How To Become A Successful Cryptocurrency Trader In 5 Easy Steps

Published on: 19 March 2020 Last Updated on: 02 August 2021

In the last few years, cryptocurrency trading has picked up in a major way. The rise of cryptocurrency exchanges and trading platforms has meant that normal people, like you and me, can earn handsomely from cryptocurrency trading.

The first cryptocurrency, Bitcoin emerged into the scene in 2009. Over the last decade, the cryptocurrency has traded to record highs of $20000 USD to lows of $4000 USD. However, investors and traders have been able to make millions by doing the right kind of trade.

In this article, we look at 5 easy steps that can help you become a successful cryptocurrency trader.

How To Become A Successful Cryptocurrency Trader In 5 Easy Steps:

1. Choose the right Trading Platform:

The first step toward success is also the toughest one. If you want to be successful, you need to work on the best crypto trading platform. This is because successful trading is all about the cryptocurrency software, which platforms use.

The best trading platforms use the most sophisticated and advanced software. This software helps you see trends, show future projections, and make informed decisions. It is essential that you do your research and evaluates how good a platform really is.

2. Make Low-Risk Trades initially on the trading platform-

Most people who are too eager to get into the cryptocurrency trading game create one cardinal mistake. They make high volume and high-risk trades very early on. If you are able to pull off a high-risk trade, you stand to make greater profits.

However, this is a strategy, which should usually be followed when you are experienced as a trader. When you are starting out, it is best to go slow when it comes to making trades. This will help you get an idea about the dynamics of the trading platform and gain experience.

3. Let the Trading Software do the bulk of the work for you-

The best cryptocurrency trading platforms invest millions of dollars in securing the right tech for their platform. This software uses complex algorithms Artificial Intelligence and Machine Learning to bring you the best trades.

If you want to be successful in this trading ecosystem, it is best to make informed decisions. The software is powerful, user-friendly, and will guide you at all times. Yes, the final decision rests with you. However, inexperienced traders should pay attention to what the software suggests.

4. Be informed of Global Happenings and keep yourself updated:

While you do not need to spend more than a couple of hours every day on the trading platform, you can always keep yourself updated. This means reading up credible journals on cryptocurrency and doing your own research.

Many global happenings alter the valuations of cryptocurrencies. For example, if countries start legalizing Bitcoins and other cryptos, it usually leads to a massive hike in valuation. (When Xi Jinping took a favorable stance on Bitcoin and Blockchain, the valuation soared by over 30%).

5. Be Safe, Secure, and Protected at all times:

The world of cryptocurrency attracts cybercriminals. This means that you have to ensure security on two levels- on the trading platform, as well as your own system. Choose a trading platform, which has a strong firewall, great encryption, and password protection.

On your end, you can choose an industry-leading antivirus solution to help you protect yourself from phishing, malware, spam, and other dangers.

Conclusion

For a very long time, the general population could not take part in earning from cryptocurrencies. Mining is very expensive and requires strong technical knowledge. However, trading platforms are a great way to earn from cryptocurrencies.

By following all the above-mentioned steps, you can rest assured that you are well on your way to become a successful cryptocurrency trader.

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10 Reliable Free Currency APIs For Your Business

