Beam is just one of the thousands of cryptocurrencies available. Whether you already own the Beam coin and want to learn how to trade it or are thinking of buying it, there are some basics you should know.
What Is Beam?
Beam (BEAM) – is a scalable, private cryptocurrency based on both the MimbleWimble and LelantusMW protocols that aims to explore the world of confidential Decentralized Finance (DeFi)
Start by getting a basic idea of the Beam crypto coin. It is a cryptocurrency designed to make confidential transactions as well as a DeFi platform. It is confidential by default, meaning that Beam cryptocurrency appeals to those who want privacy.
As mentioned, Beam is private by default. All transactions are private, but you can also opt for Max Privacy. The cryptocurrency Beam also has a strong focus on confidential assets. When you make transactions or trade Beam, the asset UTXO and Beam UTXO look the same on the blockchain.
The team behind Beam is working on a decentralized exchange. In the meantime, you can use Atomic Swaps to easily exchange Beam with BTC, DOGE, DASH, LTC, and QTUM. Soon ERC20 and ETH will also be supported.
The team also prides itself on the usability of the coin between the Beam wallets and its availability on wallets and exchanges. There is also a Smart Contract feature called Shaders.
Beam Trading Vs. Investing
|Unpredictable profit||Predictable profit|
The big difference between trading and investing in Beam is your strategy. When trading Beam, you typically buy and sell it more frequently and hold it for shorter periods of time. By contrast, investing in Beam cryptocurrency typically refers to buying it to hold the cryptocurrency for a longer amount of time.
Why Should I Trade Beam?
There are plenty of reasons to trade Beam. The Beam coin project is already underway, showing the potential to achieve its goals.
- The prospects for the coin are good, especially if we take into account the fundamental indicators of the project. So far, there have been no significant failures. This has a positive effect on quotes.
- While 2021 is not the best year for BEAM, currently it provides a great opportunity to buy the dip and take profit in the future.
- In comparison to other cryptocurrencies BEAM is highly affordable and available on most of the trading platforms
Ways to Trade Beam?
You can trade Beam in several ways. You can opt for a short-term strategy to buy and sell it multiple times per day or week. Or you can trade Beam for longer periods.
- News strategy – trading based on news and market expectations, both before and following news releases.
- Swing trading – aims to buy a security when they suspect that the market will rise. Otherwise, they can ‘sell’ an asset when they suspect that the price will fall
- Day trading – take advantage of price fluctuations in-between the market open and close hours.
Where to Trade Beam?
Most platforms for trading Beam are either exchanges or brokers. With exchanges, you directly trade Beam for another cryptocurrency on the platform. With a broker, the broker handles everything for you, saving you time and effort.
- Binance – a multifunctional multilingual platform with an impeccable reputation. It provides traders with low fees, high security, and multiple trading tools.
- Gate.io – is one of the global top 10 cryptocurrency exchanges with authentic trading volume.
- CoinDCX – India’s largest and safest cryptocurrency exchange where you can buy and sell Bitcoin and other cryptocurrencies with ease.
- 7b – a crypto broker that is ideal for beginners. It provides high security, a large selection of trading instruments and assets, as well as the most user-friendly interface.
- CoinEx – founded in December 2017, CoinEx is a global and professional cryptocurrency exchange service provider.
Beam Mobile Broker Trading App
Using a Beam mobile broker trading app offers the most convenience when you want to trade the Beam crypto. It lets you easily trade on the go and puts you in complete control of your transactions.
How to Trade Beam Using the 7b Crypto Broker App
To trade the cryptocurrency Beam on 7b, just follow these simple steps:
- Deposit cryptocurrency into your account if you haven’t already done so.
- Search for the coin Beam.
- While on the Beam page, click “Buy” or “Sell,” depending on the action you want to take.
- Input the amount of Beam to buy or sell.
- Confirm the trade. You will see a confirmation screen.
- Repeat as often as you want.
How does Beam trading work?
When you trade Beam, you buy or sell it based on its price compared to other cryptocurrencies. You can buy it when you think the price will go up and sell it when you think the price will drop.
Is Beam trading safe?
Yes, trading Beam is safe, as long as you use a reputable platform or broker. Always research your chosen broker to confirm if your crypto is safe.
Is it profitable to trade Beam?
It can be profitable to trade Beam, but no cryptocurrency trading ever guarantees a profit.
Can I trade Beam for free?
You will always pay a small commission or spread when trading Beam. This pays for the work the platform has to do to make the trade happen.
Does Beam trade 24/7?
Yes! Like all other cryptocurrencies, Beam trades 24 hours a day. This gives you the freedom to trade when you want.
Is the 7b broker app secure to trade Beam?
Yes! The 7b broker app prides itself on its high level of security.
Is it possible to trade Beam anonymously?
Yes. Beam is private by default. On top of that, the best brokers, like the 7b app, don’t require KYC to trade Beam.