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A Starter’s Guide to Cryptocurrencies

Starter’s Guide

Ever since bitcoin made its mark on the internet in 2009, the online marketplace has been a lot different than how it was before. Cryptocurrency is the new way of carrying out financial transactions online with a market value of over $220 billion. More cryptocurrencies have been introduced after the success of bitcoin, and in this starter’s guide, we will learn more about what cryptocurrencies are and how do they work.

What is cryptocurrency?

There is no physical form of cryptocurrency like the fiat currencies. It is a digital currency which can be used for seamless, direct and speedy transactions between parties. You can have full control over your payments and accounts with total transparency. Since you are totally independent, you do not have to rely on central banks to allow your transactions. It manages your money is a distributed fashion that keeps your money safe and encrypted. You can make transactions directly in within seconds where the bank transactions can take hours and days.

How do the cryptocurrencies work?

Cryptocurrencies were developed over the foundation of a cryptographic invention known as blockchain technology. Blockchain supports multiple technologies, including cryptocurrency, without which blockchain would not exist.

Blockchain

Blockchain is a set of blocks made of complex mathematical problem based on cryptographic technology. The computers aim to solve their problems, and when they solve one problem, a block is complete. Whats makes a block unique is that when information inside of a block is changed, the block becomes invalid or broken. The only way to fix the block is to replace the wrong data with the original data.

blockchain

Mining

Mining is the solving of blockchain to convert into the blockchain. People who solve these problems using computers are called miners. Mining can be very difficult and requires powerful processors to solve the blockchain puzzles. These computers can be costly and require heavy GPUs. For solving these math problems, the miners get rewarded with digital currency.

The miner needs to make sure that the transactions are valid and they do this by ensuring the person they are getting the coins from have enough coins. Miners can examine the existing blockchain or check the wallet of the person they are trading with. Since wallet can be public, it raises a few privacy concerns, but you can have as many wallets as you want. There are also some technologies and currencies that provide complete anonymity.

 

Security

Security is the ultimate concern while dealing with currencies. There are several security measures for cryptocurrencies which are designed to ensure that miners and the complete network are secure. On a personal level, each wallet is highly secured with a private key which only gives access to the owner. The underlying blockchain is also secured against hacking as any alteration in the information of a block can make it invalid. For now, blockchain technology is highly encrypted and secured, which is why it is also used for creating security software.

Beginner’s Guide to Forex

What is forex?

Foreign Exchange market is a platform where the traders, businesses, and travellers trade currencies of different nations. Forex is the only platform where every currency can be valued to get exchanged with each other for foreign trade. If a person buys a product from another country, then their currency will be exchanged for the currency of the country that is selling the product. The travellers, however, exchange currencies with the local countries of the currency they travel to.

Another thing about forex is that there is no central marketplace for the trades. The forex happens over the internet and is conducted electronically over the counter. Every forex occurs via computer networks that connect worldwide traders. The forex market stays active throughout the day for five days a week as the currency exchange happens worldwide, and the value for currencies change constantly.

Benefits and Drawbacks

Forex is at present the largest trading market in the world which has the maximum trading occurrences every day as it offers the most liquidity. It is easy for a trader to enter/exit a position within seconds. Since the market opens five days a week, the trading starts in Sydney and ends in New York. The major forex trade centres include Tokyo, Sydney, Hond Kong, Paris, London, New York, and Singapore.

The drawback that forex trade faces is that the banks, dealers, and brokers allow huge amounts of leverage. With the help of leverage, traders can control large positions temporarily with a little amount of money. One can get up to 100:1 which is usually normal in the forex market. Such high leverages come with a huge risk that the trader much considers before applying for it. Traders who fail to make profits can face problem in repaying the leverages.

A beginner should understand the economic fundamentals and the indicators that help in making better trades in the market. It is difficult to maintain knowledge of different currencies and how the economies of various countries are doing.

The assets of forex

The two main benefits of forex traders are – you can earn from the interest rate differential between two currencies, and you can make profits from the changes in the exchange rates.

A trader can purchase higher value currency and sell with lower interests to make the profits. This strategy is called “carry trade” and was used by Japanese traders before the financial crisis of 2008. They bought the British pounds because of the large differential rate and sold it to make profits.

assets of forex

The risks in forex

Forex trade can be risky if you do not have the right knowledge about the currency market. The interbank market has volatile regulations, and the forex instruments are also not standardized for the entire market. Many forex traders are unregulated.

