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How to buy HedgeTrade online
The HedgeTrade token is an important part of the app, as you need it in order to access tips and advice, and you can earn it for supplying quality information to other users. Use this beginner’s guide to learn how to get HEDG tokens for yourself by following a step-by-step guide.
Compare where to buy HedgeTrade, and open an account
One of the easiest ways to buy cryptocurrency is through an online broker. The platforms in the table below are ideal for beginners and you can get started in a few moments just by signing up. If you aren’t ready for that yet, scroll down to learn more about HedgeTrade.
How to buy HedgeTrade online – a step-by-step guide
Step 1. Find an exchange
A cryptocurrency exchange is the best place to buy HedgeTrade. An exchange is an online marketplace where buyers and sellers come together directly, so it offers the best prices on each coin. There is also a larger range of coins available on an exchange than there is with a traditional broker.
This is particularly important when it comes to HedgeTrade because there aren’t very many places that offer it at all at the moment. The platform below is your best bet to find it right now.
- Bittrex: Bittrex is an exchange that’s one of the first to start selling lesser-known cryptocurrencies. It’s easy to sign up and use, even for beginners, and it’s one of the safest and most secure platforms out there. Sign up with Bittrex now >
Step 2. Sign up and fund your account
Once you’ve chosen an exchange you have to create an account to be able to use it. It doesn’t take long but you will have to supply some personal information, like your contact details and a form of photo ID for verification.
When the account is set up, you can deposit money into it via a bank transfer or card payment. With Bittrex, it’s free to deposit (and withdraw) money in USD.
Step 3. Purchase
To find HedgeTrade on the exchange, search for its ticker symbol, HEDG. The results show up as ‘pairs’, such as HEDG/BTC, which shows you how much Bitcoin one HedgeTrade coin costs. Choose one of the pairs, enter how much you want to buy, and execute the trade.
Something to note is that it’s not possible to use a fiat currency (such as GBP or USD) to pay for HedgeTrade yet. Instead, you need to buy Bitcoin first and use that in a swap for HedgeTrade. Once you have done so, you’ll be able to see your new coins in the wallet section of your account.
Step 4. (Optional) Get a suitable wallet
A wallet is a secure place to store cryptocurrency, away from an exchange and where only you can access it. Using a wallet is a good idea if you plan to hold your coins for a long time, and aren’t going to spend them in the immediate future. You access the coins in your wallet by entering a unique pin code and password, like a regular banking app.
Here are two of the top wallets available:
- CoolWallet: A CoolWallet comes in the form of a small, card-like device that stores coins offline, and which you access through an app on your phone. The app connects to the device via bluetooth to avoid using an internet connection. Get CoolWallet now >
- Ledger Nano S: The Ledger Nano S is a hardware wallet, which means it exists completely offline. It’s a device like a USB stick and you access the coins by plugging it into your computer. Get the Ledger Nano S today >
How to trade HedgeTrade – a step-by-step guide
Step 1. Find a broker
To trade cryptocurrency successfully you need to find a broker that charges low trading fees. When we talk about trading, we mean day trading, which involves buying and selling coins regularly every day to try to take advantage of small changes in price.
Brokers are the best place to do this because they offer instant buy and sell prices for each coin and only charge a small fee (or no fee at all) for each move. The flip side to these features is that not every coin is available through a broker just yet. HedgeTrade is still a relatively small cryptocurrency and so you can’t trade it on a broker platform at the moment.
The rest of this guide explains how to trade any cryptocurrency so that you can learn how to do it with other coins. A broker like eToro or Capital.com is likely to be the first to offer HedgeTrade and you can check back regularly to see if it has been added on those platforms.
Step 2. Create an account and deposit money
You can only use a broker once you’ve set up an account and transferred some money into it. It’s simple to do this; just provide some personal information and a copy of your photo ID, like a passport or driving license, to create the account, and then deposit money via a bank transfer, card payment, or alternative payment method like PayPal.
