With any kind of trading, having the edge over your fellow traders can mean big gains. Whether you’re into stocks, property, cryptocurrencies or any other kind of investment, being able to act fast on new information could just give you the advantage that you need.
Given the global nature of crypto trading, being able to keep your ear to the ground and stay abreast of current developments in more than one language can be a distinct advantage. As such, we’re going to take a look at the role of professional translation services in cryptocurrency trading and consider the power that language services can yield.
What is a translation service?
Let’s start with the basics. A translation service converts copy from one language to another. Individuals and businesses around the world use translation services to help them overcome linguistic barriers.
We’re not talking about Google Translate here. Machine translation services of that nature are excellent if you want to catch the rough gist of something, but if you’re after a quality translation, it’s time to use a professional translation agency.
Why do we need translation? The internet has enabled us to connect globally in ways that were previously unimaginable, but there are still over 7,000 languages in use around the globe. To communicate meaningfully, therefore, we need to rely on translation and localization services.
What are localization services? Localization services essentially take translations to the next level, moulding the copy to suit the particular cultural nuances of the intended audience. The localization work is undertaken by native experts, who have an in depth understanding of the culture in question.
Localization has a wide range of uses, from companies taking products to new markets to individuals looking to build new partnerships across international borders. If you have your sights on establishing such relationships, relying on a localization expert’s tips can be invaluable in terms of steering you away from potential faux pas
How can translation contribute to better cryptocurrency trading?
Successful crypto trading means anticipating market news and acting on it just before it breaks. Using a professional translation service can help you to do this. After all, it’s not just developments that occur in your native language that can send cryptocurrency prices soaring or crashing.
Back in mid-2018, Inc took a look at five factors that could increase the value of crypto holdings. Government regulations and the entry of big funds topped the list, but then the events took on a more global perspective. The weakening of the US economy was noted as having a major potential impact, as was the talk of China lowering the Great Firewall.
Anyone wishing to follow both of these events closely enough to act fast on any potential movement that could push up crypto prices would need to speak both English and Mandarin. Or, of course, rely on the services of a translation professional.
Having access to someone who can read Mandarin and convert it into English could mean the difference between acting on a snippet of information coming out of China before it’s picked up by others and then reported more widely in English.
The same applies to other languages. So how can crypto traders use this to their advantage? In short, by maintaining a relationship with a translation agency and using them to keep their ear to the ground.
Translation agency or freelance translator?
We’ve talked quite a bit about using a translation agency, but it’s not your only option if you want to keep close tabs on the wider world. There are also plenty of freelance translators out there, with whom you can either work directly or engage through a freelancing platform such as Upwork.
So why have we focused on using an agency rather than a freelancer? A couple of reasons really…
Firstly, a translation agency, by its very nature, has a whole network of translators who can assist you. This means that, if your usual translator is unwell, the entire translation process doesn’t grind to a halt. The company can simply assign you another linguist.
Using an agency also means that you can access translations for multiple languages through a single account manager. This means you can monitor financial and tech news in multiple countries at once swiftly and easily. That’s not to say that you couldn’t do the same with several freelancers, but there would be a greater time commitment as a result of your needing to manage multiple people. By using an agency, you gain access to an account manager who will take care of the people management side of things for you.
Translation agencies also tend to come with well-established systems in terms of invoicing and payment, all of which are designed to make your life a little easier. You don’t need to set up an account on a freelancing platform either, which again reduces the drain on your time.
It’s usual for translation agencies to cost a little more than freelancers, as they have to cover the cost of running the company, so if budget is an issue then using a freelance translator may be a more suitable option. If not, however, then an agency ticks an awful lot of boxes.
Will professional translation give you the edge?
If you’ve been trading cryptocurrencies for a while, then you’ll be familiar with the impact that political and financial events around the world can have. Think about those that have affected the value of your holdings significantly over the past few years. Which of them originated in countries that speak other languages? And which of those events saw traders who speak those languages natively leaping into action before you did, because they had a head-start on you?
Ultimately, any kind of trading involves having keen instincts and having the courage to act on those instincts when it feels right to do so. Feeding into the process with additional information gathered from around the world as a result of using professional translation services can only serve to help hone those instincts further.