Read on for a quick five-minute guide on the key factors of crypto investment, as well as how to buy cryptocurrency with fiat money.
What is Crypto Trading?
Crypto trading is the act of buying and selling cryptocurrencies on an exchange platform. Trading usually involves speculating on price movements, and users profit by buying low and selling high. This is ideal for users that want to capitalize on ever-changing token value.
What to Consider in Crypto Trading
Since the technology is relatively new, there is no set standard yet to help you evaluate cryptos to invest in. That being said, there are three key factors to think about when choosing which cryptocurrency to buy.
- Data: Blockchain is a technology built on openness and transparency. Since the data is open to the public, a significant amount of information about the assets’ performance is available for analyses. Market capitalization, the total monetary value of all the tokens that have been released by a provider, is a definitive indicator to refer to when you do your research, and you can easily find up-to-date data on crypto market capitalizations and trading volumes on websites like CoinMarketCap.
- The team: A thorough investigation on the company behind a cryptocurrency is crucial for a wise investment and helps reduce the risk of falling victim to scams. Searching for the developer may be challenging when the developer team stays anonymous or uses a pseudonym—which is common in an industry that prioritizes privacy in the spirit of decentralization. Still, you could make an effort to track down the company’s leaders and check their roadmap on how they plan their crypto project to succeed.
- Ecosystem: Ecosystem is a term to describe everything involved in a crypto space, including developer activities. A developer dedicated to building a healthy ecosystem for users guarantees the project’s sustainability. A crypto with a larger ecosystem is considered more promising, because it ensures that the developer team as well as the active users stabilize and optimize the crypto space.
Ready to start Crypto Trading? Do it with Blocto!
As a first-time crypto buyer, your best choice is a crypto wallet that supports crypto-fiat trading like Blocto. Instead of onboarding with other software wallets that require you to own native tokens, you can simply sign-up in less than 30 seconds and onboard with Blocto Wallet’s fiat on-ramp. MoonPay, one of the top fiat-to-crypto payment services, enables this fiat on-ramp to allow you to easily purchase crypto with a debit or credit card. Check out the easy steps below.
Step 1: Go to “Wallet” at the bottom. Click on the shopping cart sign in the lower right corner.
Step 2: Click on “Cryptocurrency.” Select a cryptocurrency to proceed. Click on the tab to see the Blocto points you need to enable the wallet.
Step 3: If you have insufficient balance of Blocto points, either go to the home tab to read our novice tutorials and complete the small quizzes to gain free Blocto points. Or, click on “BUY” to purchase the amount of the Blocto points you need to create a wallet.
Step 4: Go back to the purchase page, and enter an amount. The minimum purchase amount on MoonPay is around 30 USD, and the maximum purchase amount is around 12000 USD (or the equivalent in your local fiat currency).
Step 5: You will receive an email from MoonPay to complete your registration, enter the said code to continue.
Step 6: After filling in the requested info, you can finish the purchase!
If you hope to exchange the crypto you bought for another, our decentralized exchange BloctoSwap supports crypto swaps on Flow. BloctoSwap platform allows you to swap effortlessly between tUSDT, BLT, FUSD, FLOW, with more cryptocurrencies coming in the future. Now you could diversify your crypto portfolio for best returns with BloctoSwap!
Can I convert my crypto back to fiat?
Currently, Blocto wallet and BloctoSwap do not support withdrawing cryptocurrency in fiat money or transferring them into bank accounts. If you hope to cash out your cryptocurrency later, we recommend you to send your tokens to any major exchanges, like Binance, Kraken, Coinbase, etc. and withdraw them there.
To make a wise crypto investment, always remember to DYOR (do your own research) before buying any tokens. If you want to learn more about crypto trading, check out our tutorials for some more tips and tricks!