Crypto trading can be profitable when the trader manages to keep an eye on the market round the clock. It is however something that can be challenging to do, but luckily there are crypto signal services that can be used to offer the needed assistance with the trading. They offer signals so traders are able to make the right decisions with their trading at the right time for that matter. With crypto currency trading so popular, a number of crypto signal services have popped up. So how do you choose the best to offer valuable information to make your trading most successful? Yee Kok Siong explains some points briefly here:
It is one of the most important factors you should consider when choosing the services. The trading platform should have an impressive prediction success rate and should also offer relevant signals to guide you through the trades and market trends. The signals should also be sent in promptly so they match with real market activities. Check to see that they generate signals in the fastest way possible; it makes all the difference.
Remember that you will be trusting them with guiding you with your trades and hence you want to choose someone you can fully rely on to make safe choices. This means that you should select a provider who is 100% legitimate. A provider who tells how they generate the signals is more reliable whether they are expert traders or automated software. In the world full of scams, you really want to be careful whom you choose to work with.
One of the best ways that you can tell that a provider is genuine is by them offering you a free trial for the services they offer. This applies even when it comes to the crypto trading. A provider who offers free signals for a certain period of time gives you a chance to determine the quality and reliability of the service. By trying before investing, you get into the services with complete trust and confidence. Legit signals will have no issues, giving you the freedom to make a decision of working with them or looking elsewhere in case you are not happy with what you get.
Even with a free trial, you definitely will need to subscribe to the services at some point. Avoid providers offering the signals at no charge at all as they may not be legit. However, you should also not be scammed to pay huge amounts for the subscription either. The pricing should be reasonable for the quality of service you stand to enjoy. Do your maths and research a little so you make the right decisions in the end.
Apart from being available round the clock for your assistance, they should be knowledgeable towards the digital currency exchanges and the application they are offering you. Without this kind of support then you will still have issues enjoying the value that the services are meant to add you.
Also read: Challenges for Blockchain in Health Care Data Management
Yee Kok Siong has been closely observing the performance of cryptocurrencies for some time, to get a feel of where the market is headed.
The beginning of 2018 wasn't a lovely one for altcoins and relatable assets. Their performance was crippled by the frequent opinions from bankers that the crypto bubble was about to burst. Nevertheless, ardent cryptocurrency followers are still "HODLing" on and truth be told, they are reaping big.
Recently, Bitcoin retraced to almost $5000; Bitcoin Cash came close to $500 while Ethereum found peace at $300. Virtually every coin got hit-apart from newcomers that were still in excitement stage. As of this writing, Bitcoin is back on track and its selling at $8900. Many other cryptos have doubled since the upward trend started and the market cap is resting at $400 billion from the recent crest of $250 billion.
If you are slowly warming up to cryptocurrencies and wish to become a successful trader, the tips below will help you out.
Practical tips by Yee Kok Siong on how to trade cryptocurrencies
You've already heard that cryptocurrency prices are skyrocketing. You've also probably received the news that this upward trend may not last long. Some naysayers, mostly esteemed bankers and economists usually go ahead to term them as get-rich-quick schemes with no stable foundation.
Such news can make you invest in a hurry and fail to apply moderation. A little analysis of the market trends and cause-worthy currencies to invest in can guarantee you good returns. Whatever you do, do not invest all your hard-earned money into these assets.
Understand how exchanges work
Always review the site you intend to use before signing up, or at least before you start trading. If they provide a dummy account to play around with, then take that opportunity to learn how the dashboard looks.
Don't insist on trading everything
There are over 1400 cryptocurrencies to trade, but it's impossible to deal with all of them. Spreading your portfolio to a huge number of cryptos than you can effectively manage will minimize your profits. Just select a few of them, read more about them, and how to get their trade signals.
Cryptocurrencies are volatile. This is both their bane and boon. As a trader, you have to understand that wild price swings are unavoidable. Uncertainty over when to make a move makes one an ineffective trader. Leverage hard data and other research methods to be sure when to execute a trade.
Successful traders belong to various online forums where cryptocurrency discussions regarding market trends and signals are discussed. Sure, your knowledge may be sufficient, but you need to rely on other traders for more relevant data.
Virtually everyone will tell you to expand your portfolio, but no one will remind you to deal with currencies with real-world uses. There are a few crappy coins that you can deal with for quick bucks, but the best cryptos to deal with are those that solve existing problems. Coins with real-world uses tend to be less volatile.
