As successful as bitcoin has been in the past, it’s no secret that other crypto coins have seen a significant increase in their value. Some have even realized more growth than what most people consider to be the face of a completely new economic system. With many starting to consider money as an open stream of pure content-type that cannot be controlled by a single entity, cryptocurrencies are gaining traction very fast.
With all that in mind and the rising concerns of price fluctuations in bitcoin, it may be time for you to know how to trade in other altcoins. Ether is one of the best cryptocurrencies available on the market, offering users the convenience of transacting peer-to-peer exchanges very fast. Unlike other coins, it promises to deliver both long-term and short-term benefits, making it a great investment for crypto enthusiasts.
Trading in Ether
If you want to start trading in Ether, you should know that this crypto works on the Ethereum network to allow people make payments on different platforms. This coin is acceptable in various online businesses, and you can trade it in various exchanges, including Coinbase, bitfinex, Poloniex, Kraken, Bitmaszyna and many others. Here is lowdown of all you need to start trading in Ether.
- Sign up on an exchange
Keeping in mind that ether is acceptable in almost any exchange available on the internet, you can easily find an exchange that offers great services. You can try Bitmaszyna or any of the aforementioned exchanges, but you may need to provide proof of identity before starting to trade. However, some exchanges may not even need you to create an account. This means you will need to do your research on the available options.
- Fund your account with fiat currency or other altcoins
It’s obvious that you need to have funds in your account before you can start to trade. Usually, it’s easy to purchase Ether using your credit card, but you can also use other currencies such as bitcoin, ripple, Litecoin, and others.
When it comes trading Ether, there are two basic strategies that you can use to ensure that you minimize the losses (if any). Let’s take a look at the two trading strategies available for you:
- Buy and hold
With a lot of positive potential in cryptocurrency, the buy and hold technique is the simplest method to make some money as the demand continues to increase. Like bitcoin, Ether can be expected to command a great deal of cash in the future. That means you can get your coins today and store them in a safe place (a cold storage wallet).
- Active/Speculative Trading
If you think you have a great deal of luck when it comes to predicting the price of stock and currency, you may want to consider this strategy. This means you need to be updated on the current market trends, to successfully make a profit as a result of price movements.
Locking in the profits
As you can see, trading in Ether is pretty easy. However, locking your profit all depends on the exchange you choose. That’s because most exchanges do not allow you to store fiat currency in your wallet. This means you need to withdraw the currency in your bank account before you can use it to purchase more crypto coins.