Undoubtedly, the meteoric rise of digital currencies has impelled the substantial proliferation of crypto exchanges. This, coupled up with the increasing number of traders interested in the booming sector, has made it particularly hard to identify the ideal platform to trade on. Furthermore, a significant majority of the investors mentioned above lack relevant experience, a factor that contributes to making unsound investment decisions.
My Crypto Reports aims to address the issues as mentioned earlier through the provision of a comprehensive report on the performance of various leading exchanges across the world. The site provides a set of tools to aid the user in making informed decisions before they invest their funds in a particular exchange. Currently, the platform sources data from Poloniex, Binance, and Bittrex.
Investment Tools provided by My Crypto reports
- Reports – this includes a list of the best performing digital currencies at the moment. The information is availed on a real-time basis, with any alterations being updated with immediate effect.
- Coin Tracker – in an instance where a user is interested in the performance of a particular coin, they can set a tracker on them. Similar to the reports mentioned above, the tracker provides a real-time review of the market value of the currency under tracking.
- Notifications – a user has the option of turning on customized alerts reading various coins and buy signals.
- Buy signals – the platform leverages the capabilities of an inbuilt Ai system to alert the user of the ideal time to, but an altcoin before its value soars exponentially.
- Dashboard – this is the central control point for all operations of the user account. Besides managing your dealings, the dashboard features a conspicuous overview chart showing the general market performance of various altcoins.
Despite the recent success of cryptocurrencies, the venture is still as risky as other investments. Therefore, before spending life savings on cryptos, it is advisable to seek the services of a competent financial consultant. Luckily, the comprehensive reports available on My Crypto Reports give users a head start and some useful insider tips on how to start trading in the crypto space.
Before buying Bitcoin, it is recommended that traders invest in a secured wallet, preferably installed on their computers. While mobile wallets provide an expedient experience especially on the go, it is comparatively easier to hack a mobile phone than a computer. Moreover, smartphone hacking incidents are often unnoticeable. Once the wallet is secured, the next step is identifying an exchange that suits your needs.There are two styles of trading, long-term and day trading. Preferably, a trader can go for one method, though some individuals handle both options comfortably.
Trading on Exchanges
There are two ways to go about this. Firstly, you can hold on to your coins and sell them at a later date at a profit. Contrariwise, you can purchase coins in large volumes when the price dips. Later one, when the price rises again, you can sell the Bitcoins at a profit.
- Day trading
To do this, you have to list your coins on an exchange. Using the principles of forex exchanges, you continuously exchange your bitcoin into fiat or other altcoins in the most profitable way.