Don't diversify too early or too late. And before you make a move to buy any crypto-asset, ensure you know its market cap, price changes, and daily trading volumes. Keeping a healthy portfolio is the way to reaping big from these digital assets.
A large number of start-ups struggle and fail to raise expected capital funds because they did not hire effective ICO promotion services in first place. The fact is that almost 60 percent of start-ups fail in their attempt of crowdfunding where they would otherwise have had a success with their plans simply because they did not have an effective network. As a start-up, the benefits of networking are vital to the success of your ICO as well as the growth of your company. As Yee Kok Siong says that the ICO road show model is all about networking, sharing capacities, building capacities, building relationships and taking action
Building a successful cryptocurrency is not a task that can be performed overnight; it takes a lot of time, dedication and hard work. It could be a lot more convenient and easier for you if you take along with you a network of experts, colleagues in the industry, and developers who can work cohesively to reach a common goal. By working in tandem with people who have a lot of experience in successful ICOs and cryptocurrency, you are probably going down the same path of achieving similar success like them.
Successful ICO projects not only utilized the potential in blockchain technology but also they sought to demonstrate how investments in their new tokens would go a long way in solving problem in real world. They went over and beyond buying and selling of their coins in exchange for other legal tenders and cryptocurrencies to offering backers real value that resulted in creating real demand. Those companies and projects that failed to create any value saw their value drop and subsequent reduction in their return on investments.
A reputable, credible team and its advisers
These are the real faces of ICO. Any ICO that aims to achieve success can only hope so when it gains investors' confidence and trust when reputable and qualified team of experts judge the whitepaper, its claims and endorse it. Such team members are usually very popular and the ICO publicly provides the evidence of their excellent performance track record on their social media platforms.
ICO promotion services
As a new start-up, you cannot hope to achieve success without hiring an experienced and effective ICO promotion services . This is probably the biggest step that you will take in promoting your ICO. No matter if you've got dedicated and hardworking team that is committed to provide you the best results, your ICO will need to be promoted and marketed by experienced and knowledgeable professionals who have worked on the same platform before and achieved astounding success with other companies and projects.
The idea of ICOs is not complex, it is just two entities exchanging assets with each other. Both parties do so in hope that these assets (cryptocurrencies) will fetch them higher returns in future. This is, to some extent, very much like initial public offering, but ICO does not allow investors to become shareholders in companies in which they are investing their money.
Read also: Promote Your ICO in an Effective Way
There has never been a better time to re-evaluate and balance a cryptographic portfolio. Based on their solid foundation, here are five pieces that Yee Kok Siong feels are worth sticking to or maybe buy at their current depressive prices (which, just warning, could go lower).
1) Bitcoin (because of its decentralization)
The number one belongs to Bitcoin (BTC), which remains the market leader in all categories. Bitcoin has the highest price, the widest assumption, most of the security (because of the phenomenal energy consumption of Bitcoin mining), the most famous brand identity (the forks have tried to be appropriate), and most of the development Active and rational. It is also the only piece to date that is represented in the traditional markets in the form of Bitcoin futures trading on the American CME and CBOE.
Bitcoin remains the main engine; The performance of all other parts is highly correlated with the Bitcoin performance. Yee Kok Siong's personal expectation is that the gap between Bitcoin and most-if not all-other parts will expand.
Bitcoin has several promising innovations in the pipeline that will soon be installed as additional layers or soft forks. Examples are the Flash system (LN), the tree, Schnorr signatures Mimblewimbleund much more.
2) Litecoin (because of its persistence)
Litecoin (LTC) is a clone of Bitcoin with a different hash algorithm. Although Litecoin no longer has the anonymity technology of Bitcoin, amazing reports have shown that the adoption of Litecoin in the dark markets is now second, the only bitcoin. Although a currency that I have much more appropriate for the role of acquiring illegal goods and services, perhaps this presents itself as a result of the longevity of Litecoin: It was launched at the end of 2011.
Another factor in Litecoin's favor is that it integrates the Bitcoin SegWit technology, which means that Litecoin is prepared for LN. The Litecoin can benefit from an exchange of atomic chains. In other words, secure peer-to-peer trading of currencies without third parties (i.e. exchange) participation. Since Litecoin keeps its code largely synchronized with Bitcoin, it is well positioned to benefit from the technical progress of Bitcoin.
