For people who have the time to monitor the markets, sleep less than two hours per day, and drink unlimited amounts of coffee, trading cryptocurrency can be an exciting activity. Who doesn’t want to “eat what they kill” and build wealth without financial advisors and employers taking their cut first? The reality is that trading is not for everyone, and can actually be incredibly stressful for people who doubt their ability to read the markets — or, like most of us, simply can’t.
While you can trade through a broker, trading has become so much simpler and easier when done with the aid of a reliable trading bot, which are becoming more and more popular each year. These platforms use trading algorithms to look for patterns in the price action of markets, like cryptocurrency exchanges, and then place automated trades when they spot buy or sell signals.
Trading apps help traders improve their trading skills both by teaching them the basics, and/or teaching them more advanced techniques, whichever the trader requires. The downside of this is that the simplicity of trading algorithms and their appeal to novice traders has unearthed a whole world of scam tactics from companies that claim to offer these services but just end up taking your cash and running.
There are, however, reliable and proven companies that offer these services, such as BitLQ, which offer tools that are designed to help make you a better trader and make smarter, more educated trades easily and effectively. Interested to learn more about cryptocurrency and trading bots? Here are the deets.
Where it all started: Bitcoin
Bitcoin is a cryptocurrency, a digital asset that people can buy or sell through a public, blockchain server. Because it is a digital asset, it doesn’t exist physically, and all trading for it has to be done virtually (online rather than through the use of physical credit and debit cards). Hence the term digital wallet is used to store bitcoins.
Digital wallets come with an access key and a signing key, where the access key allows you to check your funds and the signing key is used to make the transactions. Bitcoin gained popularity because it is a decentralised asset, thus free from bank restrictions or any limitation from a national or international organisation, allowing national and international transactions without any additional fees. While cryptocurrencies are used to buy other digital assets, they cannot be relied on blindly, as one is still always at risk of losing all their investments on the digital server at any time.
What can you even buy with crypto anyway?
Aside from using it to buy and sell other cryptocurrencies, there are a bunch of assets you can purchase on exchanges across the world.
CFD — This ‘contract for difference’ is a digital asset that allows you to take advantage of changes in value of an asset over time. For example, if you buy a CFD of a stock (like Tesla), and then the stock’s value increases, you can sell the CFD to take advantage of the profit you will make based on how much the stock’s value has changed. You can do this without actually owning the stock outright, which is attractive for investors that do not have access to markets in the United States or elsewhere.
NFTs — these ‘non-fungible-tokens’ are proof of asset ownership such as those used by artists, musicians and people selling things online. The most common way these are used is to authenticate things like digital art or media.
So how does trading actually work?
At its most basic, trading consists of buying an asset on the market and then selling it at a higher price to take advantage of the asset’s value change. The trading market is always volatile to some degree, so the value of all assets can change on a daily basis.
However, while everyone has heard of trading, not many have the confidence to try trading themselves. BitLQ’s trading app, Bitcoin Union, is extremely straightforward, not requiring users to have any prior crypto or tech knowledge. Likewise, it’s trading software doesn’t use any technical terms, so users aren’t overloaded with a plethora of technical jargon.
The app uses a bot to do the trading for you, complemented by BitLQ’s in-house software based on its own knowledge of the market, investing and artificial intelligence. It monitors the market and buys or sells when the timing is right, which means that you don’t need to do any work yourself. Once you’ve made your deposit, the bot has the funds that it needs to invest in Bitcoin at the right time, right price.
One of Bitcoin Union’s innovative program features is that it compares your data with that of successful traders, giving you the big picture analysis and will suggest improvements, thus making you a more seasoned trader as you learn to make smarter moves while trading. Unlike most other trading platforms, BitLQ encourages mistakes, because it’s app will help you understand what was wrong with the trade you put in and guide you on what you need to do differently next time for a successful and lucrative transaction, making the process of trading quite enjoyable in reality.
Another of this trading app’s strong points is its seamless mobile and desktop app compatibility, allowing users to trade whenever they are, with equal ease and convenience on either device.
Sign up for a free BitLQ account today and start trading immediately with complete confidence and peace of mind!
Note, Coconuts Media is not a financial services company and does not provide financial advice. This article is part of a paid partnership with BitLQ and is for educational purposes only.