In today's globalized economy, businesses are constantly engaged in international transactions and dealing with multiple currencies. Accessing accurate and up-to-date currency exchange rates is crucial for seamless financial operations, informed decision-making, and ensuring the accuracy of financial records. This is where currency APIs come into play. Currency converter API (aka. exchange rate API) enable businesses to retrieve real-time exchange rates and perform currency conversions effortlessly. They provide a direct and reliable channel for accessing currency data. Hence, eliminating the need for manual data collection and ensuring the accuracy and timeliness of information. Why is reliable currency data crucial for businesses? Accurate currency information is vital for various financial activities, including e-commerce, international trade, travel and hospitality, investment analysis, accounting, and risk management. It enables businesses to calculate product prices, manage inventory costs, track revenue and expenses, and evaluate profitability across different markets. However, with numerous currency APIs available, it becomes essential to identify reliable data sources that suit your business requirements. To help you navigate the options, we have curated a list of 10 trustworthy and free currency APIs that offer reliable and accurate exchange rate data. Let's learn about them. What Is A Currency Converter API? A Currency API Convertor allows applications to retrieve real-time or historical currency exchange rates, perform currency conversions, and access other currency-related data. It acts as a bridge between different software systems, enabling seamless integration and communication. Let’s read about some of the most popular currency APIs available today. What Are the Ten Best Currency APIs Available In the Market Today? Here are the ten most reliable currency APIs. Fixer.io Source: https://fixer.io/ Fixer API is a popular currency API that provides real-time and historical exchange rates for over 170 currencies. This API comes with 6+ years of experience and rock-solid data sources, making it a reliable API. As a result, thousands of developers trust this API worldwide. It offers reliable data retrieval through a RESTful API and supports multiple integration options. Fixer API offers free and paid plans, with pricing details available on their website, catering to businesses of all sizes. Currencylayer Source: https://currencylayer.com/ Currencylayer API is a popular choice for businesses seeking reliable currency data. With access to real-time exchange rates for 168 currencies, it offers features like historical rates, time-series data, and conversion capabilities. You can try these API endpoints available on their website. While it offers a free plan with limited features, its premium plans provide more comprehensive options tailored to specific business needs. Pricing starts from $14.99 and goes up to $99.99. There is also a custom plan for users. Exchange Rates API Source: https://exchangeratesapi.io/ Exchange Rates API is a reliable currency API that provides access to real-time and historical exchange rates for over 200 currencies. Moreover, the API gives 250 free requests monthly. It is a simple, quick, and reliable API with pricing starting from $9.99. This API uses over 15 exchange rate sources to bring accurate data for the users. Open Exchange Rates Source: https://openexchangerates.org/ Open Exchange Rates is a popular currency API provider offering accurate and up-to-date exchange rates for over 200 digital currencies. With various integration options, it enables seamless data retrieval and currency conversion. Businesses like Shopify and Etsy also benefit largely from the Open Exchange Rates API. The pricing starts from $12 per month. You can also choose the unlimited plan that costs $97 per month. XE XE API is a widely trusted currency API that offers real-time exchange rates and historical data for over 210 currencies. Its easy integration allows businesses to access reliable currency data for accurate conversions and financial operations. Pricing for XE API can be found on their website, accommodating different business needs. However, this API is more expensive than other available options. Businesses like Vistaprint and Shopify also trust this API. Currency API Currency API offers a robust set of features supporting 170+ currencies globally. The API gives updated results after 60 seconds. This simple and reliable API comes with 300 free credits per month. The prices range between $9.99 and $74.99 per month. You can also get a custom plan. IBAN IBAN's Forex Reference Suite is a leading currency conversion API in 2023. It sources its data from reputable central banks as well as trusted providers, ensuring the reliability of the information. This API consistently refreshes the currency rates every 10 minutes, offering timely and accurate updates. Access to over 154 currencies enables users to obtain the latest conversions accurately reflecting dynamic market fluctuations. OANDA The OANDA currency converter API allows users to access a comprehensive collection of past data spanning over three decades, encompassing over 200 different commodities, currencies, as well as invaluable metals. This API caters to various professionals, including accountants, auditors, hedge fund managers, and also treasurers. Its primary objective is to deliver precise exchange rates that meet strict financial compliance standards. Currency Converter API Catering to developers of all proficiency levels, this API provides a currency API with three options: a free version, a prepaid service, and a premium solution. The unpaid version, as well as the prepaid service, cater to companies with lower request volumes. In contrast, the payable service is geared towards individuals seeking a robust and ready-to-use currency API for production purposes. Exchangerate.host API When you are searching for an API that is free and has a small resource footprint, it provides real-time and past exchange rates for foreign currencies and cryptocurrencies. The API guarantees an uptime of 99.99% and includes historical data spanning two decades. Conclusion Access to reliable free currency APIs is a game-changer for businesses operating in a global economy. These APIs provide accurate and up-to-date currency exchange rates. Hence, allowing businesses to streamline financial processes, make informed decisions, and ensure the accuracy of their international transactions. The ten reliable free currency APIs mentioned in this blog offer a range of features and data that cater to different business needs. By leveraging these APIs, businesses can reduce errors, save time and resources, enhance customer satisfaction, and gain a competitive edge in the global marketplace. So, take advantage of these powerful tools and unlock the potential of seamless currency data integration for your business's success. FAQs Is There a Free Currency API? Several free currency APIs, such as Fixer, Open Exchange Rates, ExchangeRate-API, and CurrencyLayer, are available. What Is the Free Web Service for Currency Conversion? A popular free web service for currency conversion is XE.com, offering accurate and up-to-date exchange rates. What Is the API for Currency Conversion Rates? The API for currency conversion rates provides real-time or historical exchange rates for seamless currency conversions. Read Also: Why Entrepreneurs Should Pay Attention To Cryptocurrencies In 2021 Crypto Staking: Locking Up Crypto Holdings To Earn Interest Can I Convert My 401k To A Gold IRA?

