How does Cryptocurrency Trading Work?

Cryptocurrency exchanges are services that allow traders to buy, sell, trade or otherwise manipulate digital assets. Many advanced traders use popular platforms such as Binance, WhiteBIT and Huobi. These are centralised platforms offering a high level of security to users. We recommend starting with the WhiteBIT exchange, for it is one of the most convenient platforms for trading, which even a novice user will cope with. In this article, we will consider how crypto trading works.

Coin Prices Crypto

Crypto rates are not as stable as the prices of conventional currencies. The government does not issue digital assets, and they have nothing to do with central banks. Crypto prices are formed according to different principles:

  • The complexity of receiving one coin. For example, mining BTC is becoming more and more complex over time.
  • Supply and demand. Some large investors may hold a significant part of the coins issued; thus, they can manipulate the market by selling plenty of coins at once, creating panic in the market.
  • Global economy. For example, the world’s crisis.
  • Restrictions imposed on crypto mining in some states.
  • And many other factors.

Trading involves deep analysis of a cryptocurrency coin price from the technical point of view, learning charts, finding historical price indicators and patterns, etc. This is a basis for successful crypto trading.

Let’s take a look at how to trade cryptocurrencies taking WhiteBIT as an example.

Steps for Trading Cryptocurrencies

Here are the simple steps to trade cryptocurrencies. First, register on WhiteBIT and verify your account if you want to access all the exchange’s tools and unlimited withdrawals. Then, if you don’t have any coins yet, ass your bank card to your account. Move real money from your card to your account and go to the “Exchange” block. Enter the amount of real money you would like to spend for buying crypto and pick an asset you wish to receive. The exchange will offer you crypto live prices and a fee for the transaction. If that suits you, click “trade”, and you will receive coins in a matter of seconds. Next, you can start trading crypto-crypto following the same simple steps.

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