2. How to do day trading and trusted exchanges for it?
3. Best forums to read articles or blogs about latest trends in crypto currency?
Answer Updated on : 2 January 2021
This will be a long answer, i might divide it in various answers
To start with crypto, see these basic rules and always follow them
These are the basic rules and you can ask if you do not understand something .
Your crypto wallet is just like your real wallet, it has an address where you can send your cryptocurrency and a private key which is like a key and that key is to be protected and kept safe (better if its offline)
Selecting a wallet for your crypto asset is very important, if you have a massive investment in crypto it is best to make use of a hardware wallet as they give the ultimate protection.
You can use Mobile Wallets if you want to store your cryptocurrency for long term, but if you want to do "day trading" or want to frequently change your cryptocurrency you can always store them on an cryptocurrency Exchange
Electrum - Electrum is available to download for Windows, Mac OS, and Linux operating systems. It's a popular desktop software wallet, but it is also the most technical. If you are new to Bitcoin and crypto, this software might not be the right choice for you. he biggest advantage of software wallets — like Electrum — is the fee adjustment setting.
Trust Wallet - Fast, lightweight, recently purchased by Binance, ERC20 enabled, customizable fee, full control and access to private keys. Non-custodial, open source software. DApp friendly.
MyEtherWallet - is a good wallet which you can use to store your Ethers and all Ethereum based coins / tokens.
As explained earlier, for day traders and if you want to frequently change your crypto assets you may wanna keep your crypto on online exchanges, let me list down the best one
Always read fee structure of all exchanges so you are not surprised after making various trades. Procedure for creating wallets or account is simple, if you open the links shared above it self explanatory. Online Exchanges have made it mandatory to carry out KYC(Know Your Customer) so it's always good to get your account verified.
Bank or Card purchasing may be restricted in your country due to legalization or other local laws , always confirm prior to buying through credit card.
Always have 2FA (Two Factor Authentication) its one of the most secure method ensuring your crypto on online exchanges stays safe , I have answered the details about Google Authenticator and Enabling 2FA which you may read
Peer to peer platforms allow you to buy directly from another seller or buyer on the website, while the website acts an escrow thus giving you the ease of mind while making a deal, some platforms which I have used personally and have a good standing are listed
Check out these coin listing websites if you want to explore the details of how the coin is performing and see past performance aswell.
Why don't you read out my Golden Rules of Trading ?
The simple rule of day trading is that you sell when your held crypto is at a higher place and the currency you want to buy in exchange is not at an all time high (ATH), but always keep in mind different fee so trade when the profits are great but I would not recommend any sort of day trading for you now, buy some crypto and understand the concept
I have shared those above already
The most common crypto frauds involve
Any service you see which you find too good to be true , It ain't - do not fall for such services. you can always consult others or even ask us for a coin review . Very legitimate names have siphoned of millions from crypto frenzy where people have been investing and losing all their money. Few practices which might keep you safe :
Hope these answers get you started , for more clarity you may ask