess in which direction the course of one or another trading pair will change. The main thing is to overcome your fears and strictly adhere to the plan.
What strategies are most effective for day trading crypto?
If you are familiar with classical technical analysis, it will be easier for you to navigate the market. Otherwise, you will have to rely on your own intuition, tips from other traders and insider information from forums and chat rooms. But it’s better not to do it.
Among a huge number of currency pairs, select those that have a decent day’s turn. It is desirable that the graphs are less torn and show a confident trend. Using the skills of technical analysis, build horizontal levels and watch the price when it suits them.
In the crypto-currency market, two strategies have proved to be the best: punching and work after correction. Most traders remember how fast the bitcoin flew up in 2017, punching all the key levels one by one. Therefore, many market participants simply wait for the breakdown of absolute price highs and quickly join the game. If altcoin has a pronounced trend, it is possible to say with a high degree of probability that after fixing the rate above a certain level, it will begin a rapid upward movement.
Similarly, the strategy that assumes the purchase of a cryptocurrency after a correction is in place when you’ll see crypto day trading reddit. If before the digital asset showed steady growth, and then began to roll back to the key level, you can wait for the correction to end and open a long position at an attractive price with crypto trading bot reddit. It is important to always remember the protective stop-orders to limit possible losses. Put these orders for the level, and do not cancel them if the course of the crypto currency will go against you. So you save the money and wait for a strong move.
The most popular trading pairs for crypto trading are: BTC/USD, ETH/USD, LTC/BTC, ETH/BTC, XMR/USD, XMR/BTC, BCH/BTC.