If you’re looking to Trade with the crypto coin IoTeX (IOTX) then we have details on how to do that below, trading is much better than holding (or hodling as some say) as you can increase your investment sum as well as the value of that investment over time. So you can trade IoTeX (IOTX) and other coins too if you’d like and increase the balance that you have of that coin, all while the value of that coin increases too which means very big profits.
Trading IoTeX (IOTX)
So the best way to trade IoTeX (IOTX) is to follow these steps, we cover all that you need to know for trading IoTeX (IOTX) and other alt-coins so that you can make easy profits:
- There are a few different accounts that you are going to need to open those first, the first is Binance as this is where you will be trading your IoTeX (IOTX). Binance is easily the best crypto trading platform as it has by far the lowest fees, has the best coins and is also very easy to use.
- The second account is Coinbase, this is where you buy the initial Bitcoin (you trade in Bitcoin so use it to buy and sell IoTeX (IOTX)). We recommend that you start with a small amount while learning to trade but enough to cover several concurrent trades as you need those as you’ll never be 100% successful in all trades so you need a good amount to allow for the occasional one that goes bad (they’re not bad for long though as you just hold these until the price increases so that the bot can sell them), so we recommend $150 to cover this.
- Once you have bought some Bitcoin you simply need to send it to Binance so get your Bitcoin wallet address from Binance and then use that on Coinbase to send all of the Bitcoin to Binance.
- So once the funds have arrived you are ready to start trading, but in order to do that you are going to have to understand indicators as these are what are used to signal that a buy or sell is needed. The best thing to do is to go to TradingView and use the interactive chart for IoTeX (IOTX), have a look at the indicators for data like RSI, MACD, SMA, EMA and Bollinger Bands as these can all be used to signal your bot to buy (or sell). So the best thing to do is to simply play with those indicators and try to match them up to the highs and lows of the IoTeX (IOTX) price, so for example when the RSI is low the price is generally low or you can use crossovers for indicators like MACD, SMA or EMA as they usually indicate a price increase.
- So once you understand the indicators (just experimenting on TradingView is easily the best way to do that although there are lots of guides online) you are going to need a trading bot and by far the best is Profit Trailer. This is because it’s very fast and effective, most bots are slow and so miss opportunities or sell too late and so can ruin your trading business but Profit Trailer is so fast and effective so is easily the best choice. You will need to download the bot and run it and then set it up, you will need to enter your Binance API keys and then set up your settings (see the Profit Trailer Wiki for great information on that).
- So enter your settings and use the Wiki to understand them, use those that you have used on TradingView and that you can see work for IoTeX (IOTX) which means a very high chance of success. Even if you are only planning on trading the one coin (IoTeX (IOTX)) you still need to have several IoTeX (IOTX) positions open so be sure to use a percentage of your balance like 10% for each trade as not all will succeed (they will eventually but you will have to wait on the failures for the price to increase enough to sell again, which the bot automatically does), so having lots open means that most will succeed so you keep the trading going at all times which means more profit.
- You then need to have a selling strategy and Profit Trailer can use lots, we find though that a simple Gain amount with the trailing feature turned on is the most successful (so it will sell at likely the highest amount possible before the price falls back down). So if you are only trading IoTeX (IOTX) it’s much better to trade rather than hold, see Compound Daily for an idea of how you can grow your investment, at the same time as the price is generally increasing over time too so huge profits!
- To withdraw your profit you are going to have to transfer Bitcoin (or any other altcoin that Coinbase support) back to Coinbase and then transfer the funds to your bank account from Coinbase as Binance don’t allow you to withdraw to a bank account.
- Don’t withdraw all of your funds though, it is better to keep it growing and so withdraw a small amount like 20% per month so that the total investment grows and so do your profits.
- Lastly, don’t fall for any scams as there are so many in the crypto world, the companies mentioned here are 100% safe and that’s easily verifiable online as they are huge companies. If something sounds too good to be true, it is!
So that is how you can Trade with IoTeX (IOTX) and make a lot of money doing so. Holding does just that, as the value of the coin increases you obviously make money, but if you are trading IoTeX (IOTX) at the same time then you are going to increase your investment size too and so profit much more.
Further tips on IoTeX (IOTX) Trading
There is a wide range of the traditional strategies that can somehow be applied on the cryptocurrencies through which you can make money in a complete volatile manner. Let's discuss some tips to do cryptocurrency trading successfully! If you are new to crypto then getting hold on to with this piece of article would come about to be much informative for you. Scroll down and get the general information and interesting facts related to it.Crypto-coins or otherwise known as virtual coins has gained wide popularity with it being unregulated and irreversible.
As you have identified the coins to bring into investment, you should look for the entry point for your investment. Another essential aspect of the coin is the volume of trade it undergoes on a per day basis. On basis of technical analysis and sentiment as the set parameters to do the trading for a trader.
Each coin is unique and has its own set of fluctuations in the market. With so much speculations in social media to fake exchanges showcasing strategies, making the right choice of coin can be elusive. Still, it is one of the hottest markets where you can end making up a lot of money if done correctly. Now holding coins for a long time is not a profitable deal but instead of holding, trade them to other coins which can make you quick profit.
This is for the reason that one of the major problems with the low volume cryptos is that they do lack a strong community backing them. Plus they can quickly get delisted from exchanges that are all the more leading to losses. Well in terms of making the money, the very first thing which you do need to keep in midn is that hardly around 25% of all of your profits get paid to the IRS when your taxes are due. So imagine for a second that you do buy 3 ether for $333.33 and then sell them as they would be hitting the timeline of $340.00.
The European Banking Authority has warned that bitcoin lacks consumer protections. Unlike credit cards, any fees are paid by the purchaser not the vendor. Bitcoins can be stolen and chargebacks are impossible. Commercial use of bitcoin is currently small compared to its use by speculators, which has fueled price volatility. On the same token as new hires, existing traders at prestigious financial firms were attracted to bitcoin. By 2012, bitcoin was so popular among Wall Street traders that employees at Morgan Stanley and Goldman Sachs had been visiting bitcoin exchange websites as often as 30 times a day.
Liquidity of the coin is measured from the volume and volume percentage of the coin. Here one needs to be careful of the exchanges which inflate the coin volume to attract traders. Their fees have the higher end at 5.5%. They do not offer their users with the wallet on top of the exchange. This is for the reason that one of the major problems with the low volume cryptos is that they do lack a strong community backing them. Plus they can quickly get delisted from exchanges that are all the more leading to losses.