Trading cryptocurrency simply involves changing one cryptocurrency to another cryptocurrency or changing crypto to local money or Fiat. On the other hand, cryptocurrency trading also covers the buying and selling of any crypto or coins and exchanging to the fiat of one’s choice.
To trade crypto assets, the first thing you need to do is to ensure you have a wallet where you can keep any cryptocurrency you’ll be purchasing from any crypto exchange platform like Remitano, Coinbase, Binance, etc. The first stage of trading cryptocurrency is creating an account. The essence of creating an account is to show interest and also give you the platform to get your cryptocurrency wallet.
What are the cryptocurrency exchange platforms?
These are platforms that allow the buying and selling of cryptocurrencies. There are centralized and decentralized platforms, but the bests are always decentralized. The decentralized platforms are controlled by multiple systems (meaning there is no single computer controlling it). These platforms allow you to buy and sell cryptocurrency and as well as store them in your wallet.
Read this article about decentralized cryptocurrency exchanges (DEX) to gain more insight into decentralized exchanges.
Exchanges charge traders a fee for allowing you to trade cryptocurrencies. The average fee per trade is 0.1% of each trade executed on the platform. Billions of dollars worth of crypto assets are traded every day. Lucky traders and early adopters have made it big from trading cryptocurrencies, and it is now their full-time job.
From my experience, there are basically two types of cryptocurrency trading; short term trading and long term trading. Now let’s look at these types of trading.
Short term trading
This refers to buying cryptocurrency at a low price only to hold for a short time before selling at a marginal profit. Trading time can be between minutes to months.
The idea is simple; you buy a coin because you think the price will increase in a short time and then sell it for a quick profit.
This guide on day trading will help you become an expert at short term trading.
Long term trading
Long term holding refers to the act of holding a particular crypto asset for a very long time, years to be precise. The word HODL which means Hold on For Dear Life originates from long term trading. The idea of long term trading is to hold crypto assets for a very long term regardless of the volatility with the hope that it will increase by a significant factor after years of holding.
Risks of trading cryptocurrencies
Fluctuations are the most significant problem that cryptocurrency traders face. Trading cryptocurrencies have many benefits, but before you trade, you must be aware of the risks involved in trading. Below are some of the cryptocurrency-related risks.
✓ Cryptocurrency fluctuates: There is no fixed price over a fixed period for cryptocurrency. This means the worth of a cryptocurrency today can change tomorrow. The change can be slow or rapid, but it is quite unusual for cryptocurrency value to drop heavily. Most times, whenever it drops, it is always little, and there’s still a time when it will pump (cryptocurrency increases).
✓ Cryptocurrency is not regulated: The bank and government are not in control of these digital assets. However, people are paying more attention to it because of its usefulness and how it is becoming generally accepted across the globe.
✓ Security risks: There can be cryptocurrency mistakes, and cryptocurrency can be hacked: Sometimes, avoiding obstacles as a result of technical failures might be difficult. Hackers can also hack into cryptocurrencies and toy with it.
The best way to avoid issues with cryptocurrency is to get as much information as possible before starting.
There are quite a number of people that are concerned about the best trading platforms to use for their transactions. There is no need to worry about that.
This article will highlight some of the top and best cryptocurrency exchange platforms you can use for trading. There are a lot of other platforms out there, and finding the best should be the aim. Below is a streamlined list of five cryptocurrency trading platforms that are safe and trusted.
This is the most recommended trading platform for both beginners and experts. The platform is a P2P escrowed marketplace that makes buying and selling of cryptocurrency and trading to local currency easier and faster. You are connected with buyers or sellers (depending on what you want to do), and the transaction goes on safely.
Coinbase is one of the best platforms for trading. It is highly secured and easy to use for trading leading cryptocurrencies like Bitcoin, Ethereum, and others. Coinbase has APIs that allow developers to link with third-party apps and trading platforms. Coinbase is on this list because it is easy to use, highly secure, and fees are low.
Kraken is on the list because it is an old and consistent cryptocurrency platform that allows funding from diverse options. This platform is super cool for beginners because it makes the onboarding process easier.
BItfinex is a good platform for all trading necessities. If you are already learned and good with trading, you will find this cryptocurrency exchange valuable. Beginners might find the interface complicated, but it supports different cryptocurrencies.
This is a reliable platform for multiple cryptocurrencies. You can also make deposits from your local bank (credit card or any other option that suits you). The multiple payment option and high security, state compliance with regulatory organizations are top reasons why you should consider the platform. You can also track your investments with their developed reports.
What makes cryptocurrencies ideal for trading
The primary reason why cryptocurrencies are ideal for trading is because of the fluctuations. There are cases where you’ll have more profits due to the price when you bought the cryptocurrency, and you experienced an increase in the long run (that means you’re making a profit). Also, the opportunity to buy cryptocurrencies when they’re cheaper or at the prices that are convenient for you and sell off when you realized they’ve increased in value makes cryptocurrency ideal for trading.
