In light of the decline of the cryptocurrency market and the prevalence of losses within the market, it is important to devise a new strategy and approach to trading with a focus on caution and intelligence. Without careful consideration, individuals may end up losing more than they stand to gain from participating in the crypto market. However, there are steps that can be taken to benefit from this downturn. We have compiled a guide to help you navigate this challenging period and make informed decisions.
- Upgrade your investment strategy: Well the recent scams and freezing of consumer funds prove that the current investment strategy of consumers needs to be revised and upgraded to gain some positive results. If you have been trading on unsecured and unregulated crypto exchange platforms, then it’s time to switch to regulated crypto exchanges that are transparent and secure.Security of your funds should be at the top of your crypto priority list, and it is guaranteed by only regulated exchange platforms. LCX, however, has taken this game up a notch. LCX is not only regulated and secure but is also registered under Liechtenstein blockchain laws. It means that LCX is under the law to mandatorily keep company and consumer funds segregated, and it is one of the most secure and compliant exchange platforms in the market. Learn more about how LCX is regulated by law.
- Maximize your gain, minimize your loss: In short, just diversify your crypto portfolio. Always remember that no one asset or crypto currency will always go up or down at the same time as the market. By diversifying your portfolio, you can help mitigate some of the risks associated with the crypto market. By choosing to invest in various options available in the market, you cut down your losses significantly.But it is not just about diversifying, it is also about choosing the right platform to do so. Diversification won’t benefit you if your exchange platform isn’t secure and does not guarantee the security of your funds. Always, verify that your exchange platform is compliant with independent third-party audits of its financials. Independent third-party audits prove that the exchange platform has sufficient liquidity and isn’t hiding accumulating liabilities from its customers.
- Tap into liquidity with trade on DeFi: Call it the domino effect or the need for quick liquidity in the market by the investors, DeFi trade is at an all-time high within the market. DeFi empowers individuals to opt for peer-to-peer digital exchanges. Individuals hold money in a secure digital wallet, can transfer funds in minutes, and anyone with an internet connection can use DeFi. With the invention of DEX aggregators within the DeFi space, consumers now have the option of a better execution price at the highest possible level across a variety of liquidity pools.But the investors need to make sure they make safe choices even while choosing a DeFi terminal. Fire Salamander, LCX DeFi Terminal 2.0, is a completely decentralized and most advanced trading platform in the DeFi space. Fire Salamander’s on-chain order routing smart contract automatically detects the best price across Uniswap v2, Uniswap v3, Sushiswap, Kyber, DeFi Swap by Crypto.com, Link Swap, MiniSwap, and SakeSwap. Fire Salamander offers an optimized trading experience with simple Basic Swap and Pro Swap functionality, beautiful DEX charting, and our famous on-chain limit order functionality.
- Own real-world asset-backed NFTs: If diversifying is on your list while trading in crypto, choosing real-world asset-backed NFTs is the smartest way to go about it. NFTs are unique tokens that cannot be exchanged for one another. The unique identification secures the ownership of your purchase. But if rare items are your thing as an investor, what’s rarer than owning high-quality diamonds in the form of NFTs?Well. LCX has an NFT product titled Tiamonds. Tiamonds are Non-Fungingle-Tokens (NFTs) and symbolize the ownership of individual and real-world diamonds. Tiamonds are developed with the ERC-721 token standard. There are plenty of benefits attached to LCX tokenized diamonds. A few of their features are that they can be traded and even redeemed, and a reward of TIA Tokens is attached to them that will be received by the Tiamonds owner over a fixed period of time. Check out why you should invest in LCX’s Tiamonds!
- Trade on the go to never miss on making a profit: Missing out on a profitable trade can happen when you panic and decide to sell too early and the price continues to rise, or when you hold onto a losing position for too long in the hope that it will recover. One way to manage this risk is by using technical and fundamental analysis. Analyze your position carefully and stay updated with the trends within the market. But it’s not easy keeping up with market trends if you are always on the go!
Conclusion
The downturn in the market is the perfect time to revise the trading strategy to stay ahead and capitalize quicker once the market regains its lost status. The above pointers will smooth your journey as a trader in the crypto ecosystem and will help investors make smart choices.
