Today, I want to tell you to my experience, that i have learned in this process of trading whit cryptocurrency. I have been using Exchange pages for about 8 months to earn a good money, using the big fluctuation of more than 700 existing cryptocurrencies. I want to remind you that I am not an expert, I am self-taught in this world of cryptocurrencies so any advice is welcome.
An Exchange page of cryptocurrencies is just an intermediary for users to exchange their different crypto coins with other users, the Exchanges pages gives us graphs of the fluctuation of the value of some cryptocurrencies, and being an intermediary in this process of buying or selling. charge us their respective commissions.
Explaining it better, the basis of this digital economy is the bitcoin (the main cryptocurrencye), the users use bitcoin to buy other cryptocurrencies and they sell cryptocurrencies by bitcoin. This means that the market in general is governed by the value of the bitcoin. The Exchange pages give us a few virtual wallets to keep the coins that we buy whit our bitcoin, each Exchange page has certain approved cryptocurrencies, but I always try to choose one with a very good number of these.
The withdrawal of these virtual wallet to our personal wallet also has another commission cost (they have a withdrawal fee) but the commissions of exchange pages do not very high. It is clear when you deposit, the commission is charged in your personal wallet.
In general the use of an Exchange platform works whit purchase and sale orders, as you buying, you leave a quantity of bitcoin available in the platform to buy a quantity of criptocurrencie at a value that you indicate, so there a list complete of purchase orders waiting for users to accept this and exchange the bitcoin for the desired cryptocurrency.
As the purchase orders, the sales orders are of the users who put their available cryptocurrencies for sale in to platform for a value in bitcoin, you will also find a few sales orders for each cryptocurrency.
As the bitcoin for purchase and the cryptocurrencies to the sale are available in the platform, in the moment that a buy and sell order is matched, the barter occurs automatically, so to you using an Exchange plataform, all you have to do is place your orders buy and sell.
The really matters here is that these purchase and sale orders, it`s basing on an analysis, the analyzes can be graphical (as I told you before the Exchange plataform gives us a graph of the fluctuation of each cryptocurrency that handle), so the analyzes are can base on news around the cryptocurrencies or simply on recent statistical data (amount of crypto coins in the Exchange plataforms, minimum value last 24hrs, maximum value last 24hrs).
Of these analyzes I to be writing soon, I do not extend myself for today.
I do not leave without first recommending to you try an Exchange plataform with very little capital that you do not fear losing, you will never know if you are good for something if you do not prove it.
I recommend (www.bittrex.com) for how intuitive it is for you to use for the proof. Xd
I hope it was to your liking and thank for reading it.
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Ready, and all compliments