It is an undisputed fact that the income coming from crypto trading might not be as huge as you might have envisaged, however, the more the value of the cryptocurrency you’re holding or trading, and the longer you hold your cryptocurrency, the more your chances of cashing out big.
The price is influenced by the economic factor of demand and supply. This is what the cryptocurrency traders use in balancing their portfolio. Cryptocurrency is just a different and unique investment form or opportunity.
Now that you understand everything about crypto trading, you can learn how to begin cryptocurrency trading in 2020.
Tech innovations driving businesses to new success
Here, we have mentioned some significant tech innovations that help businesses to get more success.
In the last few years, the development of new technologies has changed the way we function in our daily lives. The things that were quite impossible to think about a few decades ago can be done within seconds with the help of newly developed gadgets. New technologies have made easy and quick communication as well as it has transformed the way of thinking and processing information. This evolution of new techs is also creating a revolution in the business sectors. Most of the people are diverting to online businesses and these tech innovations are necessary to maximize the chances of getting success. The technological revolution has also impacted offline businesses as well. Here, we have mentioned some significant tech innovations that help businesses to get more success.
Innovative Business Management Systems
Whether it is an online business or the offline business, such business management systems help businesses to manage all the necessary information. They automate the information processes and simplify it. The management of finance, marketing, sales, purchase, and all the other important processes of any company to function have become easier thanks to ERP.
ERP (Enterprise Resource Planning) is in trend as well as a basic necessity for businesses. Such systems allow businesses to have a centralized database and make it easier to have proper control and the security of the products or the services. The proper arrangement of data and the information allow better decision power.
The introduction of mobile phones and similar devices with internet connectivity has impacted the behavior of people as well as businesses. In order to create a communication channel with potential buyers or customers, mobile applications are being developed by businesses. These days when people use the smartphone more than other devices, businesses are reaching their customers through such apps.
In this category, we can take the example of online gambling. Online gambling services were initially available for computer users, but now seeing the huge target market among smartphone users, they offer a mobile application for the services to offer a customized experience. For instance, sport888 bet online offers mobile applications for mobile platforms so, their customer can have access to their betting service anytime anywhere. However, there are various things that need to be considered while implementing the use of the app in businesses. For example, the design, objective, potential profit in the future, integration of multiple services, and enriching customer experience.
Customer is said to be king of the market and that is why relations have to be maintained with all the customers. With customer relationship management systems, even international businesses can maintain relations with customers from all parts of the world. This includes three main services that are related to the customers i.e. marketing, sales, and after services.
By incorporation these systems, businesses can adapt to the complication of the demands of the new customers while improving the services for the current as well as old customers.
Digital Marketing and Artificial Intelligence
These two things are interconnected and help businesses in many ways to maximize success. Nowadays, most people use a smartphone and the internet. So, digital marketing help businesses to approach customer where they are. However, one needs to account that not all the customers can be potential customers and that’s where artificial intelligence arrives. AI technology processes the data of the consumer and helps the businesses to reach their potential customers.
For instance, when a customer wishes to buy a shoe and searches various deals on the internet, with the help of artificial intelligence, such customers can be reached by the online/offline shoe store. Apart from selling ads, digital marketing, and help the businesses to understand the target market so it can be reached with proper blogs, tutorials, news, and many other things.
The internet has changed all the businesses. Now even a small store from one corner of the world can reach customers from all across the globe with the internet. The Internet has not only bridged the gap between business and customer, but the communication channel inside the businesses has improved. With one online platform, all the employees can be in touch and share all the information. This helps in smoother and quicker functions of the business operation which eventually leads to fast success of the business. The regular updates on the services and products lead to efficient management. Additionally, video conferences for conducting meetings, interviews, and online training has benefited the business in several ways. Thus, the latest communication technology helps businesses to reach their goals quickly.
Data Management Systems
Any business has to manage a bunch of data. Earlier, it was tricky to manage such big data on physical papers. The latest data management systems do not only store the big data without acquiring physical space, but they make it possible to sort this data in a way that it can be accessed and analyzed easily in the future.
Information/data is knowledge, and it can be accessed easily and quickly with the new data management system. The proper management system can help in making better decisions for businesses as well as customers in the future.
Ecobank, Chapel Hill Denham, DBN and BOI partner on Lions’ Den to support SMEs
Ultima Limited brings the world’s number 1 business reality TV show, Lion’s Den to Nigeria.
The worlds of Business and Entertainment are set to collide as Ultima brings the world’s number 1 business reality TV show to Nigeria.
Ultima Limited, the studio behind magical shows like Who Wants to Be a Millionaire and Project Fame West Africa, is bringing another exciting reality show to Nigeria with Lions’ Den.
