Altcoin trading or Crypto currency has come a long way since the invention of bitcoin in 2009. Since then we have seen more crypto currencies coming almost every month mimicking bitcoin, though there are many of this digital currencies some of them have no use and no value, some of them die even before they are know in the market.
How does altcoin trading work? Can you earn more bitcoins with it?
There are over 1000 crypto currencies in the markets some of them are well established already and can be use to trade in the markets and also be use to purchase items.
Talking about trading the markets, just like fiat currency, crypto currency can be traded in their own markets that have since come up, this is also know as Altcoin Trading, since all of this crypto currencies are alternative to bitcoin, so they are traded against bitcoins.
Some of the well established crypto currencies are:
- Etherium(ETH) – also known as Ether, it’s price is $17.85 at the time of writing this article, and its Market Cap is at $1,598, 791,608(At the time of writing this article), Ether is the second largest digital currency in terms of Market Cap.
- Monero(XMR) – One of the fastest growing altcoins in the markets, its price is currently at $13.23 while its Market Cap is at $186,279,357.
Buy or trade bitcoins and other cryptocurrencies at CEX.IO
If you wish to see some the alternative to bitcoin crypto currencies visit coinmarketcap.com which lists all the major players in the digital currency and their data.
Altcoin Trading is also similar to Forex Trading in a way since you are trading the value of the bitcoin against the value other altcoins, the same way you trade the USD against other fiat currencies.
Why you should consider altcoin trading?
There are few advantages in altcoin trading, firstly the, crypto curreny is growing at the vast pace and there many people who are already do it, the trading charges are less compared to other types of trading such as the Stock Market and Forex Trading, since this is crypto currency, and also you don’t have to deal with any middleman such as brokers and all that crazy stuff. You can just buy bitcoins, send your bitcoins straight to the market and start trading. Another great advantage is that you don’t get charged for canceling a trade.
Most people have not realized that they can actually do Altcoin Trading instead of Forex and the Stock Market, those who have they already left the Forex and trading crypto currency.
What’s good about Altcoin trading is that we are all new to it but is growing a vast speed and anyone can come in and trade and make profits, you can actually start trading with $5 or even less since some of this currencies are next to $0.00 and build your profile. The only risk is that, the ones low in value can also disappear on the market.
Please note i’m not a Pro, but having and sharing the knowledge is always good especially for crypto currency as a community, if you would like to trade altcoins instead of forex or the stock market, you can find tutorials on YouTube or find articles on the internet.
Unlike earning bitcoins through cloud mining or revshares, other forms of earning bitcoins, crypto currency trading requires some technical analysis. If you already have the basics or you are a guru in FX Trading then it will be easy for you you to start trading Crypto currency because trading is the same but you should also know the risk involved in trading.
To start your first trading you can go to Poloniex which is the biggest Market in the crypto currency industry, and that’s were the biggest volume is with the most stable alt coins.
Or you can go to CEX.IO which is also one of the main markets that also trades fiat currencies since 2013.