Does Bitcoin Harm the Environment?

One of the biggest concerns surrounding cryptocurrency, in general, is the impact that they have on the environment. In a world that is already struggling to catch up with the expectations that previous generations set, how much of an impact does Bitcoin make in the long term? Bitcoin Mining and Energy Bitcoin mining involves using a high-powered computer to solve a huge amount of cryptographic puzzles and problems, awarding bitcoins to the miner who operates that computer. This is a core part of how Bitcoin works and is also used to keep the blockchain behind it functioning. However, since computers need to become stronger and stronger to satisfy these requirements, they also need more power. Dedicated ‘rigs’ have been built that are focused on nothing but mining bitcoin, which consumes even more power at a faster rate. Over the last two years, Bitcoin mining caused an extreme spike in emissions, producing more than some countries would in the same length of time. While this is not an acceptable level, it also is not impossible to fix, and many people are already working on solutions. Renewable Energy Bitcoin mining has already begun to switch to renewable energy, with around 40% already having changed over. This does not sound like much, but it means that 40% of Bitcoin miners are using energy that is not going to pump CO2 into the atmosphere. This switch has helped a lot, but there is still more progress to be made. Until a massive proportion of Bitcoin mining is done with renewable energy, it will keep contributing to pollution and climate change. Elon Musk and Bitcoin While many people associated Elon Musk with Bitcoin, part of his reason for distancing Tesla from the currency was the Bitcoin environmental impact. Bitcoin had begun to create so much pollution that Musk actively suspended purchases using it, moving on to other cryptocurrencies instead. Considering that this came only a few weeks after he had announced buying almost $2 billion of Bitcoin, it was a surprising change, but one that made sense. However, Tesla has been open about the fact that they will return to using Bitcoin once it is more sustainable. The Future of Bitcoin Many people who are new to crypto often assume that Bitcoin means 'cryptocurrency,' even though there are plenty of other crypto options out there. This has led a lot of people to assume that every kind of crypto is just as risky, even though some are purpose-made to use sustainable options. This even includes Bitcoin itself, in some cases. The president of El Salvador tweeted about the state-owned geothermal power company using volcanos to create clean mining energy shortly after accepting it as a legal tender. This is meant to help keep Bitcoin circulating without those downsides. Bitcoin is not going away any time soon, but it will not return to the same level of popularity until it is cleaned up a bit. However, this also means that the price is lower now – people who are adopting sustainable mining options ahead of time will have plenty of Bitcoin before the next big spike. Read Also: Everything You Must Know About Bitcoin Circuit: Legal or Scam The Profit Revolution: The Best Bitcoin Trading And Investing Platform Investing In Bitcoins: 5 Things You Need To Know

