Today, especially in the time of the pandemic, a lot of people spend a lot of time at home and look for an easy income source.
The choice of some people is cryptocurrency trading. But did you know that 80% of beginner traders lose all the investments while trading crypto?
Because people think that cryptocurrency trading is very easy – just take your laptop and that’s it. But in reality, things are different. If you don’t have enough experience, you won’t probably succeed.
So what should you as a newcomer do to make a profit?
As I told you before, it is very important. Don’t listen to people who tell you the opposite. That is why we advise you to spend a couple of days reading different articles, guides, watching videos, etc.
You need to find this basic knowledge you need to start.
In many articles, you can find the information that for crypto trading even $10 is enough.
Actually it is, you can buy a small amount of crypto but if your plans are huge and you want to earn more than $20 per month, I will advise you to invest more.
That is why at least $500 would be enough.
But don’t invest blindly!
I think 90% of people who start earning with crypto, want to do it with the help of signals.
If you are one of them, you should remember that 90% of crypto channels are scammers.
And choosing the legit channel is not easy, that is why you should follow the next rules:
- check it’s past activity – free signals, cross-promo (hope you will not find them);
- pay attention to the admin’s communication;
- check the prices – they should not be very high or low;
- check all the available reviews, Reddit discussions, etc.
4. Find the best bitcoin wallet
This is one of the most important parts because you need to store your crypto in a safe place. In the beginning, you can choose a non-custodial mobile wallet but, according to the data of one custom software development company, when you have enough capital, it will be better to use the hardware wallet or the wallet with cold storage.
Cryptocurrency trading is profitable, for sure.
But it has a lot of risks as well.
There are a lot of traders who had the experience, investments but decided to work with the crypto signals channel that appeared to be scamming one. And as a result, they lost money.
Also, there are people who succeed with crypto channels but have absolutely zero experience, and it is also not good for your future profits.
That is why I really advise you to follow the above-mentioned rules. Good luck with trading!