In and Out of Cryptocurrency Trading – Cryptocurrency id a digital asset and it uses encrypted codes for its creation. It is quite different from fiat currencies, and unlike US Dollar, Euro or Yen, it is not governed by any central authority.
The success of cryptocurrency trading and making a profit is dependent on your experience trading skills and your analysis of the market situation before investing your money. If you can predict the nature of the market and its movements then with constant trading, you can also double your investment within two months. But again, you need to be focused and have patient to accumulate a lucrative profit.
On the other hand, if you are a beginner and in the learning phase, then you can gain 25-50% success in three to five months and with patience and analysis double your capital in one year.
Cryptocurrency trading attracts trading fees in various forms. It is one of the crucial ways of any cryptocurrency exchange for generating funds. Here are some of the common trading fees.
The trade fee is a type of fee when an exchange charges a trader for placing the trades on the market. A trading fee is usually up to 1% of your transaction based on your payment method or currency pairs.
You can deposit and withdraw this virtual currency through an exchange by paying a deposit & withdrawal fee, which can be around 3-4% of your transaction.
You have to pay exchange fees when you usually convert your tokens into currencies. These fees depend on the type of currency you deal with.
Cost of cryptocurrency trading varies from exchange to exchange. Some of the exchanges may ask you trading fees, deposit or withdrawal fees as well as currency exchange fees for purchasing the Cryptocurrency. On the other hand, if you like to trade through a broker, then you have to pay commissions or spreads.
If you ask the significance of Cryptocurrency, then we can say it is a profitable affair, but nobody now what is inside the box. The future is undefined so as the short-terms. You can lose a large amount of money or gain more than that due to the volatile market nature. For this reason, you have to be competent enough to keep the ball in your court and raise the graph of your success. It is somehow difficult for casual traders and beginners.
If you have a wish for investing in this digital currency but bit reluctant seeing its volatile nature, then you can explore the unbelievable success stories of the traders around the world.
Story of Mita:
Like all the cryptocurrency traders, Mita had a lot of misconceptions and fear for getting into the mystic world of Cryptocurrency.
But her excitements and a random lottery made her stepping into trading of some $1500 of Bitcoin in no time. However, like it claims cryptocurrency trading is not like a safe game, she saw a sudden fall against the anticipation. But as the say goes with the flow, she did not get distracted, reinvest some $400 with proper analysis, and she acquired all the tricks and tips to hit the ball hard at the right time. When she thought about cashing out her investment, the value was around 22800 Dollars within five years.