Guide to Cryptocurrency Markets
Cryptocurrency markets are a global phenomenon that provide anyone with Internet access to trade at any time of the day, and from almost any place in the world. You could say that cryptocurrencies are a token of our digital transformation and globalisation that’s happening around the world.
There’s a huge interest in crypto right now. We are seeing that new crypto exchanges like Binance, Coinbase, OKEx and others are ramping huge numbers of users. And we believe this is just the beginning. Are you ready?
In this guide to cryptocurrency markets you will learn:
- With global cryptocurrency markets you can do…
- What you need to take full advantage of this global 24/7 market
- Define your trading strategy
- Cryptocurrency markets are completely different to other markets
- The 4 different types of cryptocurrency exchanges
- The crypto tools you need to succeed
- Trade at any time of the day. Directly from your computer or mobile phone on the go.
- Take full advantage of a global trading world. Where at any point there are hundreds of cryptocurrencies with enough trading volume for you to reap in your trading rewards.
- Be part of a digital transformation and a new technological surge. With cryptocurrencies, blockchain, smart contracts, IoT all creating this new, smart and automated universe.
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We all want to succeed, but far from everyone does. Only a few truly succeed, and we all should ask ourselves, what is it that they do differently to the rest of us? Is it just luck, or it is something in the way they do it? We honestly believe that a big difference between the successful and the ones who are not, is how they do things. And here are our top tips for succeeding in whatever you do.
- Be the most knowledgeable you could possibly be! Success in trading, holding, buying and selling cryptocurrencies doesn’t come easy. You’ve got to work for it. Read up on every cryptocurrency project that you might want to invest in. And we mean really read up on them. The team, the idea, what’s the business case, and ask yourself why will this be a hit?
- Be curious. It’s hard to succeed, and we mean truly succeed with anything in life unless you work really hard for it. But hard work alone won’t get you there. You have to have an open and curious mind, always wanting to learn more. If you walk around with a “I know everything already” kind of mindset then you will get stuck eventually, not knowing half of what you could have learned. The people who are hungry to learn more are most often then ones who end up becoming the best. Because they are curious.
- Be smart. Duh you might think. Be smart and everything will just sort itself out, right? But what we mean by this is that you are ‘investing’ into cryptocurrencies. Either just with your money, thinking you will eventually get more back than what you put in. But you could also acknowledge that you are investing time and energy into it as well. Whatever you choose to do in your life, do it properly and for the right reasons. With that approach you will be making much smarter decisions.
What is your goals with trading on the cryptocurrency markets? Is it to engage with trading frequently to try and make money? Then a daily or weekly trading strategy is what you need to set. Or would you prefer to buy a few different coins and hold them over a longer period to see growth. A longer period could be a few weeks or months, to even years. The time horizon defined should be part of your strategy as well. The time horizon might differ between the different coins in your portfolio of course!
- Frequent trading (aka day trading or swing trading to make smaller percentages frequently)
- Long-term holding (holding coins over a longer period to see growth)
Frequent trading – important to know
- Have a clear strategy for your trading – no plan = no success
- For each trade, set profit targets and stop losses. Trading without those is just playing with fire
- Avoid the FOMO! As part of tips #1 you should have a clear strategy for every trade. That means that FOMO doesn’t exist in your world. But you can still make use of other traders FOMO urges.
- Risk management! Never trade more than you are willing to lose. And each trade should only consist of a small percentage of your trading portfolio
Long-term holding – important to know
- Holding long-term doesn’t mean that you should hold forever. You need to have goals in mind for taking profit and selling at a loss
- Set profit goals. It’s smart to set several smaller profit targets along the way to that final goal. So if your end goal is $100,000 USD then maybe $25,000 + $50,000 + $75,000 USD might be separate targets where you cash out X percentage
- Have individual long-term holding goals for each cryptocurrency in your portfolio. It wouldn’t make sense if all coins would have the same targets. Because every project is different, with different market cap, different goals and visions and a completely different perception from the crypto community.
