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Some new traders often wonder what the difference is between trading Bitcoins and other assets. The trading principles stay similar, but the difference comes in how you approach your trading.
For example, if you're trading on currency pairs, you must carefully look for any sudden price swings, choose the most appropriate time to execute a trade, and do it. However, the process isn't as easy for Bitcoin and cryptocurrencies in general because these are highly volatile assets. Since Bitcoin is so volatile, it's complicated to make an accurate prediction of what price it's going to have at the time of executing the trade. To put things in perspective, Bitcoin's price can change drastically even a second before you make the trade, which can either benefit or harm your investment.
To manage Bitcoin trading successfully, you must study market behavior more thoroughly as you would do with other assets. You cannot make an exact prediction of Bitcoin's value in the future, but you try to make a closer guess.
OVERALL, BITCOIN TRADING INVOLVES FAST AND ACCURATE DECISION-MAKING, HEAVY STUDYING SESSIONS, AND PATIENCE. IF YOU WANT TO TRY AND SUCCEED IN THIS TYPE OF TRADING, YOU MUST COMMIT.
As with several other types of trading, Bitcoin trading comes with particular risks that you must be aware of before you make any trades. If you don't assess any of those risks, you're likely to lose part or all of your investment. Before you use BitProfit, you need to be aware of these potential risks, so here’s a little overview:
An asset's liquidity can determine whether investing in it is worth it or not. When Bitcoin was introduced, its liquidity was low, making it a poor financial investment for many people. Thankfully, its high increase in demand has adjusted its liquidity, making it easier for people to acquire it.
However, there's some competition developing among big businesses regarding Bitcoin. That competition may make Bitcoin's liquidity decrease, therefore, making it harder to invest in.
As mentioned before, Bitcoin's price is continually changing; this happens due to several factors that need to be examined further on this page. Bitcoin's volatility makes the trading market uncertain at all times, which can become overwhelming for some people.
The fear of losing your investment can prevent even some expert traders from trading again.
Since Bitcoin is an entirely digital asset, it relies on the internet to exist. While the internet is mostly a secure space, there are some insecure areas. Many people are continually exposed to scammers, hackers, and people who engage in other illegal activities.
If you're not careful with whom you trust your money, you can run into one of those scammers without even noticing, making you lose your hard-earned money. Identifying a scammer/hacker may be hard for a beginner at first, but once you get to know trading better, it's going to become much simpler.
Bitcoin is a decentralized asset, meaning that no banking or government agency regulates it in any way. Considering that, trading platforms have the freedom to manage cryptocurrencies in any way they consider appropriate.
In some cases, that freedom may not affect you, but there are others in which it can. On the other hand, Bitcoin and cryptos are currently taxed in the U.S., meaning that it's only a matter of time until other governments follow the same procedure.
You must verify if cryptocurrencies are taxed in your country or not before you decide to invest.
Bitcoin and crypto wallets are safe for the most part. However, these wallets' heavy encryption could affect you. For example, if you lose your wallet's access key, your funds may be lost forever. Keep in mind that the only way that you have to access your wallet is by using that access key.
Generally, crypto wallets don't work as regular bank accounts in which you can request a password change. If you lose that access key, the provider cannot give you another.
While Bitcoin seems to have a promising future, there's no way to tell the exact way in which it's going to evolve. People who make long-term investments may be affected by Bitcoin's sudden price swings, which is why Bitcoin trading is often considered by some traders as a short-term investment instead.
Saving on Bitcoins can either be positive or negative, depending on how you manage it. Since Bitcoin's price is changing continually, many people are afraid to sell their funds and wait until its value goes higher. However, you can't tell how high it's going to get, which can be very stressful for some.
A few recurring factors may affect Bitcoin's price positively or negatively as time passes. If you want to try to make the most out of your trading journey, you must be on the lookout for those sudden events that may affect Bitcoin's price.
Overall, the most common factors that influence Bitcoin's price are the following:
Remember that Bitcoin is still considered a new addition to digital economics since it's a bit more than a decade old. There are many new things to be discovered about Bitcoin, so the slightest event can cause its value to drop or increase exponentially.
Among all these factors, media coverage is one of the strongest ones. For example, if a big company decides to release a statement today in which they accept Bitcoin into their business models, the Bitcoin market might go crazy, making its value increase.
The potential for risk is always there when it comes to Bitcoin trading.
Using a trading platform, such as BitProfit, may facilitate the way you monitor the Bitcoin market to find the right trading opportunities with the help of your account manager.
BitProfit helps streamline one of the biggest issues with trading, which is time management. You can use BitProfit whether you're a beginner, intermediate, or advanced trader. As mentioned before, trading can take a lot of your time, especially if you're a beginner. However, the platform offers you all the information you need in a one-stop shop, so you can monitor the market through BitProfit and use the information to create your trading strategy.
Additionally, you can use BitProfit's extra features to try and optimize your workflow by practicing with the ‘Demo’ feature, for example, or by utilizing the help of your account manager. Overall, BitProfit is a platform that any trader may try if they want a more streamlined and comfortable trading experience.
Creating an account at BitProfit is quite easy. In fact, all you need is a desktop, laptop, tablet, or mobile device, an active internet connection, and a few minutes! Keep in mind that you need to create an account to have full access to BitProfit’s features. Thankfully, the platform is entirely free of charge, so you may use it at your own pace.
To create an account, make sure to follow these steps carefully:
If you wish to sign up, to sign up, You’re going to find a registration box on this webpage. Make sure that you enter your real contact information to be sent a confirmation email and finalize the creation of your account.
Once you verify your BitProfit account via email, you’ll be forwarded to your broker’s website to log in. Enter your credentials, and you‘ll be redirected to the platform for the first time, so you can start exploring all its features.
If you are ready to start live trading, you will need to make an initial investment, and you can start trading at your leisure. The minimum amount for investment is $250, which will be used to place live trades. It is highly recommended not to invest more than you can afford to lose.
Another thing to remember is that learning the ropes takes time, so start by analyzing the information on the platform, and make the most of all the features you are offered, including your account manager, who can help you create a trading strategy and send you prompts when opportunities arise. Then start trading slowly and responsibly.
If you have any additional questions regarding BitProfit, read through this FAQ section to clarify some information!
You may use BitProfit as much as you wish to every day. Many traders log in once a day to set up a trading session and leave it for the day. Others check in every couple of hours to ensure that everything is working properly.
If you’re an experienced trader, it’s best to check on the platform at some point during the day at least to monitor the market and verify that your trading session is going as intended, so you can adjust your strategy if need be.
But if you are just starting out, it would be wise to log in as often as you can, so you can study the trends and fluctuations, use the ‘Demo’ features, ask for information from your account manager who can tweak your strategy, and send you notifications when opportunities present themselves and practice with live sessions. At the end of the day, that’s the only way to learn.
Trading platforms are a great choice for beginners who want to learn how to trade and become more adept, and BitProfit isn’t the exception. The platform is straightforward enough so that beginners don’t get overwhelmed by too many charts and confusing data.
As you work your way up in your trading journey, you may choose to include more complex trading strategies in your session and optimize your trading even more.
Absolutely! You can use BitProfit from any device with an active internet connection; this includes PCs, laptops, tablets, and smartphones. Trading is complicated enough as it is, so the team has made sure that you could take BitProfit with you anywhere you go and use it to make timely trades at any time.
There are endless possibilities when it comes to BitProfit. The team has implemented useful features and removed all unnecessary data from your dashboard.
Keeping trading as user-friendly as can be is one of the keys to becoming a better trader, so if that’s your goal, and you wish to join, you can sign up to BitProfit!