3) Ethereum (because of intelligent contracts)
Ethereum (ETH) has some major problems at the moment. First of all, governments are cracking on ICO, and rightly so: many have turned out to be either fraudulent or bankruptcies. Since most ico run on the Ethereum network as an ERC token 20, the ICO mania has brought a lot of value to Ethereum in recent years. If the appropriate rules are taken to protect investors Ethereum projects scams can claim a certain legitimacy as a crowdfunding platform.
The second major problem facing Ethereum is the delayed transition to a new hybrid work and battery detection system. Ethereum mining GPU is currently profitable, but Bitmain has just announced Ethereum ASIC minor, which is likely to have an impact on the lower lines of GPU miners. It remains to be seen whether this will change the POW-and how successful this change is going to be.
If the Ethereum can survive these two major problems-regulation and mining-will have shown a great resilience. Otherwise, there are several competing currencies tracking its shadows, such as Ethereum Classic (etc), Cardano (ADA) and EOS.
4) Monero (because of his anonymity)
Although its adoption in the dark markets is not all that could be expected, I (XMR) remains the privacy of the Prime Minister. His reputation and market capitalization are still above those of his rivals-and for good reason.
Monero's code requires less confidence that the Zcash "loyal" key ceremony, and had a fair start, unlike Dash. That Monero recently changed his Pow to defeat the development of a small ASIC for his algorithm confirms the commitment of the piece of mining decentralization. A significant drop in the hash rate is due to the new version, which is consistently reported against ASIC. This could also be an opportunity for GPU and even minor CPUs to get back to me. The new version of Monero, 0.12, also includes other improvements that show Monero continue to grow along sensitive lines.
5) iPRONTO (A decentralized incubation platform)
iPRONTO is an incubation platform Ethereum chain dedicated to investors looking for a safe and reliable platform to invest in new ideas and future innovators that can present their ideas and receive opinions from users, Experts in the field on the practice and implementation of derived ideas.
The ideas of the innovators are supported as the NES in Smart Contract format will be signed between the expert platform and the customer if the business idea of the client to the Committee for the examination and registration on the platform. The idea will not be published for all users on the public platform of the chain, but only for selected members of the target community who are willing to sign the Smart contract to maintain the confidentiality of the idea.
If you are planning a money transfer abroad or intend to open an account with a Forex dealer one of the first steps is to start learning how to read historical currency exchange charts. Countless websites offer free and paid Forex charts. Real time Forex Charts are intended for use by professionals while delayed quotes or yesterday's central bank fixing are used for statistical purposes, which is fine for most applications.
When calculating the cost and the value of your money transfer you need just a basic chart representing the history of movement of the currency rates. In this case, you can utilize reputable websites to provide such information. These include business news agencies, major Forex dealers or some of the leading travel agencies. Yee Kok Siong advises you to consult your personal Forex broker and to ask for the information you need; in many cases, your broker will be able to provide you with additional info on various applicable fees and taxes.
A history chart represents the value of a currency against another one. First, you must select the currency pair you want to check. Be aware that the order of appearance of the currencies in the currency pair is important and will produce different results when inverted. At first glance, the EUR/GBP and the GBP/EUR are the same currency pair, but the EUR/GBP chart will deliver results on how much did 1 euro cost in Pounds Sterling while GBP/EUR returns the value of 1 Pound Sterling in equivalent euros.
An average user does not need specialized candlestick charts representing the bid-ask spread utilized by the Forex professionals, a basic line chart is more than enough. The line chart will provide you with information on currency rates during a specific period, say, a year. You can choose not only the overall period you want to observe but also the time intervals i.e. daily, weekly, monthly closing price. The daily interval is most appropriate for studying periods between several months and a year; you do not need a longer period than a year to prepare for your money transfer.
You also do not need special analytical tools, unless you plan to become a Forex professional like Yee Kok Siong. The chart will give you a general idea where your home currency is heading compared to another currency. Look at the high and lows to determine the momentum and direction of the trend. This will give you an indication of the approximate exchange rate to expect in the near future. There is no need to scrutinize the historical movement of the currency rates of interest to you. This is a sophisticated skill requiring years of professional development; just learn how to read the basic currency charts, which outline the major trends in the movement of a currency pair. Alternatively, a good currency specialist can give you all the information you need without the fuss.