- Holding doesn’t mean that you can just keep the coins in your portfolio and never look at them for months on end. You should always keep track of the coins you hold, the work that the team does, what’s going well and not so good? Evaluating how well the cryptocurrency is to hold for the long-term is a continuous activity.
If you would compare crypto to stocks or Forex markets then you’d find out how it is really different. At its foundation they are of course very similar. That you need to trade a cryptocurrency, Fiat currency (Forex) or stocks at their own dedicated markets. And both Forex trading and stocks trading have been around for a much longer time. So the trading cryptocurrency markets are more regulated and mature compared to crypto.
But the advantages that cryptocurrency markets have is:
- It is the only true 24/7 market available. With Forex trading you need to wait for the trading to wake up depending on which Fiat currency pair you want to trade. And with the stock market it actually closes during certain times of the day, making trading impossible. But you can trade cryptocurrencies at any time of the day, with anyone from the world. And the trading volume of the bigger coins never really falls down low enough so you can’t trade it.
- It’s not controlled by any government or organisation. This means there are fewer security regulations in place. But it means it’s truly the most open and free market in the world. Which we find fascinating. But this space will surely
Buy your favourite coins safely using our exchange guide tool
Right now there are hundreds of cryptocurrency exchanges, trading thousands of different cryptocurrencies. It can be daunting and very overwhelming, we know. So to help you navigate in this busy landscape we have reviewed the top cryptocurrency exchanges currently available on the cryptocurrency markets. And we have created a guide dedicated to give you the insights to each of them, to learn the difference between them.
We only list the most trustworthy exchanges. As we know one of the most common risks that affect crypto holders around the world is exchange hacks. There are over $1 Billion dollars stolen each year from crypto exchange hacks. So it’s super important that you pick the right exchange, and that you also follow our advice to never store your longterm holdings at any exchange.
1 – Major Fiat supporting cryptocurrency exchanges.
These are great for beginners to start out at. Here you can use a wire (bank) transfer to deposit some USD, EUR, GBP to immediately start trading different cryptocurrencies – like Coinbase, Binance and OKEx
- Ease of use – great for beginners to start out with
- Slightly pricier. Often these could have bigger fees for trading and withdrawing cryptocurrencies.
2 – Altcoin exchanges
With the altcoin exchanges you can pick up a greater variety of cryptocurrencies. Some smaller altcoins are only available at certain exchanges. So when you become more crypto savvy you’ll end up exploring these too. But be smart and research everyone that you want to sign up for – Kucoin, Binance and Bit-Z
- Great variety of cryptocurrencies available. Here you can pick up the next 100x gem
- Can be a bit less secure. These exchanges might not be supported by the same security features as the bigger ones with more cash to spend. So this is something to be aware of.
3 – Decentralised exchanges
A decentralised exchange means they are not owned by one centralised company or organisation. No, all of trading happening on these cryptocurrency markets are done directly between us users via smart contracts. Without any fees going to one company behind it all – Idex, Paradex
- Completely free from central interference and no added trading fees bar the transaction fees
- Could be less reliable than centralised exchanges, and offers no added protection for your coins that some centralised exchanges does. They also have been affected by various hacks and scams, so questions are being asked about their security features in place.
4 – Margin Trading & Derivatives
You could think of margin trading as taking a loan from the exchange to bet on a specific cryptocurrency to go up or down. And you can increase your potential returns of such a bet by taking a loan and leveraging your position to go in with a larger bet. And derivatives are what you could say a type of agreement or contract between two parties, like a swap, option or futures contract. Where you similarly bet on what you think will happen – OKEx, Bit-Z, Kraken
- Great potentials to make much more money by loaning money to get greater returns from smaller budgets
- Much more risks involved with potentials to easily lose your money if not careful, also a bit more complex than simply buying cryptos from lets say Coinbase
A quick cryptocurrency exchange guide for beginners:
- To buy any cryptocurrency you need to buy it from an exchange. Not every exchange holds every cryptocurrency. So sometimes when you’re looking for a specific cryptocurrency to buy you might need to sign up at different ones.