Liquidity in Forex and Cryptocurrency

litecoin

Liquidity is how active a market is in a given time. It is determined based on how many traders are trading actively at a given time, and the total amount they are trading altogether. The reason why forex is the most liquid market is that the market stays open for 24 hours a day for five days straight.

Cryptocurrencies have become popular in the past decade due to the success of bitcoin. There has been a rise in the prices of cryptocurrencies which no one readily expected. The bitcoin owners today might have made the best investments of their lives in 2009. Crypto trading is a new market for traders who seek quick profits. It is similar to the forex market in terms of its online trading platforms and no centralized authority. Even though both the markets function in a similar manner, there is a lot that differs between both.

Difference in liquidity

Comparing both in terms of liquidity, we can clearly say that forex is way more liquid than cryptocurrency or any other market. It has a much higher trading volume compared fro crypto market. While forex makes trillions daily on an average, the crypto market has hardly made it to billions on a daily basis. It means that more people are trading more assets on forex and you can enter and exit trades in forex almost immediately on currencies of your choice.

On the other hand, the liquidity of crypto is still considered doubtful as to the currencies like bitcoin are already very expensive to be bought by an average investor, and the small cryptocurrencies are still not trusted by many. You can liquidate Bitcoin and Ethereum coins in a fast transaction, but the availability of such cryptocurrencies is very low. In some cases, you may also require to accept a high free or an inferior price to complete a trade safely.

 

The trading pairs in both markets

In forex, there are 30 commonly traded pairs of currencies, but most traded pairs include the British Pound, the US and Canadian Dollars, Japanese Yen, Australian Dollar, etc. A professional trader may only trade with 5-6 pairs on a daily basis. With the availability of multiple pairs, more traders show interest in trying out investments with different currencies, which in the process makes forex more liquid.

Things are a little different in crypto trading. There are commonly 10-12 pairs along with the OTC market pairs which help in liquidating crypto trades. This helps in building more diversity and reduces competition in the market, which results in high profits for up to 70%.

The of the two markets

Volatility means the fluctuation of prices on a regular basis. High volatility makes is easy for traders to make profits, but it also increases the risks in the trade. On the contrary, stable assets are harder to change but can also be less risky.

Trade

Crypto has always been more volatile than forex every since it was first introduced and had been growing more compared to the eventual declines. The volatility of cryptocurrencies makes it profitable for traders, yet due to higher risks, one needs to be careful.

How to Trade Forex and Cryptocurrency

Forex trading

Forex today is the largest trading market in the world which involves traders investing money on currency pairs and gaining quick profits based on the economy and currency difference between the two countries. Cryptocurrency offers a new digital currency trading platform which may seem like forex but is completely different.

Many traders fall into believing that crypto trading is the same as forex as both the markets do not require a centralized authority to handle the trades. However, crypto trading can today be a part of forex as an option of investment. But when it comes to trading between two different cryptocurrencies, it will be a lot different. In order to learn to trade in the two markets, let us understand how they function.

forex-vs-cryptocurrency

Forex trading

Forex is a decentralized global market where people trade different currencies from around the world. There are several online trading platforms, and the trades stay open 24/7 for five days. It is the biggest trading market in the world with $5 trillion being traded daily. The forex trading platforms provide investment opportunities that include the profitability of interested parties.

There are forex trading platforms through which you can carry out currency exchanges from any corner of the world. You also receive options to trade with your favourite currencies whenever there is an opportunity available. Today there are plenty of trading platforms which attract different season traders as they can direct the trading patterns to achieve the best results.

Cryptocurrency trading

Crypto trade is also a completely digital trade but does not entertain any fiat currencies. Cryptocurrencies are totally decentralized and work on blockchain technology. Since any central administrator is not controlling these currencies, the control of the trade totally depends on the trader.

Trading with different cryptocurrencies is an entirely new method compared to traditional trading methods. Bitcoin is the worlds most valuable cryptocurrency, and the trading usually revolves around bitcoin while traders try to make a fair trade to buy bitcoin from another trader. Learning about Bitcoin and the upcoming cryptocurrencies can help the traders to make the best decisions. Cryptocurrency is also highly volatile, which makes buying and selling a bit complex for the traders. Only when they learn to recognize the patterns in the shifts of crypto prices, they can make profits.

Similar to forex, there are trading platforms for cryptocurrency as well. The trading can either involve exchange two different cryptocurrencies or exchanging cryptocurrency for fiat currencies. Another way to trade cryptocurrencies is through the exchange of crypto contract for difference (CFD). With this option, you can trade through a cryptocurrency broker or a bitcoin trade broker. You do not need to have a cryptocurrency to bet using CFDs as you can pay fees to a broker to invest on your behalf and enjoy the profits. You do not even have to worry about the security and storage of your cryptocurrency.