Top Reasons To Choose A Local Independent Insurance Agent

Selecting an independent insurance agent is a critical decision that can greatly impact financial well-being. An insurance agent can offer guidance and protection for your most valuable assets. Therefore, finding the right agent can be overwhelming, specifically when considering the myriad options available. Since insurance is a complex field, having a trustworthy agent is crucial when considering getting the required coverage. In this article, you will discover the top reasons for selecting an independent insurance agent. List Of Top Reasons To Select A Local Insurance Agent Below is a list of reasons for selecting a local independent insurance agent. 1. They Give You A Choice Independent insurance agents represent several insurance companies offering different price points and wide coverage options. Most of them sell to five to eight different insurance companies on average. Thus, there is no requirement for you to accept one quote from one company, and you do not have to spend long hours filling out online applications. Similarly, with the agent’s connection and expertise, the agent will be able to find better insurance than you might find for yourself. Hence, they will find you the right blend of coverage, price, and services. 2. Are Personal Advisers The agents will not only help you find the right competitive pricing, but they will also make sure that you are adequately covered. Thus, when you work face-to-face with an agent, it becomes your source of personal advice. Furthermore, they also take time to listen to your query and understand your individual needs. Moreover, a local insurance agent will assist you to be appropriately covered and avoid ending up insurance-poor or suffering a loss. Visit the website and hire the best professional to meet your needs. 3. They Are Licensed Experts Independent agents can assist you in explaining the complexities of insurance in simple terms, helping you make smart moves. Moreover, the agents will help you make a career out of assessing your insurance needs and matching them with the insurance carrier that will be best equipped to meet those needs. Therefore, if you are working on wills, you are likely to visit an attorney and ensure that documents are drawn up correctly. So, remember to seek advice from a licensed insurance professional to protect your property and vehicle properly. 4. Are A Consultant For Lifetime Independent insurance agents periodically review your coverage. Similarly, they also help you through all the changes in your life. For instance, if you are moving from a rented house to an apartment, if you are about to get married, or if you are adding drivers to your auto policy. Furthermore, if you have a claim or bill concern or want to resubmit your coverage, the agent will be there to advocate for you and work with the insurance company on your behalf. On the other hand, the agents will direct you while deciding what coverage and limits you need to protect your family from. Thus, they offer you a lifetime service and advice. 5. Vast Expertise And Experience Independent agents have vast expertise and skills as they are aligned with different companies. With a deeper understanding of the complexities of insurance policies, the agents will guide you in making informed decisions. So, ensure you look for an agent that will offer you a proven track record, relevant certification as well as a commitment to stay updated on the latest industry trends. Therefore, one of the major reasons to select an independent agent is that they will help you navigate the insurance techniques and meet your specific needs. 6. Extensive Product Knowledge As product knowledge varies widely from person to person, an independent agent offers accessibility and responsive solutions whenever you inquire. On the other hand, if you seek home, vehicle, life, or business insurance, the agent can explain every policy detail. Similarly, they will also help you with your coverage limits, exclusives, and deductibles. Therefore, they will help you adapt to customized insurance packages that fit your unique requirements. Hence, the agent will help you select the right coverage and explain the implications of different policy options. 7. Easy To Communicate Effective communication is important when it comes to insurance. Thus, an independent agent will help you access and be responsive to any of your queries. This is one of the primary reasons for selecting a local independent agent. Furthermore, if you prefer communication through phone calls, in-person, and emails, the agents ensure that their communication aligns with your understanding and preference. Clear communication is important during the claim process, so select a transparent and prompt independent agent. In addition, the agents also make the entire insurance experience less stressful and smoother. 8. Offers Financial stability An often-overlooked aspect of selecting the right insurance agent is considered based on financial stability. Thus, the financially stable insurer is likely to fulfill the obligations in a claim. However, it is important to research the strengths rating of the insurance company and find out about the claim's payment history. Thus, an independent agent is financially secure as they can withstand economic fluctuations and offer long-term stability for your coverage. How Will You Find The Right Insurance Agent? Here are a few tips that will help you navigate the process and find the ideal insurance agent: Check the list of companies the insurance agent represents. Similarly, understand the difference between the two and who can determine which type of agent suits your needs best. Seek referrals from family and friends. Take benefit of a wealth of information available on the internet. It will give you information about the agent’s professionalism and responsiveness. Choose an agent who gives quick responses, is easy to communicate with, and can explain complex terms. Assess the insurance agent’s commitment to customer service. Lastly, trust your instincts. Moreover, it is better to keep searching if something does not feel right. Summing Up Thus, remember that your relationship with a good independent agent is likely to last a longer time. So, take your time and choose the right one. Similarly, there are many ways to assess a good insurance agent. The top reasons are a good starting point. However, take your time to evaluate these factors, and you can make an informed decision that aligns with your insurance needs and offers you confidence in your coverage. So, work with an insurance agent who can help you with social transactions and will be a long-term partner in securing your financial future. Read Also: 5 Must-Have Long-Term Goals For A Secure Future 10 Estate Planning Tips To Help You Prepare For The End Everything you Need to Know About Term Insurance Plan Premium

How To Become A Successful Cryptocurrency Trader In 5 Easy Steps

How To Become A Successful Cryptocurrency Trader In 5 Easy Steps:

1. Choose the right Trading Platform:

2. Make Low-Risk Trades initially on the trading platform-

3. Let the Trading Software do the bulk of the work for you-

4. Be informed of Global Happenings and keep yourself updated:

5. Be Safe, Secure, and Protected at all times:

Everything You Must Know About Bitcoin Circuit: Legal or Scam

No Credit Rating Check Lendings Online split Second Authorization

Content Rally

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

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How To Become A Successful Cryptocurrency Trader In 5 Easy Steps

How To Become A Successful Cryptocurrency Trader In 5 Easy Steps:

1. Choose the right Trading Platform:

2. Make Low-Risk Trades initially on the trading platform-

3. Let the Trading Software do the bulk of the work for you-

4. Be informed of Global Happenings and keep yourself updated:

5. Be Safe, Secure, and Protected at all times:

Share this Article

Everything You Must Know About Bitcoin Circuit: Legal or Scam

No Credit Rating Check Lendings Online split Second Authorization

Content Rally wrapped around an online publication where you can publish your own intellectuals. It is a publishing platform designed to make great stories by content creators. This is your era, your place to be online. So come forward share your views, thoughts and ideas via Content Rally.

Leave a Reply

Popular

Follow Us

Recent

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