- Only some crypto exchanges have Fiat gateways. Meaning that if you want to buy crypto with some USD (or other Fiat currencies) then you might need to start at one exchange, like Coinbase for example. Before moving on to the other exchange which holds the coin you want to buy. The same applies when you want to sell your crypto for Fiat – check our guide on how to cash out if curious (it’s focused on Bitcoin but applies to most cryptocurrencies).
In order to succeed on the cryptocurrency markets you need the right mindset, but also the right tools. We at Go CryptoWise want to help you stay on top of all things crypto and blockchain in one place. Here you can follow live prices for every cryptocurrency in the world with our live prices updated cryptocurrency tool.
Follow live prices for your favourite coins
Follow the prices of all the world’s cryptocurrencies here at Go CryptoWise. Live updated prices and complete price charts for all your favourite cryptos.
Quickly convert the price of crypto – 1 BTC to USD, GBP, EUR etc
We also give you tools to convert prices for cryptocurrency vs cryptocurrency or crypto vs Fiat currency (USD, GBP, EUR, etc) – Cryptocurrency tools.
Become more Crypto-confident with exclusive Tips & Guides
We also want you to become more Crypto-confident with exclusive Tips & Guides on all things cryptocurrency and blockchain. We continuously try to create new helpful guides that will make you a better investor and provide you with the latest and best crypto tips. We also have a complete range of guides for the beginners, to help you get started investing in cryptocurrencies the right way. And avoid some of the common mistakes, and most importantly keep your cryptocurrencies safe, when there’s actually quite a few common risks that beginners fail to see.
Some of our popular guides
- What is a Cryptocurrency?
- The best way to invest in Cryptocurrencies
- How to invest in Bitcoin – the beginner guide
Exclusive interviews and articles
We continuously explore the Cryptocurrency scene and give you exclusive insights and interviews with Cryptocurrency and Blockchain experts.
Popular interviews we’ve done:
- ‘The community is the heart and soul of VeChain’ – Jason Rockwood Country Manager
- ‘‘New generations need to step up’’ – the future of blockchain is up for grabs – Komodo GM
- Crypto interviews: Brad Michelson Director of Marketing @BlockFi
Read more interviews here.
Useful sites and forums to visit to keep track on the cryptocurrency market
It’s important to always keep an ear to the ground. To find the latest news, rumours and insights. We promise you, it will be worth it. You might not know it at the time of reading that article, blog post or forum discussion. But eventually it might be the insight needed to pick a cryptocurrency winner from the group.
So we have listed our best tips on websites, forums and other channels to stay on top of all things crypto!
- Reddit – There are a bunch of different subreddit pages, dedicated to cryptocurrencies and blockchain. The biggest subreddit in the world for this topic is CryptoCurrency. But besides that there are hundreds of pages, often the major cryptocurrency projects have their own subreddit page. So have a browse a Reddit once in a while to get new insights from fellow crypto fans.
- Bitcointalk – This is the original Bitcoin and cryptocurrency forum. Famous for being the first and biggest forum centred around this new emerging technology. It is still one of the biggest and most popular forums dedicated to Bitcoin and cryptocurrency markets. Learn about new crypto projects, get reviews and engage in discussion with the rest of the community here. Also it is founded by the same person (or group) that created Bitcoin, Satoshi Nakamoto. He was himself active from 2009 to 2010 and have never since be seen from, heard or posted by in the forum, or anywhere else. See his previous posts from his account here.
- Coinmarketcap.com – For price related insights and information in real time. One of the most well known sources and used by the crypto community helping you stay up to date on price movements on the cryptocurrency markets.
- Go CryptoWise – Obviously we also provide you with news, interviews, articles and guide posts. We are also completely independent, that means we are not tied to any crypto projects, brand or other. All to bring you relevant and trustworthy content. You can also discuss with others at our Facebook group.
Other popular guides:
- The 8 best Cryptocurrency exchanges in the world
- The 7 most popular Privacy coins
- Best ways of converting Bitcoin to cash
- What is a Cryptocurrency?
Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that wants to see better and smarter products and services that makes our lives better and easier