The trend in crypto trading has been on a steady rise since the introduction of cryptocurrencies. What initially was considered as something that could only be understood by a few, is now accessible to the masses. Consequently, a lot of people are trying their luck at crypto trading. Apart from the idea of a decentralized monetary system, which is something that common people rally by, they also find cryptocurrency trading highly lucrative, given its volatility.
One of the good things about cryptocurrencies is that they are traded across borders, which allows people from all over the globe to trade and become a part of the global phenomenon that the market of cryptocurrencies is. Here is how trading in Kenya works:
Step 1: In order to trade cryptocurrency, the first thing to do is find an exchange that can allow you to convert fiat currency into cryptocurrency. While Bitcoin can be purchased directly using fiat currency (Kenyan Shilling), most of the other cryptocurrencies, also known as altcoins, can only be exchanged with bitcoin. Subsequently, your best bet would be to exchange fiat currency for bitcoin first, regardless of which cryptocurrency you’re looking to trade. This would enable you to trade just about any cryptocurrency of your choice. Fiat-to-BTC conversion can be done via several exchanges in Kenya such as eToro, Coinmama, CEX.io.
Step 2: Once you have converted fiat currency into BTC, you need to decide which cryptocurrency you are going to trade. There are thousands of cryptocurrencies that you can opt for, but you must do a thorough research to select the one that you believe has a positive outlook for the future. You can take a look at a few technical attributes including currency valuation, price, total market capitalization, and trajectory over the past few months.
Apart from that, it would also be a good idea to take a look at some intuitive attributes such as outlook for the next year, acceptance, and regulations.
Step 3: After you’ve selected a cryptocurrency that you want to trade, you need to find an exchange that can allow you to trade bitcoin for your desired cryptocurrency. All you have to do is find a reliable exchange, decide what your portfolio is going to look like, and invest.
Step 4: Once you have access to the cryptocurrency of your choice, you can begin trading. However, there are a few things that you need to keep in mind. It is very important to keep an eye on your trading portfolio. Cryptocurrencies are usually highly volatile and if you need predictions for the coming months or years, you need to keep an eye on what’s happening around the world.
Given that cryptocurrency trading isn’t restricted within borders, it’s highly likely that something happening in another part of the world would influence the prices of your cryptocurrency portfolio in Kenya. In order to make the volatility work in your favor, you can consider using platforms such as the news spy that would help you with features such as auto trading and make it easier for you.
Another good idea would be to keep an eye on any future regulations for cryptocurrencies that come into effect, as it might also have an impact on your trading portfolio.
Since the whole idea of cryptocurrencies revolves around decentralization, a lot that has to do with crypto trading is quite similar throughout the world, which means that you do not need a lot of knowledge of country-specific procedures.