Acting like a pro with crypto currency

In order to be successful in crypto currency trading, you need not only the important knowledge about the current crypto currency course/list, but also the latest crypto currency news.

You always have to stay up to date to be really successful in trading a crypto currency. The basic technical knowledge is quite complex, at least if you've never had a great look at technology before. The knowledge about the markets and their functions, on the other hand, is relatively easy to acquire.

The advantage of virtual currencies is that you can get direct access to the markets easily and without effort. You can use the services of a crypto currency broker to invest in crypto currency like BTC, find out more at vigoe.es/. But in principle you can also do without its services and venture directly into it yourself.

In addition, there are a number of other possibilities. Binary options on virtual currencies are already possible, and trading within a crypto currency ETF and with crypto currency shares should be possible over a short or long period of time.

Is it possible to trade via an app?

Here, too, there is a definite "yes" as an answer. There are now a number of different applications that allow direct access to your own crypto currency wallet and thus allow trading.

These are very secure and partly also recommendable. Many crypto exchanges now also offer mobile solutions with which you can control your trades from anywhere in the world and at any time.

This is also important, because the prices of every crypto currency are usually very volatile. This means that they can rise and fall quickly. For this reason, as a trader you need a little tact and sensitivity to be able to wait for the right time.

An app is an ideal solution and allows the trader to react flexibly to the changes in the crypto currency market and to keep an eye on the crypto currency charts while on the move. In the best case, the app can also be combined with one of the large crypto exchanges and offers the possibility to view the various statistics. Then you have all the advantages you would have with a normal PC.

Do I have to pay taxes on trading?

This question is a little too complicated to be answered in general. For this reason this section deals only with the tax law of the Federal Republic of Germany. Other valid tax laws in other countries remain unconsidered. Basically the tax office regards the trade and the possession of crypto currencies as private money. That means that only taxes result if one obtains a profit from trading within one year.

There are two methods of determining profits: The FIFO and the LIFO. The first method assumes that the first coin bought is also the first coin sold and the difference of the price forms the tax profit. The LIFO method assumes that the last coin purchased is the first coin sold. Depending on the way in which they are interpreted, traders can use both methods to their advantage.

  • Those who trade crypto currencies professionally should in any case seek the help of a tax advisor. This ensures that no mistakes can be made in the annual income tax return. These are often very expensive, and more often punishable.
  • As a professional trader for crypto currencies, you definitely need the support of a trader, even if you invest in crypto currency funds or other financial products of this kind.

Where can a crypto currency be traded quickly and securely?

On any crypto exchange. There is a rich offer here. There are stock exchanges that have specialized entirely in one currency. But usually several, if not all, currencies can be traded on one of the major exchanges. To start trading successfully, you only need a wallet for the respective crypto currency and a successful registration at one of the exchanges.

The registration is usually very secure and requires additional verification. Once everything has been completed and the account has been created, trading can begin immediately. Alternatively, you can use the services of a broker, or purchase the coins privately.

While the first option is still safe as far as possible, one should be a little more careful with the second solution.