 

Top Things You Should Know Before Trading

Trading Tips

If you are motivated to become a trader but have only a minimum knowledge of what trading is, these tips will help you out to play safe as a beginner. Trading is similar to purchasing a seed that can reap you fruits in the future with the right nurturing. When you start trading, the worst idea is to follow your guts for investments. You make a decent profit if you are lucky, but the odds of getting lucky in a trade market is fairly low when you have not done your homework. Here are top tips for trading as a beginner.

Knowledge is the key

The knowledge about the market and the basic trading procedures are important for you to make successful trades. Before you start investing, spend time learning about the trades and make mock investments to check out how you have improved. Make a note of the market you want to focus and the trading options in that market to start profitably.

Keep separate funds for trading

Always trade what you can afford to invest. Find out how much capital you can invest in each trade. Many professional traders risk only 1% to 2% of the account per trade. Do not fall into believing that one trade can bring you the entire fortune. It can keep your losses under control and will also teach you the right discipline of trading.

time for trading

Find time for trading

Using automated tools for trading is not always effective. Sometimes you may find opportunities that your tool will not understand, but you know that it can get you profits. For such trades, you will need to invest your time to sit down and check the current market price. Especially when you are day trading, the opportunities can strike any time and making fast decisions is the only way to make profits out of them.

penny stocks

Avoid penny stocks

Even though we suggest that you start your trading with small stocks, you should stay away from penny stocks. These stocks are illiquid most of the time, and the chances of such stocks to rise can be next to impossible in maximum cases.

Be realistic about profits

Always remember that even though you use the best strategies, a profit is not guaranteed. There are several factors, including a recession that can affect the market. In a realistic approach, you can expect to win only 50% to 60% of the trades. The only thing you have to keep in mind is that you need to always be on the profitable side. Limit your risks with the right entry and exit methods.

Stick to a plan

The most successful traders move fast, but they are not always making fast decisions. They are simply sticking to their best strategies. Once you come up with your own formula, try to stick to it even when you become an advanced trader. It will give you the discipline of a professional trader. Do not let your emotions get in the way of your decisions and be patient with your plan.

The Different Between Cryptocurrency and Forex Trading

bitcoin

Cryptocurrency trading is a new market introduced for traders ever since new digital currencies popped up globally to compete with bitcoin. Crypto trading is often confused with forex trading as both the trades are done online and involve direct money. Even though both the trades involve trading currencies, there are a few differences between the two.

Forex trading is a well-established market, while cryptocurrency trading is a new market in the early decade. Forex may involve intermediaries, brokers, and banks to carry out the trade which offers better decisions to forex traders. On the other side, crypto trades do not have any middlemen yet and can be a disadvantage for the traders if they do not possess the right knowledge. Another benefit of forex is its high liquidity compared to the lack of liquidity in crypto. Let us look at the major differences between forex and crypto trading in detail.

Swiss Francs vs Bitcoin

Forex is the largest trading market in the world. It makes turnover for trillion on a daily basis. Compared to forex, crypto trades turnover has only been insignificant up until now with the maximum turnover to reach $1 billion. BTC trading has not even come close to just Swiss Francs trading, which is responsible for only 5% of the entire forex and has a daily turnover of over $250 billion. However, crypto trading can show better returns with up to 70% for the traders. Such a high percentage on the returns has never been possible in the forex market. Forex is also a well established and mature market. There are middlemen for forex everywhere who charge fees to provide the best trades for the investors. It can make forex a bit expensive even before the traders make their first profits. It means that you need a considerable amount of capital before you can expect major profits from the forex market. Crypto trades are free of middlemen and the involvement of institutions such as banks which make the trading much easier.

Difference

Stability and Volatility

Making profits in forex can be more difficult than crypto due to the high volatility in the crypto market. The prices for crypto can rise and fall at massive rates. It is a benefit for forex traders as they can avail the liquidity easily. A forex trader can invest in a high-low pair while being assured that the trade will not change massively. Crypto’s price can shift for big orders, especially when trading lesser-known coins. Crypto volatility also means that large swings in the profits are possible and can be common. It makes it easier to buy trade in the morning and sell in the evening at much higher rates than forex.

