Trading with cryptocurrencies became a very popular way to earn some money. Many people around the world found it a profitable and lucrative investment. Although it carries with it a certain risk that you may lose, those who have not tried have not even earned. But, let’s start from the beginning.
What is a cryptocurrency?
Cryptocurrency is digital and virtual money. You probably heard about Bitcoin (BTC), but it is only one of the thousands of other currencies. It is important to say it is not printed like regular money, it is decentralized money, but it certainly has its value. Decentralized means it is not controlled by authorities, but it does not diminish its existence and value. Each currency is protected by cryptography, which makes it secure of double-spending and falsifying. It is important to mention many of these currencies are decentralized networks, based on blockchain technology.
What is blockchain technology?
We can say it is a database consisting of many smaller bases called blocks, all digitally connected. This is the place where all personal information is being kept. Blockchain has the shape of binary bits, but thanks to computers, it processes these data by making it simple for reading.
How and where to buy and keep cryptocurrencies?
The purchase itself is possible to do in several ways, peer-to-peer (which is not that popular), by using a gift voucher, exchange offices, via investment funds, or crypto ATMs. Among all these options, maybe the easiest one to deal with is an ATM transaction. It operates the same way as an ordinary ATM, all you have to do is to slide your credit card and start with the transaction. But, have in mind that before the transaction is done, you have to provide a place where to keep your money.
Like regular money, this one is also being kept in the wallet, but the digital one. It is inevitable to secure it, to keep your money safe from hackers. There are two types of wallets – hot and cold. Hot wallet carries a higher risk to be attacked by hackers and the reason for that is the fact that the wallet demands access via browser. There is also one more type of wallet, Desktop version. Why is it not safe? Because it has internet access and thus becomes an easy target for hackers.
Opposite to hot is the so-called cold wallet. Whoever knows a thing about crypto trading would recommend this one. Hardware cold wallet is a big investment, but worthwhile.
How to start with trading?
Now when you already have your crypto money in the wallet, it is time to start with investing and earning. As you already know, you can invest in company shares, mining, and so on. It is also possible to pay some bills with bitcoins. If you do not want to spend your cash, you can pay dinner in an exclusive restaurant, tuition fee for your child, flight ticket to some exotic destination, and many other things.
But what if this is your first time dealing with crypto investing? What if you have no clue where to start and how to follow the situation on the market? Although it sounds complicated, this is a job you can make very easy for yourself.
How can we make investing easier?
If you are investing in mining, your chances of making a profit are higher if you join one of the pools where there are already a certain number of investors.
Today, fortunately, there is lots of software that will do most of the work for you. They will monitor the market situation, analyze, and signal to you when it is best to invest or sell cryptocurrencies. Consider this software your assistant. Sounds great, doesn’t it?
Many applications are made to make this job easier for you. We have selected a list of the best for you:
1. TD Ameritrade
TD Ameritrade is worth being on the list. Investors can select between TD Ameritrade Mobile App and thinkorswim. It is better to choose option one if you want to be focused on basic investing, to be warned about prices and research. But, for more active, a better solution is thinkorswim. We can say it is a substitute for the full desktop trading platform. These applications are very similar, and the user will find many interesting options, and the application will offer you a solution in many trading purposes, including data streaming for real time and the possibility of trading from charts.
2. Prime Advantage app
Our next recommendation is the Prime Advantage app. As we already know, who does not risk, does not make the profit either. This application will help you to make the profit even by depositing a small amount. This app is available on Android, PC, iOS, and Mac. Very simple to use, this software will guarantee 98,9% successful trading. Also, this application can recognize the slightest changes on the market by informing you faster than the quickest bout that, it reacts faster than the quickest trader. The group of experts on the-blockchain.com is very supportive and ready to help their users in settings to be able to start. Also, the enormous infrastructure can give a quick response to the market, no matter if they are unstable, low, or high. Another good thing about this application, it needs a minimum of human input, no matter if you are an expert or inexperienced in this domain. So, to make money with Bitcoins, it is very important to find the right software and you are already halfway to earn the fortune! There is no mistake with it!
3. Interactive Brokers
Interactive Brokers is also a good choice and it took almost every important category in this year’s review. It is very easy to enter the market by using this application and it is recommendable for active brokers. It has excellent charts, great research, but also the lack of tools for drawing. It has a license from multiple top-tier regulators, so the broker is considered to be safe.