While you are going to exchange your money then there are many options for which you can go for exchanging the money. You can go to the banks, agencies, ATMs or to some brokers. But you have to make the decision in which you have to go and what will be applicable for you.
If you go to the banks then you can get the service with reliability and that will be safe for you but you have to go to the banks and stand in the long queue for this. So your time can be wasted. If you go to the agencies then there is the matter of trustworthiness but if you get the reliable agency then it would be good for you to make the exchange. But there are some agencies who charge very high rates for it. So, if you have to give more money for this then you will not be benefited. The agencies also have some online facilities of exchanging the money but you cannot be sure by the online transaction all the time. ATMs can be a good option for you because by it, you can withdrawal your money on your own and you can draw it anytime whenever you want. But the ATMs also charge a tax on per withdrawal, which can be costly for you. So, it will be better for you if you go to a broker. He will give you the requisite service. Below are few points discussed by Yee Kok Siong from which you will know about the advantages of hiring a broker for exchanging your currency -
But there is also something which you have to be noticed during the selection of the broker. While you are hiring an individual or a website, then choose them judging their reliability. Who will take the responsibility of your money; you have to do a little inquiry about them so that your money can be safely reached to you. You can search on the internet about Currency Exchange near Me and there will be shown various pages from which you can choose a reliable one. So, when you are going to make the choice then if you remember these things then you can find a suitable service.
Also read: Forecasting Exchange Rates, As Unpredictable As The Weather!
Yee Kok Siong is of the view that to get a proper understanding of exchange rates comparison, you need to take the services of a best currency dealer.
Choosing the best Currency Dealer
Choosing the best currency dealer is quite important when it comes to trading abroad. It is worthwhile pointing that High Street financial institutions do not specialize in exchange rates and therefore charges much bigger fees. And that is where you can get the best out of exchange rates through a currency dealer. The best currency exchange dealers are ones that provide you with a risk management service, fast money transfer, good customer service, extended trading hours and competitive exchange rates.
What Affects Exchange Rates
Foreign exchange market is widely been regarded as one of the most volatile market of all the financial markets in the world. You need to be extra careful when involved with this market because if that is not the case, it can cost you plenty. You need to step out of the market at the right time. When the fluctuations are too strong and nobody is sure of what is happening, it is an ideal time to once again enter into the market.
The compare exchange rates are affected by the fiscal policy and political stability of the country. If the economy of the country is in 'expand' mode, there is a strong possibility that there is going to be jump in the currency value. Conversely, if the economy is not in good shape, currency value is going to decrease. Countries that have stable governments in place enjoy high currency value.
As exchange rate comparison is all about money, you need to have a good knowledge base. Make sure that you read the business page of newspaper on a regular basis. You can also check business websites where experts give their insight regarding the foreign currency exchange. With right kind of knowledge base, you will be able to make decision in a much better way. This can go a long way in ensuring that you get best possible exchange rates.
Also read: Yee Kok Siong Tips to Get The Best Foreign Exchange Rates
Business activities are not confined within territories and it is spread across all corners of the globe. The aspect of business largely affects the progress of the world. Different countries have different currencies and therefore a unifying market is to be made available for determining the values of the currencies with respect to each other. This currency conversion and unifying industry is called the foreign exchange. It is here where buying and selling of share occurs and it is this place which determines the foreign exchange rates.
The dealer who trades with foreign currencies should be well aware of the market rates and the strategies. Trillions of dollars are traded each single day and it is one of the biggest industries involving a lot of money.
People who travel to different countries should also have an idea of the currency conversion rates. The currencies of their native land cannot be used in a foreign country and so adequate knowledge of the latest exchange rates can prevent you from losing your precious money. For example a person who comes to India from the United States cannot make his deals with the US dollars. Instead he should convert all his money into Indian rupees and should do it with a proper knowledge of the exchange rate as he can get cheated if he is ignorant of it. A number of currency conversion agencies are available today and the ones offering the lowest commission should be traced out and found. This is because while transacting converting large amounts these commissions can account to be a large sum. It is always safe to trade with government agencies in order to avoid fraudulent cases.
Currency conversion and trading is a huge business today. Trading can be done at home with the help of advanced Forex software.