Lion’s Den, which is set to air in 2021, will see Nigerians across the country seek to make their dreams come alive by pitching their businesses and/or ideas to prospective and willing Nigerian investors.
The business reality TV show, Lions’ Den will be brought into the homes of millions of Nigerians with the support of Gold Sponsors, Ecobank Nigeria; Silver Sponsors, Chapel Hill Denham; and Bronze Sponsors, Development Bank of Nigeria (DBN), and the Bank of Industry.
The registration portal for entrepreneurs with businesses seeking investments is open and can be found here.
Got questions? Visit the FAQ page for more information!
Hope PSBank To Deliver Digital Banking Experience To Customers
Hope PSBank offers a competitive edge among the lot as it delivers financial services to customers with ease, convenience, affordability and access unhindered.
The management of Hope PSBank-a subsidiary of Unified Payment Services Limited and Nigeria’s premier digital-first bank has assured customers-unbanked, underserved and banked of its readiness to deliver seamless digital banking experience to them as part of efforts targeted at promoting and driving financial inclusion in the Nigerian banking ecosystem.
The assurance came during the launch of the company’s brand identity on Tuesday, November 24, 2020, in Lagos following the approval of license as a Payment Service Bank by the Central Bank of Nigeria (CBN) in August 2020.
In his opening remarks at the occasion, the Chairman, Hope PSBank, Alhaji Shehu Abubakar described the launch of Hope PSBank as one that would not only revolutionalize the banking sector but help a great deal in shaping and advancing the future for financial services generally in Nigeria.
Abubakar noted that it was heartwarming that a new bank like Hope PSBank was stepping into the fold to give banking access to millions of Nigerians including those that are unbanked.
He explained that the setting up of the bank was largely driven by the need to ensure that a vast majority of Nigerians have access to financial services.
The bank Chairman noted that its logo represents the optimism and dependability which the brand espouses.
“It is not just semantics that the name of our bank is ‘Hope’, rather this is symbolic as we bring the message of hope to millions of Nigerians that are unbanked or underserved,”, Abubakar explained.
He revealed that the payment service bank offers a unique and unparalleled experience for customers as the wallets/accounts are opened end to end without any human intervention.
Also speaking, the Managing Director, Hope PSBank, Mr. Ayotunde Kuponiyi expressed the company’s aspiration to give hope to Nigerians.
He stated that the bank is ready to redefine financial and payment services by driving inclusion through the leverage of digital technologies.
Kuponiyi added that the setting up of the bank was in line with the objective of the Central Bank of Nigeria to enhance financial inclusion
“When the inclusion rate in an economy is high, the citizens of that economy will have access to credit/finance, will be able to save, have access to insurance, grow cottage industries, employ more staff, unemployment rate is reduced, the employed citizens are able to pay tax, Government will have more revenue to provide infrastructure and this will generally improve the standard of living of the citizens,” he said.
He explained further that beyond financial inclusiveness which the bank hopes to achieve, it would serve as a platform to empower the people with many becoming agents thus leading to job creation and alleviation of poverty.
“We support Medium Small and Medium Enterprise(MSME) and Small and Medium Enterprise(SME) with our Hope Market Place by giving them an “online real estate” to display their shops thus giving them more visibility and exposing them to more consumers,” Kuponiyi said.
“At Hope PSBank, we have redfined the concept of open banking and the boundaries of competition by offering our unique financial and payment services and solutions to customers of other banks who are not required to open or maintain account with our bank. All transactions on our platforms are gladly settled into accounts of our community of users and customers with any bank of their choice”
According to him, Hope PSBank offers a competitive edge among the lot as it delivers financial services to customers with ease, convenience, affordability and access unhindered.
“This is a bank that leverages technology by bringing financial and payment services as well as tailor-made solutions closer to everyone across different channels regardless of economic or social status and location,” he added.
Also speaking, the Chief Marketing Officer, Hope PSBank, Mrs Kathleen Erhimu said the bank is unique from other players in the market “At Hope PSBank, every mobile telephone user can easily enjoy instant digital financial and payment services with his or her phone number as account number and also a means of payment across all channels – person-to-person on personal devices, web, merchants’ points of sale, automated teller machines and agency outlets. No cheque-book is required, no payment card of form factor.”
About Hope PSBank
Hope Payment Service Bank Limited (Hope PSBank), Nigeria’s premier Digital-first Bank was incorporated in September 2019 to leverage digital technologies to deliver inclusive financial services. The company believes that everyone irrespective of education, social or economic status and location should have access to financial and payment services with ease and convenience. We seek to provide the 4As – Accessibility, Affordability, Availability and Awareness of Digital Financial Services.
With Hope PSBank, every mobile telephone user can easily enjoy instant digital financial and payment services with his or her phone number as account number and also a means of payment across all channels – person-to-person on personal devices, web, merchants’ points of sale, automated teller machines and agency outlets.