It’s been awhile since the high profile crypto bull run. While crypto continues to plague mainstream media headlines and tabloids three years down, you’d be surprised to find that there is still a surviving community in the crypto space; and I would say a pretty committed one. Having been in the space for two years now, the most common question I get is “where should I start?”
Making quick cash?
Of course, most people believe that crypto makes money and a lot of them are in it to make “easy money” or some quick bux. The idea of making more with little capital attracts students and people with less disposable income. As much as crypto trading could be similar to FX or equities trading, the ‘speculative’ nature and volatility of crypto scares even day traders. With trading experience, they still find crypto just too much of a risk for them to want to explore this alternative investment and digital asset.
If you resonate, here’s how you can learn to trade cryptocurrencies and sharpen your skills before you start risking it all; at the same time, earn yourself a little (legitimate) cryptocurrency for a head start.
Test your skills on trading simulators with real-time prices
Paper trading essentially refers to a simulated trading environment with the real-time price movements of actual assets being pulled onto the platform. You’d be surprised that even though crypto seems like such a small and niche industry, there are already mobile applications out there, with very clean, easy-to-use User Interface (UI). One such example is Roostoo. Roostoo is a mobile app made for this specific purpose of mock trading crypto by undergrads from the Blockchain@USC student club, part of the University of Southern California. It’s available for download on both android and iOS devices.
What such apps do is to help beginners familiarise with trading cryptocurrencies on the app itself with real-time prices pulled from crypto exchanges. Basically trading crypto without any capital involved. Score?
Of course, this serves a basic purpose of learning cryptocurrency trading for newbies. But at the same time, for experts, this acts as another platform for you to experiment your trading strategies since there won’t be any actual loss involved.
But wait, how does this allow you to get some real cryptocurrency which you can actually use?
The team has been working with clubs and universities to launch competitions on the mobile application itself to encourage competition while trading.
The newest competition they are launching next is with SuperCryptoNews, an established crypto news site focusing on Asia’s blockchain and crypto developments. The registration has already opened. The competition, however, runs just for a month from 7th March. I would recommend to register early so that you’ll make the best use of your time when the competition starts. If you’re not ready for it, there’s also a training ground available which you can test and practise before and during the competition.
You have to know the details of the competition as it is first of its kind to offer real bitcoin prizes while allowing you to trade on a simulator app. Often, crypto trading competitions are entirely dependent on the capital you put in. For this, it’s a fair game since no short selling and usage of bots are allowed (no advanced techniques) which truly allows beginners in crypto a chance to win.
This stays true to SCN’s goal to offer an unbiased and educational platform to welcome new interest as well as serve insightful perspective and opinion pieces to the experts of the field.
The reward pool also grows as the number of participants grows. So be sure to refer your friends who are interested in this since there’s nothing to lose in this competition.