You’ve probably heard of cryptocurrency by now. If you haven’t, what rock have you been living under? It’s exploded in the last few years to the point where it might be changing the financial landscape as people know it.
The world is getting to a point with crypto that it may be going to see it fall into mainstream use. 2023 is already gearing up for financial regulation and bank adaptation, and several corporations have already started experimenting with it to clear the overseas debt.
According to some experts, the future is looking very bright for crypto, but timing is everything, and getting into the game might be the smart choice. One way to do so is with Crypto Engine, as the team’s goal is to help you start your trading journey as quickly and seamlessly as possible
The developers worked hard to provide a user-friendly interface that helps you analyze the market and see the bigger picture while trading. The platform offers all the features you need to study market behavior and learn the ins and outs of trading while you practice your first live trades or use the “Demo” account to test your skills. And there are lots of other possible benefits too.
If you want to find out more about all the features the platform provides you with, keep on reading!
Once you choose an asset you’re interested in, the platform can be customized for you to get fast access to the charts and graphs related to that specific asset.
That way, you can analyze the volume, price trends, as well as historical data in order to try and predict where the price of the coin might go. That’s more convenient than spending hours browsing unreliable sources on the web. The platform helps you to try and make a more calculated financial analysis and, thereby, hopefully, make sound investing decisions.
Keep in mind that there are two major specific areas of human influence on the short-term price of a cryptocurrency. First of all, there is the strategy of buying and selling the news. Whether you like it or not, the media plays a large part in the short-term swings that a price goes under. Some traders take advantage of this to make quick trades.
Swings like this can throw you through a loop, which is why the platform has a system in place to try and prevent this from influencing your decision-making. Aside from that, the movements of whales also affect the price of any given cryptocurrency.
When someone instantly buys or sells 10s of millions of dollars worth of a coin, it might have a short-term effect. Like with the news, the platform may help you prevent this from interfering with your trades.
There are a lot of possible benefits of using the platform. One of the biggest reasons that some new traders are getting on board with Crypto Engine is that it is generally free of charge.
There are no signup fees, no subscription fees, and no hidden charges. Once you set up an account, you’ll be connected with your partnered broker, most of whom don’t charge any sign up fees as well, meaning you get access to everything the platform has on offer for free.
To understand what makes crypto so important, you need to know a little bit about the history of the industry.
Out of all the cryptos that investors trade at Crypto Engine, there are a few specific ones that you may want to be keeping an eye on.
Despite being technologically outclassed by other coins, Bitcoin remains the undisputed king of the cryptocurrency world. It’s the first coin to ever be developed and serves as the poster child for the entire industry. Many respectable crypto traders have at least some Bitcoin in their portfolio, and you have the option to do the same.
Ethereum is the successor to Bitcoin. It has far more utility than Bitcoin, to the point where other coins are making use of the Ethereum blockchain. No matter where you’re putting your money in crypto, you may want to consider Ethereum.
XRP is a dark horse in the crypto space, with it maintaining a low price point for years until it suddenly surged towards the end of 2020. The reason for this is that it offers quicker and easier transactions than any other coin on the planet. Several major financial institutes are considering the adoption of XRP into everyday life.
You’ve likely heard this buzzword being thrown around the crypto world a lot, but it’s a small word for a large and impactful aspect of crypto.
With traditional fiat currencies, there is always a central power in charge of the money. Governments and banks decide when to print new money and how much to print.
The issue with this is that it leads to staggeringly high levels of inflation. The value of a dollar today is far less than that of one 20 years ago. This downward trend might continue in the coming years.
With crypto, there is no power center. As a result of blockchain technology, there is no single group or person in charge of a coin.
This protects crypto against long-term depreciation and is one of the leading factors in the general viewpoint by some experts that cryptocurrency is set to replace regular fiat currencies.
With the fundamental explanation of decentralization out of the way, the method through which new coins are created comes to light. If there is no authority in charge of the money, how do more come into circulation?
The answer to this is through a process called mining. Blockchains are massive technological feats and require a lot of hardware to keep operations running smoothly. There are no corporations in charge of housing this technology, meaning that the responsibility for it falls on the public. The people who rise to this calling are dubbed “miners.”
These miners dedicate their computer hardware to the blockchain, and in exchange, the blockchain produces fresh crypto units for them as payment.
Thanks to the influx of new traders to Crypto Engine, the team is constantly being bombarded with questions. It’s hard to keep up with all these, but below is a short list of FAQs for you to have a look at.
Crypto being almost inflation-proof is a massive selling point of the technology. However, how can something be inflation-proof if it has an unlimited supply? It can’t, but crypto doesn’t have an unlimited supply.
There are hard limits built into every cryptocurrency that dictate when the production of new coins is going to stop. It’s not for at least one hundred years into the future, but the hard limit is there.
This is another massive selling point of crypto and one of the contributors to every coin’s price.
New traders tend to feel overwhelmed when they first start trading crypto. There are so many choices to choose from, and they often struggle to decide where to put their money.
Crypto can be volatile, so you can try to protect yourself by diversifying your portfolio.
Investing in Bitcoin, Ethereum, and XRP in equal measures can be risky, and that's why diversifying may be a good option.
When you first sign up and see that the price of one Bitcoin is more than $15,000, it can be a real shocker.
Thankfully, Bitcoin can be divided into subunits, just like a dollar can be divided into cents. These smaller units are called Satoshi.
You can invest as little as one dollar into Bitcoin on some platforms, so don’t worry about saving up $15,000 to make one single trade, as on this platform, you speculate on the price of Bitcoin, you are not purchasing it.
You don’t need any set hard limit to start trading crypto. You can dedicate as little as a couple of dollars a week, at least at first, before you gain more confidence.
However, most trading platforms have a minimum deposit limit on any money you put into your account, And Crypto Engine is no different. The platform’s minimum deposit limit is set at $250. This is low enough to present a small barrier for entry while still giving you a reasonable starting point to try and build your portfolio.