I stole this from the IG site. I'm not linking it. Just look it up and educate yourself.
IG.com Then click on the tab, "learn to trade". This may answer some of your questions.
I'm a lame brain so I always thought trading crypto would be difficult.
Has anyone ever got into this market?
Cryptocurrency trading is the act of speculating on cryptocurrency price movements via a CFD trading account, or buying and selling the underlying coins via an exchange.
Cryptocurrencies are an alternative to traditional money. Today, some outlets accept cryptocurrencies as a form of payment. However, they bear little resemblance to other asset classes because they are intangible and extremely volatile. They are mainly used by traders for speculating on rises and falls in value.
I am interested in this. Please keep us informed on your venture. I'm going to read and learn more about this style of investing.
Like anything, diversify and common sense. Don't stick your whole portfolio in whatever the new hot coin is.
My biggest reservation is that you aren't really buying anything tangible. Since most of those are not really all that useful as a currency, it's only worth what someone is willing to pay for it, which can change like the weather. But regardless, I think the older more established coins are pretty solid long term investments.
I'm old, so I look askance at new wonders.
I also am very leery of a new member with 2 posts, posting from New York, making any kind of recommendation about investments of any sort.
Bu that's just me.