The vast majority of cryptocurrencies are traded through crypto markets. These are virtual places of exchange.
The crypto market contains the most important information regarding tokens – price, volume, and trends.
Cryptocurrency markets are created not only for experienced investors but also for beginners who want to start their adventure with cryptocurrencies.
How do the crypto markets work?
Cryptocurrency markets determine exchange rates – for both coins and tokens. The cryptocurrency rate usually depends on the actions of sellers and buyers. There are also other factors that can affect price.
Cryptocurrency markets allow you to purchase digital currencies and sell them. In principle, they operate on a similar basis to ordinary stock exchanges.
The main difference is that on the stock exchange, investors sell and buy assets – derivatives or shares – in order to take profit from their exchange rate fluctuations.
On cryptocurrency markets, however, traders use cryptocurrency in pairs to take advantage of highly volatile exchange rates. Instead of this here you can know more about the Internet acquiring. Wellcoinex will help you in everything about the cryptocurrency and crypto market.
Crypto market – how to start?
Do you want to start trading cryptocurrencies, but you do not know how to start? We’ll help you! Below we have described everything you need. See our guide on cryptocurrency markets.
Select the market
Select the market you want to trade on like with traditional money, the so-called fiat currency, to start investing in cryptocurrencies, you need a place where these coins are traded. To start, you need to register and deposit funds into your account and then start buying and selling crypto.
In the further part of our guide, you will see the ranking of the most popular and the best cryptocurrency markets.
Crypto markets may have different terms of service and their transaction platforms may vary significantly, so it is best to think about your choice carefully. This will help you choose the place that suits you best.
According to CryptocoinCharts statistics, there are currently almost 200 markets with a total daily trade turnover of $3.24 billion, although not all of these markets are really reliable.
Situations in which investors lose money due to a hacker attack occur regularly. There are also cases in which stock exchanges suddenly end their operations with little explanation, which leads to the total loss of funds by investors.
That is why it is important to choose a trusted market. In the beginning, it is good to choose the largest and most well-known options.
Important note: not all stock exchanges accept fiat currency so you may have to buy a cryptocurrency first, and then pay coins to the market to start investing (but there are also hybrids, such as Wellcoinex, where you can do everything in one place).
Select the cryptocurrency wallet
Select the cryptocurrency wallet because there are many crypto markets, and investors must somehow transfer the funds between them, as well as have space to store their assets.
Cryptocurrency wallets are tools that allow you to store and send coins back and forth. Currently, there are several types of cryptographic wallets. To get started, you need a mobile or a landline wallet, connected to the Internet.
Find a reliable source of information
Cryptocurrencies are very volatile assets and their prices can rise and fall suddenly within a few short hours. Such movements can be caused by many factors, so the investor must constantly monitor the market information.
Before buying crypto, it is a good idea to study assets. One of the best tools is Wellcoinex, a website where you can find information on every coin or token available. This data includes capitalization, supply, trading volume, etc.
The site can be used to compare cryptocurrencies. CryptoCompare is another useful website to find this kind of information.
The best way to track news related to cryptocurrencies is to track the most important publications and blogs in the industry, for example on our news portal. Even more useful information can be found on social media.
Use technology to increase performance and reduce risk
Right now, you have the knowledge and instruments to trade on the cryptocurrency market.
However, some elements are still missing in comparison with the investment process of fiat currencies.
First of all, traders of traditional currencies may use crypto markets’ indexes for benchmarking (a practice used in management, which consists of comparing processes and practices) while building their wallets.
They allow investors to easily trade entire sectors and manage complex wallets as part of a simple investment, reducing the risk and volatility of the wallet.
After building your wallet, you can track your coins using specialized applications, such as Wellcoinex, which provide valuable information. Using such tools also increases productivity.