Read also: National Currency Exchange Rates Could Be The Best Forex Indicator
The idea of earning good fortune by trading in currencies has gained immense popularity within a very short span. You will find the same number of Forex trades today as that of people who invest in real estate or other businesses. Actually, the experienced traders opine that it is convenient to trade with currency. All of them hint towards some merits of this trade that are not found in other trades. Thus, if you have not tried your luck in Forex trading yet then the list of merits of this Forex will surely inspire you. Below are some points discussed by Yee Kok Siong a forex investor:
You can choose your style
When you are trading with currencies, you always have the liberty to choose the trading style that ideally suits you. You can go for day trading if you are looking for daytime trading activities that will give you short term returns. Similarly, you can go for scalping trading if you are interested in getting returns in even shorter terms. Thus, you can be rest assured that no other form of investment gives you such a customized plan.
You can choose to trade alone
When you invest in property business, you need a broker to find you a good property. Similarly, it is advised to take the help of an agent when you trade in stocks. Nevertheless, when you plan to invest in Forex, you are always free to decide if you will trade alone. If you feel, you can take the help of Forex trading software for assistance. For that, you can choose the automated trading style. However, in case you feel that you need the assistance of a broker, there is always someone available for you.
You are wavered from paying hidden costs
Almost every sort of investment forces you to pay some hidden costs in the form of agent's commission, exchange fee, clearance fee, governmental charges, brokerage charge, etc. Nevertheless, Forex trading is one of those few trading options where there is no hidden cost at all. Even, majority of the traders who choose to trade through Forex brokers do not need to pay any brokerage charge as such. This is because the brokers are compensated through a system called 'bid ask spread'.
You pay nominal transaction cost
The transaction cost that you pay for a Forex transaction is extremely nominal. On an average, you have to pay a nominal transaction cost of lower than 0.1% when the market conditions are normal. Sometimes, this transaction cost might go even below this.
Also read: Ways to Determine Forex Liquidity by Yee Kok Siong
3D blockchain application platforms are now available. These are projects that are developed by using a cryptocurrency. The program is regulated by the use of different kinds of cryptocurrencies. When you have a small business, it is possible to make very interesting presentations so as to manage projects in a more impressive and efficient manner only by using such programs. This means that you can be in a position to manage different business services or even a store better.
Why use 3D blockchain?
The main reason as to why this kind of programs is created is to make it easier for persons who do not bear any computer science knowledge. This then allows them not to have to using compiling code that can be very laboring and hard. When you have an open secure 3D blockchain application platform, you can achieve so much more even with minimal knowledge.
Most of the projects aim at offering community assistance. The projects are aimed to aid different people who don't have adequate financial resources. These are businesses that struggle a lot so as to be able to compete with the main players in the field. The big companies are willing to send as much as they can in things such as advertisements and so on. This means that they can reach a larger audience. For small businesses, they have limited resources and this means that they struggle to achieve any kind of growth that they may desire. Sustaining a field becomes difficult for smaller businesses. This is what the 3D platforms were created.
How they work?
The 3D blockchain applications allow the users to interact. They can communicate in a direct manner. The users can be able to share different ideas, they can shop, order take outs and play games without having to take off the virtual reality headsets off. This is because all then applications and games within the 3D platform are all compatible.
The platform offers a space where the creation of decentralized applications is made possible. This is in relation to shop management and services and they are unlimited. Every user has the freedom to choose a project that interests him. The 3D world allows them to be able to communicate in an easy and a direct manner so as to share all the ideas that you may have without any kinds of hassles. It is possible to shop, play games and place different orders.
Benefits to business
The 3D blockchain aids business owners who aren't tech savvy and those that don't know too much regarding computer science or even information technology. This makes it very efficient to have the 3D platform that helps them reach a large population of their customers.
The main benefit to the business is the fact that they don't need to take too much time as they write projects. There are very few steps that can be followed so as to choose the right template for projects. You can publish and manage your business in no time at all.
These platforms have some advanced features including privacy, encrypted messenger, social networking and transaction blocks.
Also read: How Can Blockchain Increase Your Profit In Banking?
About Mr Siong
An arbitrageur and an investor and in the eyes of banker an HNI. Mr. Siong is a self-motivated entrepreneur who believes that no market is perfect and it is up-to an individual to understand that imperfect gap and business opportunity and make the most out of i