When we are dealing in cryptocurrencies it becomes essential to keep a check on the crypto rates. They tend to fluctuate constantly. For that reason, we need to have the latest and best cryptocurrency tracker or broker app with us. A crypto broker app allows you to know about the hot cryptocurrencies. It keeps you updated about their current trends. It also keeps you updated about the currencies which are at the bottom of the market in terms of their values.
By regularly following cryptocurrency exchange rates, a trader can stay ahead of the market. They can more easily decide on which crypto pair to exchange, keeping in mind their profit potential. It also helps us decide the right time for buying or selling cryptocurrencies. THis helps to increase profit margins and minimize the risks involved. In most applications, the exchange rates are often expressed in USD or BTC. To be on the safer side you can also check the past records of your targeted currencies to have a better understanding of their price movements.
What are cryptocurrency exchange rates?
Cryptocurrency has been staying in the headlines for quite some time because of its ability to quicken up the profit making process. Digital currencies are an easy yet risky way of earning money. There are hundreds of examples where people have amassed hundreds of thousands of dollars through crypto trading. One of the ways of earning through cryptocurrencies is managing profit through the difference in the crypto coin exchange rate of various cryptocurrency pairs. This practice is in line with the traditional forex market but is not exactly similar.
For earning through cryptocurrency, it is necessary that you understand the mechanism and concept of it. Exchange rates of any digital currency are the amount required to pay to own a coin of a specific crypto asset in fiat. It can also be done through the units of the equal amount of another cryptocurrency. For instance, the exchange rate of bitcoin these days is about $57,000. Therefore, if you want to buy bitcoin you need to pay $57,000 in cash or in any way in fiat currency.
If we look today at the exchange rates of some of the popular cryptocurrencies, we find Ethereum to have an exchange rate of 1 807.096 USD. Bitcoin-like always stands taller with an exchange rate of about 57 480.363 USD. These rates tend to change as the market keeps on fluctuating.
Exchange rates also refer to the number of units of one currency that can be exchanged for another currency. For example, if you want to exchange Ethereum with bitcoin you will have to exchange 30.54 ether for 1 Bit. For easy understanding, you can take rate cryptocurrency exchange rates as the prices of regular commodities. Exchange rates are as important in the crypto markets as are the prices of the commodities in the traditional market.
If you are an investor, they help you decide how much you need to pay for buying a share or an asset of the cryptocurrency. The exchange is extremely important for the traders too. They help them decide when to sell and when to buy a particular cryptocurrency to make larger profit margins.
Why trace rates?
It is vital that we look into the current cryptocurrency exchange rates and fluctuation graphs of a currency to rightly estimate its behavior in the future. This is extremely important for investors who hold the assets for a longer period of time to generate continuous income. Tracing the rates helps you decide the perfect timing for buying and selling the coins. It provides a means for less risky trading performance. Tracing rates give you a higher chance of conducting sustainable trades. Experienced and successful traders have always dwelled upon the importance of tracing in the competitive crypto market. It keeps you ahead of the rest of the lot.
Ways to trace cryptocurrency rates
The use of the right applications, software, and websites is also vital for the correct determination of future trends. Therefore, you need to be very careful when choosing a broker app. Although, it is not possible to accurately determine or predict the exchange rates of a particular currency at any time. However, the past records and the right choice of a broker app help a lot in this regard.
There are various exchanges that have built-in features that help you trace cryptocurrency rates. They keep you updated about the current market values of various cryptocurrencies. Hence, helping you in choosing the right currency for trading. Several brokers also help you with the correct determination of real time crypto rates.
How to monitor exchange rates in 7b Broker App?
You can easily monitor exchange rates through the 7b Crypto Broker app. The app has always prioritized the feasibility and usability of its users. Monitoring and forecasting exchange rates help you decide the right time to trade. In order to maximize your profits and minimize your cost. You can follow the following steps to keep a track of the exchange rates.
- Download the 7b crypto app from the Google Play Store.
- If you do not have an existing account you would want to register yourself first.
- Provide the necessary verifications and details.
- Log in to the main interface of the application.
- In the app, you will notice a window dedicated to displaying the real-time exchange rates of various cryptocurrency pairs.
- You can also allow having the app’s notification services from the settings option.
- The notifications let you know when there is a significant fluctuation in the exchange rates so that you can be prepared for the next move beforehand.
- The app also provides you with personal portfolio graphs so that you can see the trend of your trading performance.
- Connect the app to your personal digital wallet and it will automatically keep track of the transactions and will inform you about the exchange rates.
- You can also add specific coins to your watchlist to help the broker app know more about your interests.
- Specifying the coins will let the AI automatically inform you about price movements in the selected crypto pairs.