Ever since cryptocurrency came to limelight, investors have been lured by the hefty returns it has to offer. With their volatility and price movements, they have become extremely popular among investors in recent years.
The founder of Crypto Queen Jayde Duncan is known for spreading awareness to masses around cryptocurrency and helping them improve their portfolio. She explains how one can go about investing in cryptos and sell them. Here’s what you need to know if you’re starting out.
Decide Whether To Buy Or Trade
Investors have the option to either own cryptocurrencies or trade on their prices. Trading provides you the freedom to speculate the price without even taking the ownership using trading instruments called the CFDs (Contract for Differences).
When owning the currency, you’ll need to pay the full price of the asset, while in trading you can simply pay the portion of your total position price.
The most popular platforms are the crypto trading exchanges, where you open an account linked to your verification documents and bank. On making a purchase, an exchange stores the currency in its own hosted wallet and controls your private keys. Using these private keys, you can also withdraw the currency whenever you want. This exchange wallet is usually a hot wallet that’s constantly connected to the internet.
Apart from this, there are several mobile apps that offer trading services along with other services. Users can buy, sell and trade cryptos on the very same platform.
Then, there are crypto ATMs too, where one has to physically purchase crypto. These ATMs connect directly to a wallet or a cryptocurrency exchange at the back end. One can make a limited number of purchases daily as they have set daily limits.
Other buying options include in-person meetups that connect crypto enthusiasts and traders with each other and future exchanges where you could bet on an asset’s price on a specific date in the future.
The process of buying and selling cryptocurrencies has simplified very much over the years. Selling a currency essentially requires the same set-up as buying them does. All the above-mentioned exchange platforms have options to sell the currency. Mainly, you just need to place a sell order to get the funds transferred to your bank account.
From the buying options mentioned above, not all ATMs allow digital currencies to be exchanged for cash on the spot. You can also sell through direct trades or by exchanging trades with a party. The transaction happens directly between seller and buyer. You just need to set up a sell order for a specific value, and whenever a buyer who’s interested in purchasing the currency from you at the agreed-upon price, you’ll be alerted.
Jayde Duncan is an Athletic African American who aspires to educate masses around cryptocurrency and money mindset and help them rise above living an average lifestyle. She also makes such related videos on her youtube channel by adding a hint of excitement, fashion, knowledge and charisma through her style. Beside this, she plays basketball and also coaches kids to enhance their game by having fun with it.
In her ebook “Crypto-trading”, she explains the ins and outs of cryptocurrency and is a complete guide for anyone looking to start investing in crypto and learn about it.