Things You Should Know Before Investing in Crypto trading and Forex

Investing

Cryptocurrency is a newcomer in the trades which deals with the digital currencies. It is often compared with Forex as both the markets trade difference currencies. However, they are not the same and have a lot of difference based on liquidity, volatility, and value. Here are things you should know before you invest in digital currency trading.

Secure your email address

Since any banks do not regulate cryptocurrency, you are your only custodian for your money. You should keep your accounts secure, which begins with securing your email address. Never give away your email that handles your digital currency to anyone without reason. Use a strong password, enable 2FA authentication for your email address, and keep a separate account for other purposes.

Secure

Learn the wallet safety procedures

In most cryptocurrency trades, your wallet will be visible to the traders who can check how much money you have. It is not a privacy breach but a method of making legit trade. To protect your digital money, you will need multiple wallets to keep your cold money away from the sight of traders who do not need to see it. Keep your trader wallet for only the money you want to trade with and keep your private key safe.

Be careful about what you do not understand

Crypto trading is still a new market, and there is a lot to learn about TA and FA. You should be able to use them within your own abilities. Start with the basics and do not use the methods that you do not understand. If you are feeling confused check out the professional blogs and tutorials but never make a blind trade.

Do not get scammed

One way to protect yourself from being scammed is to stay away from the social media that promises you the fastest results. A professional trader will never approach you through social media platforms to tell your different schemes. They will pitch an offer to you directly instead of telling you what else they have in mind. As a beginner, it will be really difficult to keep yourself protected from all scams, so be wise enough to make better decisions for yourself.

Never invest more than you can afford

Crypto trade and Forex are both highly volatile markets which can keep on changing. You may not receive a big profit anytime soon as a novice. It is crucial that you understand that it will require hard work to fill your bucket drop by drop as it is not a casino game. To avoid any financial disasters, start investing in trades only when you have enough to pay your bills and protect your family.

The vision is still unclear

Cryptocurrency is becoming popular due to its high value and independence from the central banks.  It is a digital currency which only exists online using blockchain technology, and only computer networks can track the value and ownership. Since there is no intrinsic value for the cryptocurrency, the traders can only expect someone to come and buy the currency at higher prices.

Strategies to Implement Before Doing Any Kind Of Trade

set goals

Every trading strategy is different, as every trader is different from each other. Trading strategy of a trader depends on the approach, goals, trading style, and risk tolerance for a trade. Here is what every trading plan should have to become an effective strategy in entering and exiting the trades.

Skill assessment

Before you jump into trades which involve real money, try your knowledge and skills on paper trading. Find out whether you can follow your signals with confidence. Trading in the market can get stressing pretty easily if you are not prepared for the wins and losses. Make sure that you are financially and mentally comfortable with your trading plan.

Set risk level

Your strategy can only go on as long as you do not cross your risk limits. It includes the portfolio that you can afford to lose in a single trade. The amount of risk can vary, but you should control it under 1-5%. If you lose the amount of this 5% at any given day, you should close trading for the day and come back another time.

Set goals

You should set risk-weird ration for each of your trade. Knowing your minimum risk/reward, you will be able to save a considerable amount of money if you lose the trade and make more when you the trade is successful. An ideal risk-reward ration demands at least three times profit on the risk.

stratergy

Do the homework

Before you invest in the market, update yourself with what is going on around the world. Check the conditions of the overseas markets. Find out the latest economic condition of your country as well as the other leading economies. Stick notes for all the updates and lists of the market in front of you to decide next moves. It is always better to be patient before the market opens and make decisions with the most recent updates. Listening to your gut will not help you all the time when you are trading.

Trade preparation

While you are using a specific trading system or program, make sure to label your major and minor support and resistance levels on the charts. If you are using a tool, set the entry and exit signals for your trades and make sure you can easily detect all the signals either by sound or by visuals.

Set exit and entry rules

Many traders make the mistake of keeping their trades for too long even after they are facing constant loss. Hoping for your loss to become profitable is not a healthy way of trading. If your stop loss gets hit, you should exit the trade and find new ones. Similarly, when you make the profit you expected, take out your profits. Do not be too greedy to keep the trade for long as the market can decline the next moment.

Why Investing in Cryptocurrencies and Forex is a Better Idea?

Better Idea

Cryptocurrency has emerged as an advanced and safer alternative to fiat currencies in terms of transactions, value, and trading. Cryptocurrencies like Bitcoin and Ethereum have established themselves as a suitable investment which is backed by blockchain technology.

