Trading cryptocurrencies is a popular work that many crypto-savvy people practice quite successfully. Due to the high volatility of crypto rates, it is possible to receive a profit in the long and short term. The only condition is to have enough practice and knowledge in the market and trading.
Trading includes several popular strategies developed especially for this market:
- Intraday trading
- Position trading
- Swing trading
They all imply a different period of time between opening and closing positions on a cryptocurrency exchange, as well as using different helping tools like bots. Bots automatically track the market and buy cryptocurrency according to the configuration users pre-set for the bot. Some bots are ready to use, while others need manual configuring.
Beginner traders may find it complicated to use all the mentioned strategies and bots on the first try. So we recommend starting with something easy, like learning how to buy cryptocurrency and how to sell it, how to convert it to fiat, etc. Let’s talk about elementary actions on a cryptocurrency exchange.
How To Buy Cryptocurrency On WhiteBIT
WhiteBIT is a crypto trading platform suitable for novice traders. It has an easy-to-handle interface and all the necessary tools for trading. To buy cryptocurrency, you need to:
- Register an account on the exchange and pass KYC
- Add your bank card to your account and transfer dollars or euros
- Open the section for trading and pick a crypto asset you wish to buy. The calculator will show you the current cryptocurrency exchange rate.
- Pay the fee and proceed with the transaction.
If you want to convert your crypto back to fiat, you may repeat the same action, indicating the currency needed in the calculator. The WhiteBIT platform offers demo trading, which will be helpful for beginners to get enough practice and experience as well as confidence in trading.