• Where the first currency is Bitcoin: It has a market value of $ 969.9 billion.

• Ethereum: with a market value of $222.3 billion.
• Tether: $33.1 billion.
• Also, Binance Coin: worth $30.5 billion.
• Cardano: $28.3 billion.
• Polkadot: $28.1 billion.
• XRP: $24.4 billion.
• It’s also Litecoin: worth $15 billion.
• Chainlink: worth $13.3 billion.
• Plus Bitcoin Cash: $13.1 billion.

See also: What are economies of scale? Define economies of scale, their types and advantages in detail

How to buy digital currencies in Saudi Arabia

The matter is similar to fiat currencies, but the difference is that these activities take place on global trading platforms, while fiat currencies take place on the ground and purchase directly with knowledge of the sources. In Saudi Arabia:

• Registration takes place on one of the trading platforms for digital currencies available in the Kingdom of Saudi Arabia.
• In the event of a need to buy Bitcoin, the customer’s identity is required to determine the daily withdrawal possibilities.
• Accordingly, the payment method that suits the customer through the digital trading platform is determined.
• With the possibility of selecting the payment method in several ways.
• Also define trading methods.
• Accordingly, the Buy button is clicked.
• Then choose the appropriate views.
• Payment methods and the amount to be paid are also specified.

See also: What is the concept of hedging in financial markets and what are its advantages and disadvantages

Explanation of digital currency trading for beginners 2023

The important thing in trading digital currencies is to conduct a constructive strategy capable of achieving a large financial return, while protecting from large market fluctuations and losses that result from randomness in currency trading. Below we present a simple explanation of digital currency trading for beginners 2023:

• It is important to diversify the currencies to be dealt with, especially since many currencies have the possibility of losses in the event that the market does not move according to the method desired by the user.
• Also, avoid investing with large amounts of money, especially since the loss is likely and strong as is the profit.
• Work on developing and improving skills through self-education and drawing up trading schemes, and here the profit potential is great.
• The need for the necessary searches while avoiding trading without awareness, confusion and randomness in order to obtain a profit without appreciating the circumstances that may arise suddenly and lead to a decline in the market value of virtual currencies.
• Completely moving away from feelings and sensations in making decisions in the trading process. The most important thing here is to focus on making decisions according to the stock exchange screens.
• Market values ​​must be understood and analyzed, and the risks in investment and economic changes should be understood and the extent of their impact.
• The most important thing is to work on finding a strategy for trading digital currencies for the long term, which increases the probability of success and acceptance of losses while holding out for the longest period.

Cryptocurrency trading steps 2023

The digital currency market is constantly evolving and always carries many aspects of cryptocurrency and trade, and in order to achieve highly effective performance in this market, you must keep abreast of what is happening here and there, i.e. following social media platforms, stock exchange screens and many others, we present the following steps to trade cryptocurrencies 2023:

• It requires searching for a cryptocurrency trading platform and heading towards the most popular such as Binance
• Then create an account, log in to the platform and fill in the user’s data and be safe.
• Funds must be deposited via bank transfer or appropriate methods in each country.
• Also, the personal account on cryptocurrency exchanges is funded using Master or Visa cards.
• Choosing Your Cryptocurrency Most traders tend to choose Bitcoin and Ethereum, especially since cryptocurrencies are more volatile than other minor currencies.
• Your cryptocurrency is also stored securely and requires choosing a digital wallet for more security.

Cryptocurrency trading strategies 2023

As we explained in the details of the trading mechanism that a constructive strategy should be chosen that the client must resort to in the event of trading, bearing in mind that the strategies offered in the digital market are skimming, day trading, swing trading, as well as Position trading, we present in detail the strategies for trading digital currencies 2023:

abrasion

• Short term trading strategy for instant profits.
• Where people hold coins for a few minutes or seconds.
• However, the drawback of this strategy is that the gains are not as large as other trading strategies.
• Perhaps the purpose of this strategy is to make small profits that accumulate throughout the day.

daily trading

• Cryptocurrencies are traded so that the holding of assets is for a day.
• It is based on data found in basic technical analysis using technical indicators
• As this type of trading is executed it also provides small profits.
• But it maintains and protects from the fluctuations of the market overnight.
• Day trading is often done for a few hours.

swing trading

• People are kept in the center for a few days or a few weeks.
• Where this type of trading follows short to medium-term trends, usually up to 30 days.
• A person who is not daily active or an employee and performs other tasks can implement this type of trading strategy.
• You will not have to hold cryptocurrency for just one day.

Trading Position

• That strategy needs to focus on long-term price shifts.
• In order to obtain a high profit, major shifts in prices are considered.
• Position trading is also known as trend trading.
• It would be useful to analyze weekly and monthly price charts in assessing market trends.

Explanation of digital currency trading for beginners 2023, virtual reality almost controls our lives greatly in various aspects of our lives, so knowing its culture and everything related to it is profitable, whether for profit or the mechanism for dealing with it correctly without descending into the abyss.