Step 3. Learn how to perform technical analysis
The key to making money from day trading is being able to accurately predict how a coin’s price will change. The best way to learn how to do this is through technical analysis, which is the study of price charts in order to identify patterns in how a price has changed in the past. Then, when you see the same pattern taking place in real time, you can make an educated guess on how the price is going to change now.
Step 4. Decide whether to go long or short
The result of your research and analysis should give you a clear idea about whether you want to buy or sell a particular coin. If you think the price is about to rise, then you should buy it (known as going ‘long’). If you think it’s going to fall, then sell (go ‘short’).
Step 5. Make the trade
Finally, all you need to do is search for the coin while logged into your broker account. Use the coin ticker – HEDG, in this case – to find it and then select ‘buy’ or ‘sell’. Enter how much you want to spend and execute the trade. When it has gone through, your new position will show up as ‘open’ in your account.
Should I invest in HedgeTrade?
HedgeTrade is the sort of cryptocurrency that might appeal if you want to use its trading platform, or if you just want to speculate on new technologies as they develop. Its app has found a way to monetise knowledge by getting people to pay for crypto trading advice.
However, the app is yet to be released to the general public. It’s been in ‘closed beta’ for a long time, which means that only people with an invite can join. That might mean that the price has a lot of potential to spike after the release happens but it raises questions about when exactly that might be and why it has taken so long.
The best bet with a cryptocurrency like this might be to stick to investing in small amounts in the short term and to wait for more news. Until the app is released there’s going to be a lot of uncertainty about whether it can succeed, and so it’s a much riskier investment while the system is still being tested.
To help you come to a final decision about HedgeTrade, here is a summary of the pros and cons of the coin. Read through them, and then scroll down for some final tips and advice on how to time your investment.
- The HEDG cryptocurrency is a crucial part of the trading platform and will grow in value as more people start to use HedgeTrade
- HEDG has practical applications on the app, such as the way to pay for quality trading advice
- There are plans to make more assets beyond cryptocurrency available to trade with HEDG
Finally, here are three more questions to help you decide whether to invest in HedgeTrade.
1. Is now a good time to buy HedgeTrade?
The answer depends on a few factors, like the overall cryptocurrency market and how you want to use the coins. Smaller coins like this tend to be heavily influenced by the cycles of the market as a whole, so you should try to buy when everything is trending up and avoid when there is more uncertainty.
With that said, if you plan to hold HedgeTrade for a while in the hope that it appreciates in value, then it’s better to buy sooner rather than later. If you want to trade it as part of a short term strategy, then you should wait until the price reaches a point where your technical analysis tells you to dive in. Alternatively, you can use our own analysis to help you get started.
2. What problem does HedgeTrade solve, and what are its investment prospects?
HedgeTrade makes cryptocurrency trading accessible to everyone by making advice an asset that can be bought and sold. It’s the next step on from the sort of social trading that has been pioneered by apps like eToro, because it rewards people for supplying good advice and helps beginners get started by letting them access the work of more experienced users.
The success of social trading in traditional finance bodes well for a platform that offers something similar for cryptocurrency. However, the investment prospects are clouded by the fact the app has taken so long to be released in full. While it remains in closed beta it’s difficult to judge how good it is and how successful it might be.
You should tread carefully until the app is available for anyone to use. The best way to stay informed is to follow the latest news, in the links below, and look out for signs of a release date and feedback as to how well the app matches up to the hype.
3. Do you want to hold HedgeTrade for the long term?
There are times when it’s a good idea to hold a cryptocurrency and others when the best way to make money is by trading it quickly. The two approaches suit a different type of person and you can find some final pieces of advice for each one below.
Considerations for a long term investment strategy
To invest in HedgeTrade coins and hold them for the long term, you should sign up to an exchange. Get your coins from there and then think about using a crypto wallet to store them in.
Considerations for a short term trading strategy
A short term strategy is based around technical analysis. Learn how to read price charts and identify opportunities, then sign up to a broker with low trading fees to buy and sell the coins.
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >