Cryptocurrency trading signifies the purchasing and selling of cryptocurrencies like Bitcoin(BTC), Litecoin, Ripple, etc. crypto coins. You can buy cryptocurrency like these from websites called cryptocurrency trading platforms like Binance, Coinbase, Huobi, WazirX, Bitbns. Cryptocurrency trading is just like normal stock market trading and is very easy for those who invest in stock markets too often.
Here is an article explaining Binance for Beginners.
What is cryptocurrency?
Cryptocurrencies are digital currencies, which can be issued by anyone and anyone can purchase it. These cryptocurrencies bypass the need for a centralized body of control, such as a government or a central bank. The transactions are recorded on a blockchain-based ledger by miners. The Public shared ledger is verified by thousands of computers (called nodes) maintaining the network across the globe. Hence, any transaction cannot be faked. Click here to know more about bitcoin.
So, doing transactions with Bitcoin is very safe but storing them is difficult. As everything is online, there is a chance to get hacked. But we also do internet banking so we can handle that much. You can use cryptocurrency wallets to store your cryptocurrencies. Here is a brief guide showing the types of cryptocurrency wallets.
Is cryptocurrency trading secure?
It’s quite secure to invest in cryptocurrencies, the biggest exchanges like these Binance, Coinbase is multi-dollar industries now and well trusted by their users. They get their customers/users verified before they start investing. They store your cryptocurrencies in their offline storage which are offline and the possibility of being hacked is almost to 0. There are several cryptocurrency exchanges and people follow the most reputed ones. Read this article to know more about how secure is to invest in cryptocurrencies?
Conclusion
Cryptocurrency trading is a way to convert your cryptocurrencies to your local currencies or getting your local currencies converted to crypto coins. Cryptocurrency trading is secure if done through trusted cryptocurrency exchanges like Binance, Huobi, and Coinbase. These are the global exchanges and works everywhere.
You can use local cryptocurrency exchanges like WazirX, Bitbns (in India), Coinspot (Australia), Coinmetro (Europe) to buy cryptocurrency directly with your bank account.
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