So you’ve bought your first bitcoin and are ready to start exploring more exotic crypto assets. Congratulations: you’re in the game. The trick is to not lose the game before you’ve had a chance to get started. While your interest in trading altcoins is sure to be profit-motivated, capital preservation should be your initial goal. In other words, before you can win, you need to focus on not losing by minimizing risks.
This means trading on reputable exchanges whose security is top-notch and trading crypto assets that are likeliest to grow – as opposed to haemorrhaging until your hard-earned BTC has been whittled down to zero. If you’re new to the crypto trading game, steer clear of institutional-grade exchanges with advanced order types, complex options products, and an array of features: that stuff is for the pros. What you need is an exchange that will show you the ropes, help you master your craft, and provide incentives for getting better. What you need is an exchange like one of the following options.
Babies learn new skills by copying their parents. In crypto terms, you’re still in diapers, and need to learn from traders who’ve been around for a lot longer. They’re your surrogate parents, and you can emulate their moves by using an exchange with a copy trading feature. Bingbon is one of the best platforms to try experimenting with this feature. It enables expert traders to earn a profit share by sharing their moves with fellow users, who can emulate them in just a couple of clicks. One of the cool things about this feature is that there are safeguards in place to ensure that only serious traders are able to post their positions: they must have exceeded $1M volume in the previous three weeks to qualify.
Blindly copying traders – even profitable ones – isn’t a strategy you will always want to pursue. As you gain experience, you’ll want to branch out on your own and select your own coins to enter and exit. When you’re learning the ropes, however, copy trading is an invaluable tool for gaining an insight into how the pros operate. Another beginner-friendly feature of Bingbon is its demo trading feature that provides a chance to familiarize yourself with using the exchange before putting real money on the line. After signing up, you’ll be awarded 100,000 VST, virtual tokens that represent $1 each. Use VST to run demo trading on Bingbon before playing with real crypto when you’re ready.
As mentioned at the outset, security is a paramount concern when trading cryptocurrency, particularly when you’re just starting out with a small stack. A bad experience with an exchange could put you off crypto altogether, or at the very least force you to rebuild from scratch. As a compliance-first focused exchange that’s regulated in the US, Europe, and Japan, bitFlyer’s compliance, customer service, and security are all on point. The exchange also welcomes retail traders, who it’s been faithfully serving since 2014. If you’re looking to trade top 10 crypto assets such as BTC, BCH, and ETH using a responsive trading engine and with deep liquidity, bitFlyer ticks all the right boxes.
Crypto.com Exchange is one of the best platforms for fiat connectivity, which is why it’s ideal for beginners. Working out the cheapest and fastest way to get fiat onto an exchange is the first problem that novice cryptocurrency traders face. That’s not a problem with Crypto.com since it’s integrated with the company’s crypto wallet and debit card service. You can send assets from your Crypto.com wallet, including the native CRO token, directly to the exchange and begin trading.
In addition to having excellent fiat connections, Crypto.com isn’t susceptible to “feature creep” which can cause minimalist exchanges to degenerate into cluttered hellholes that are a nightmare to navigate. Because it’s relatively new, and because it’s designed by the Crypto.com team, which has had years to refine its mobile app, Crypto.com Exchange is clean and simple, allowing new traders to get to work with zero distractions.
On the one hand, Binance is guilty of the sort of “feature creep” we touched upon earlier: its once clean exchange is now festooned with a plethora of features, buttons, and options. But at the same time, the platform’s educational resources for new traders are excellent. The exchange founded by Changpeng Zhao in 2017 also earns points for having Basic and Classic interfaces, giving new traders a chance to familiarize themselves with the workings of the exchange before progressing to Advanced.
If you’re new to crypto trading, don’t blindly follow the crowd because your needs differ from theirs. Pick a platform that will guide, nurture, educate, and support you as you level up your knowledge and bid to turn a little bit of bitcoin into a fat stack of sats.