The cryptocurrencies offer easy transactions without the need for middlemen like brokers or institutions. It is a decentralized currency which carries out one-to-one transactions. On top, the crypto transactions can take place within minutes compared to debit card transactions that can take weeks. The transactions can also remain anonymous, and the owner can operate multiple wallets to protect their digital wealth.

Forex, on the other hand, controls the market of fiat currencies which get traded in pairs. It is the biggest trade market in the world with trillions getting traded on a daily basis. With its high liquidity and availability 24/5, the forex market is best suited for day traders who want quick profits. Even though forex does not offer profits as big as crypto trade, it offers trades at lower risks. While the crypto market is new and still growing, the forex will remain the largest market for a long time to come.

Here are some risks of investing in cryptocurrency and forex

Decentralized valuations

trade ideas

Both forex and cryptocurrencies have decentralized valuations. They are not controlled by any banks to manage the trades. There are several online platforms which offer trading options. Due to this independence, the crypto rates are free from the central geopolitical influence making it a suitable investment in the forex market.

High leverage

High leverages are available for crypto and forex trades. Many brokers can offer up to 1:100 leverage for bitcoin trades due to its high volatility. While it can be profitable for experienced traders, it is suggested that beginners stay away from leverages until they understand it completely. Even though it can promise such high returns, one bad trade can prove to be disastrous for the trader.

Low deposits

Despite the high values of cryptocurrencies, one can start trading with as little as $50 through the online cryptocurrency trading firms. Many forex firms also offer such options to the traders. Before one makes a hefty investment in such firms, they must make sure that the brokers in the firm are appropriately regulated.

Low cost of trading

Most of the brokers who accept cryptocurrency traders are keeping their brokerage fees very low since the market is still under development. This also helps them attract new bitcoin-trading clients.

Security

Cryptocurrencies are run on blockchain technology which has made their name to be the most secure technology. With a cryptocurrency, people will not need a band account or credit card details. One can keep separate online wallets for trading and other purposes and keep their details private. Also, in terms of dealing with international brokers or traders, it is a huge advantage in terms of finance and security.

Crypto Experts Give Their Top Predictions for 2020

Crypto Experts Give Their Top Predictions for 2020

As the crypto sphere keeps expanding to sprawl over the globe, everyone is keen on knowing more about the industry and what is happening within. Even when the world undergoes scarcity of digital currency, there are plenty of opinions about what is best and what would be the potential winner in the market. People own digital assets and are looking for opportunities to sell them at the right time. It has been more than a decade now since Bitcoin launched its first concept.

The new decade is here with the digital currency growing to unmatchable heights in the past few years. You should know what every year has in store for you as a holder of digital assets. 2020 is expected to be the year that kickstarts a decade of innovative ideas and tweaks to the existing technologies. With a lot happening in the world now, the cryptocurrency market and the whole economy is expected to witness a fickle nature to set in. Let us have a look at what 2020 can bring to the world of cryptocurrencies. Here are a few predictions of crypto experts.

Price of BTC

Price of BTC

Many people disagree on the potential of May 2020’s halving event, which will determine the value of BTC for this year. As per the suggestions of the rational market theory, the slashing of the block reward of Bitcoin will have no big impact on pricing since the investors had a number of years to prepare. The Binance Labs expert Yele Bademosi expects the price of Bitcoin not to fall beyond $3,300, which was the lowest of 2019. He, indeed, believes that the lowest of 2020 will be much higher than that. Three Arrows Capital expert Su Zhu and Blockchain Capital believes that Bitcoin will transcend the limit of $20,000. Bithumb’s Seonil Moon and the Spartan Group expects that Bitcoin will surpass even $40,000 and a new demand for crypto will be created in 2020.

Potential Blockchain Networks

By employing the innovations in quantum supremacy, the security of the crypto networks is being focused on by Google since the severity of quantum computing seems to exacerbate. Quantum-resistant networks are expected to be highly prominent in 2020 with the crypto developers supporting them. Ryan Selkis of Messari predicts Polkadot and Cosmos to be the smart contract blockchains that have the highest chance to succeed in 2020.

bitcoin

Altcoins that are Likely to Succeed

DOT is the native token of Polakdot and has been predicted by News.Bitcoi.com that it has the highest chance to be successful in the market in this new decade. Spartan Black has put up a prediction on DOT to gradually grow into the altcoin that has a market cap much more than that of Ethereum. Telegram’s TON and Filecoin are being recommended by many of the experts for investment in 2020 since they have high potential in terms of rising value. Spartan Black has also predicted that DOGE, ICX, and NEO will lose ground but BAT and SNX will witness an increase in their market caps in 2020.

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