Consider Bitcoin as the base layer coin for the market as many of the exchanges price their altcoins against Bitcoin. Also, Bitcoin is often used as your base currency to get started with an exchange. What I mean by this is you will not be able to buy with your regular credit card, you will need to transfer in your Bitcoin and use that as the currency to purchase.
UPDATE October 1st 2018: Binance is still my favourite cryptocurrency exchange to trade on but I have changed my strategy big time over the last couple of months. I have been using a cryptocurrency trading bot to make my trades for me and have seen awesome results so far… This is the Notorious Bot – which is becoming pretty famous in Crypto circles. Using the bot reduces the time and stress involved with trading manually and maximises the potential for profit with minimal risk. Crypto trading bots are only really right for those who have a portfolio of at least 5k in cryptocurrency already, if you’re in that position have a read of this post where we review cryptocurrency trading bots and introduce you to the Notorious Bot.
Volatility. It is perhaps the singular word that best encapsulates the cryptocurrency market and how people look at it. For crypto skeptics, volatility is their indicator to stay clear of risk. However, for crypto enthusiasts, volatility is the number one sign that faster and more meaningful returns are close at hand. Indeed, both of these groups of people are correct,…
Similar to Bitterex, Poloniex is also a crypto-only exchange which will allow you to go ahead with your trading by depositing Tether dollars. The fee charges for this crypto exchange depends upon your choice (whether you are a maker or taker) and can be 0.15% to 0.25% accordingly. Traders looking for a variety of altcoins can check Poloniex for their requirements. Although you’ll get an intuitive mobile-friendly website to place your trade; there are no options in terms of mobile applications.
OmiseGO (OMG) is a public financial technology that’s based on Ethereum. The concept of OMG is to enable peer-to-peer value exchange and payment service in real time across not only decentralized currencies but fiat money as well. OmiseGO allows anyone on its network to process financial transactions (payrolls, B2B, remittances, payments, etc.) in a much more inexpensive and decentralized manner.
Categorize your investments and look at the long picture. In the process of your research, you’ll eventually realize you’re coming across a few different categories of coins. For some of them, you believe they have good teams, great vision, amazing publicity and a track record for successful execution. Great! Put these into medium or long-term holds and let them marinate into a delicious tenderloin. When the price dips, don’t even consider panic selling because anything in your medium or long-term portfolio should remain untouched for a set amount of time. BNB is a good example of a coin Miles considers a long hold. Recently, it dipped 20% for a while, and within our community, we witnessed some sell-offs to preserve investments. A week later, it jumped up almost 3x for a period of time.