It is not that important why a person decided to change his occupation. It is important that this decision brings him new opportunities.
Any changes need to be approached responsibly and being prepared. Here, training classes come to the rescue. It allows you to make sure “in easy mod” whether a new profession is suitable for you or not.
Why trading?
We offer to pay attention to trading on exchanges. Trading is a high-risk activity, but it is able to bring a large income in a short time. There is nothing illegal in it. Everything is completely legal.
After becoming a successful trader, you will control your time yourself, you can live anywhere in the world. The only thing that will limit you is the access to the Internet.
What kinds of training exists?
Do not try to start trading on the exchanges on your own and without knowledge. You will quickly lose money and motivation. Before taking risks, we advise you to familiarize yourself with the basic principles and nuances of the profession.
Trading is the field where having only some theoretical knowledge is not enough. You need practice. And the practice should take place in a safe mode, under the supervision of an experienced trader. As you gain experience, you will be able to switch to “real” trading, again under the guidance of a mentor.
Evaluating the market of offered services in exchange trading, you can find two extreme points: free, fast, almost useless (self-education) and expensive, time-consuming, but working (special educational programs).
The easiest, but also the riskiest option is self-education. You can find information on the principles of trading, on the tools used, on analytical methods, and the like yourself. Some resources even provide an opportunity for demo-trading in “test money”.
The main drawback of this method is that the knowledge is superficial knowledge and you gain no practical experience. Two hundred test dollars for trial trading on the FOREX exchange will end very quickly, and you still wouldn’t know why did it happen. No one will point out mistakes you have made.
We will not go through all the possible options, we will immediately point out that the most effective is long-term training with practical exercises. It has two “shortcomings” – it requires time and money. But there are a lot of benefits.
Typically, such classes consist of three parts: theory, practice in the demo-mode, practice in real trading. Quality training is characterized by the fact that the mentor is an experienced trader. He points out mistakes, suggests the best way to act in a particular situation, pays attention to the nuances, makes sure that you trade “cold-blooded”, etc.
Such training costs a lot of money. Maybe $ 5,000, maybe $ 10,000 or more. But look what you get in the end? You could lose the same money on several of your first deals if you decided to learn on your own. And here you invested them in your own knowledge. And it’s well known that the most profitable investment is the investment in yourself.
A bit info about exchanges
An exchange is a legal entity that provides free trade in certain types of assets. It establishes the rules of trade and monitors compliance of all participants. In addition, the exchange is engaged in the arbitration of disputes and may give some guarantees on the technical part of conducting deals.
Depending on the type of traded assets, there are several exchange types: commodity, stock, currency, futures. A few years ago, cryptocurrency exchanges broke into this list.
It is well known that the main earnings of exchange players occur when the value of asset changes. That is, the higher the volatility of the market, the more the player has the opportunity to earn.
The cryptocurrency market has a very high volatility. So many traders have switched from traditional exchanges to cryptocurrency exchanges. The technology of cryptocurrency trading is especially close to currency trading on the FOREX exchange. Similar tools and analytics are used.
Perhaps, the only thing that seriously distinguishes the cryptocurrency market from the traditional one is the lack of regulations and legal framework. That is why news from governments and financial regulators so much affect the fluctuations of rates.
Features of crypto exchanges
All existing crypto exchanges can be divided into two types:
- those where crypto can be bought for fiat money;
- “purely crypto” exchanges.
As well as on traditional exchanges, the main principle of a crypto-trader is “buy low, sell high”;
At crypto exchanges, price fluctuations are many times greater than those that are usually observed on traditional exchanges. Consequently, both risks and possible profits increase. In this situation, the speed of decision making becomes very important for the trader.
The large and rapid fluctuations in the asset rate result in the fact that technical analysis here is of less importance than on traditional exchanges.
Features of the blockchain technology lead to that only a limited number of traders participate in a trading of a certain coin. Therefore, individual players who own large stocks of coins are able to influence the rate greatly. It is often impossible to predict this.
In this regard, it is better to stay away from new coins with limited liquidity. They are often involved in “pump-and-dump” frauds.
Bitcoin is the coin with the largest liquidity on the exchanges. All cryptocurrencies have two main rates: in pairs with bitcoin and the US dollar.
What are fees paid for?
Exchange fees usually are taken for trading operations. They usually amount to 0.1 – 0.2% of the transaction amount.
There can also be fees for the deposit replenishment with fiat money or for funds withdrawal from the exchange. Here the fees are much higher and depend on the method of payment (wire transfer, plastic card, electronic payment systems, etc.). The fee’s size can be either fixed (for example, $ 70 per transaction) or proportional (for example, 0,25%).
For the deposit replenishment with cryptocurrency, as well as for its withdrawal usually, the fee is not taken. Therefore, it is advantageous to buy cryptocurrency not on crypto exchange, but in other places.
How to sell bitcoins in Canada?
Bitcoin is specified for a reason. This is “the” cryptocurrency with the most liquidity, it is sold everywhere. You can buy any coin for BTC. This is in terms of trading.
There are also technical aspects, such as system reliability, transaction security, decentralization, transparency, etc.
As was already noted, crypto exchanges are not the best place to buy bitcoin. There are two reasons for this:
- high fees;
- poor security of accounts on the exchange.
Newsfeeds are full of reports of the theft of funds from a particular exchange. To protect yourself from this risk, it is best to store only the bitcoin amount necessary for trading on your account. And replenish this account or withdraw from it as necessary. And if so, then there is no need to sell bitcoin on the exchange.
For this operation, you can find cheaper places.
For example, you can access cryptocurrency exchange sites. Their fee is already included in the rate and additional expenses are not likely to happen, This is quite convenient because you can immediately see what happens at the output.
When selling bitcoin for the price close to the exchange rate, it is necessary to add fees for the operation, for withdrawal of funds. Also, the deal can be delayed, and the sale will be made not at the chosen rate, but at much worse one. All this complicates the fees calculation.
Experts from ICOPulse.com platform advise – when looking for how to sell bitcoin in Canada, it is necessary to pay attention to:
- exchange rate;
- additional fees;
- exchange reputation;
- waiting period before the arrival of money.
Another place that will allow us to sell bitcoins with minimal financial costs is P2P services. These are sites that provide an opportunity to find a seller or a buyer and make a deal with him directly. Here it is necessary to pay attention to the exchange rate, the reputation of the counterparty and the possibility of arbitration on the resource.
But perhaps the simplest and most profitable is the exchange within a multi-currency wallet. IT excludes any risk, and the rate in this transaction is the most attractive. And there is no fee.