The easiest way to get into the market and purchase Waltonchain is with a crypto exchange, which provides the tools you need to trade Waltonchain.
This is your step-by-step guide to where and how to buy Waltonchain today.
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Step 1: Pick an exchange
If you want to trade crypto like Waltonchain, you'll need to open an account at a crypto exchange. You have plenty of options.
Unregulated exchanges like Kraken don't have the capacity to work with fiat currencies like the Euro or the Dollar. As a result, it takes transactions solely in crypto, which might be an issue for some people. A regulated exchange is a less risky option, as you can transact in fiat.
Regulated exchanges like Coinbase are the better choice for traders with security concerns. A regulated exchange accepts deposits in fiat, and they also have tighter regulatory requirements, making them more akin to a real discount broker like Charles Schwab.
Whatever exchange you choose to use, it should issue you with a hot wallet and a trading platform. Paper trading — so you can practice your trading strategy without putting real money at risk — is an added benefit if offered.
Many exchanges also offer margin, allowing you to increase your buying power by 10X or more, depending on the market maker, but be aware that crypto can be highly volatile and margin trading could multiply your potential loss.
Step 2: Fund your account
You have multiple funding options for opening your exchange wallet. Some exchanges offer you several funding options, including crypto transfers, debit card deposits, and wire transfers.
However, if you're using an unregulated exchange, you'll probably only have options for making deposits using crypto transfers. These unregulated exchanges cannot process deposits or withdrawals in Fiat currency.
It's important to note that your hot wallet on the exchange is at risk of hacks, like the events that took down Mt. Gox in 2013. Therefore, transfer your crypto to a cold wallet and only place the money you want to trade in your hot wallet on the platform, mitigating your risk.
Step 3: Decide how much you want to invest
After funding your trading account at the exchange, it's time to allocate risk and make your first trade. Determining your risk tolerance is one of the most important parts of learning to trade crypto.
Each individual is different. Some might have no problem launching a "YOLO" trade each time they open their platform, risking their entire account balance. Others may only feel comfortable placing smaller trades.
Professionals recommend a 5% risk allocation for trades, but it's up to you. Remember that putting everything you have into a single trade on margin can end in disaster. Using leverage can turn against you, resulting in losses that are greater than your initial account balance.
Step 4: Set up your order
After settling on the right amount to invest into Waltonchain, you'll use the following order types when placing trades.
The market order is the most common order type for new traders. However, you might want to enter at a specific price, and when using the market order, you find that the exchange fills you at a higher price. This effect, known as "slippage," can derail your trading plan and reduce your profit target.
The limit order prevents you from getting slippage when pressing the buy button. You enter the highest price you're willing to pay for Waltonchain and click the buy button. The exchange won't let you fill higher, eliminating slippage from your trade.
The stop order prevents your account from taking a huge loss. You set your stop at 10% below your entry price, and when the price reaches this level, the exchange liquidates your position to prevent further losses on your account.
The stop-limit gives you an automated tool for taking your profit. You enter Waltonchain at a price and set your target. When the price action reaches your target, the exchange sells your position.
Step 5: Place the order
After selecting your order type, you'll place your trade by clicking the buy button. When you want to exit the trade, click the sell button to liquidate your position.
Step 6: Monitor performance
Waltonchain is a crypto asset with exposure to the entire marketplace. The coin has exposure to bitcoin price volatility, as well as market-related events around the crypto-sphere. Look out for market sentiment on Reddit as it can cause swings in price, as can tweets from influencers like Elon Musk.