Many startups are raising funds via ICO route rather than going to investors. With increasing number of different type of coins there has been a rise in cryptocurrency trading. Like share trading  people are making lots of money trading in crypto currency. You can also join the moneymakers and start crypto trading on your own. Here are useful tips on how to successfully trade on crypto exchanges.

Set up a crypto wallet

For beginners, the first step is to choose and set up your cryptocurrency wallet before picking the exchange to trade on. The crypto wallet is the place where you are going to store your encrypted passwords that represent coins. This is the same as storing your money in a bank account.

Pick the exchange to trade on

Crypto exchange is just like currency or stock exchange. You need to choose the place where you will trade cryptocurrency for the other Cryptocurrencies including fiat currencies such as the US dollar. It is important to note that crypto exchange is not a part of the regular stock exchange and is not the same as Wall Street or its exchanges although the general mechanics are the same. As the market grows, the number of cryptocurrency exchange platforms also keeps growing. When choosing a crypto exchange platform, it is important to look at and compare the various crypto platform fees since some cryptocurrency exchanges will require you to pay a certain percentage of each deal while some will ask you to pay for both income and outcome transactions. Pick what best suits you.

Diversify your trading portfolio to lower possible risks

Like any other investment, diversification ensures that you lower any possible trading risk. This involves distributing your money into many different Cryptocurrencies. Some may grow while some will fall hence you can balance your losses by not investing in a single bet. Cryptocurrency trading requires a lot of research since it involves tracking changes bearing in mind that there are many Cryptocurrencies. It is advisable to start with a few and later expand gradually. Market valuation is another important factor to consider when selecting your cryptocurrency. According to expert traders, there are three main types of valuation that define Cryptocurrencies namely:

– Large cap (Top 5 coins)

– Mid cap (These are coins bigger than $200 M)

– Small cap (These are coins smaller than $200 M)

Form a trading portfolio depending on the proportions that you are comfortable with. For instance, 34 percent in large cap, 33 percent in small cap and 33 percent in small cap. This is a good start although you can expand your portfolio on a monthly basis. Avoid holding all your currencies on the crypto exchange since it can be hacked which means that you are going to lose everything.

Do your research

If you want to succeed in crypto trading, get ready for research and tracking. Check the latest crypto currency ranking, news and the key indicators on a daily basis. Avoid being caught in the Fear Of Missing Out (FOMO) the next great opportunity in the crypto exchange space. Never be afraid to ask your fellow traders any questions that you may have.

Do not invest your last coin

The cryptocurrency space is largely volatile and there is always the probability of the market crashing. Cryptocurrencies are not centrally regulated and controlled and although blockchain comes with a feeling of market security for most traders, there is still nothing that can be done in the event that someone cheats you or you lose a coin.

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Blockchain technology is surely going to disrupt many industries given the technology,  processes and security.

Blockchain Technology and Banking Industry

Blockchain can ease many of the problems banks face nowadays. The monetary data could be kept well organized and secure over blockchain. Its secure system could allow data processing and millions worth transaction to be easy & quick. Blockchains operate as a decentralized platform and if this is brought in Banks, the transactions could become much cheaper and easier. Decentralization of currency and control would make people’s lives easy. However, it may take time for authorities to let that control go from their hand.

Blockchain Technology and Real Estate Industry

Paperwork while buying or selling a house has become hectic as it requires much work and time, unless Blockchain technology could be used to change it. Blockchain technology could facilitate signing of contracts, storing these documents and taking care of money involved. As this technology is amongst the smart ones, system can  automatically initiate the transfer of payments or rents once the agreement has been signed without the involvement of any bank or third party.

Blockchain Technology and Healthcare Industry

This industry probably records and stores the most amount of data compared to other businesses or organizations. This storing and recording is however, prone to difficulties and frauds. Blockchain not only makes the storing of data easier but with it the transfer of data can be easy and well protected. These medical records are worth millions of dollars, securing them would mean only few people could access.

ICO For Seed Funding

For many years every new startup has been chasing investors or venture capitalists for funding their idea. While some startup founders were lucky to get through, others finally dropped the idea because of lack of interest from investors. Then came concept of crowd sourced funding which gave wings to startup founders. Today startup founders can launch their own coin and raise money for their idea. For any new idea, funds can be raised via cryptocurrency venture. An Initial Coin Offering (ICO) is used by startups to bypass the old tedious capital-raising process required by venture capitalists. Ethereum is classic example of a successful ICO.

There is no doubt that more and more use cases would adopt blockchain technology given the flexibility, maturity and security it provides. Today, people are working to launch crypto exchanges, digital currency wallets and new currency offerings.

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