January 2, 2018

So, You Want to be a Crypto Trader?


New cryptocurrencies are springing up all over. While most people know the big ones (Bitcoin, Ethereum, Litecoin, Ripple), the smaller, cheaper ones are taking over and becoming profitable. You may have heard of people all over the world who are making loads of money off these coins and may be asking yourself: can I get in on this cash-cow?

The answer is yes! Investing in cryptocurrency is easier than ever now. Finding the right way to trade crypto has never been simpler. Whether you want to buy some crypto to hold onto, or trade it full-time, or hire someone to trade it full-time for you, there are a plethora of avenues to take.

While trading cryptocurrency is a great way to make a lot (I mean, a LOT) of money, there are many risks associated with trading. Security is one of the main concerns, as many major intermediaries have been hacked, or had to shut down temporarily due to security reasons. Also, rogue employees have been known to run off with clients’ cryptocurrencies, leaving a trail of tears and anger in their wake.

Finally, the volatility of cryptocurrency markets are a major factor. The value of these cryptos can plummet from nothing more than an inaccurate tweet from an influential person. For example, a Chinese publication reported that China was going to ban all cryptocurrency exchanges (even though there was no evidence to suggest this), and it caused Bitcoin’s value to take a major dive. In many ways, cryptocurrency trading carries much more risk than the stock exchange, similar to penny-stock trading when it comes to risk involved. The simple answer? Don’t be afraid to lose every dime you invest.

If You Want to Buy Crypto and Keep It...

In order to store cryptocurrency, you are going to need a virtual wallet. Whether you build a server yourself to use as a wallet, or use an intermediary like Coinbase, you are going to need a place to store your coins. For beginners, I recommend trying Coinbase.

Coinbase is a U.S.-based platform allowing you to buy, sell and analyze four major cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The user-interface is clean, informative and easy to follow. Users have access to buying and selling cryptos, storing them and viewing the valuation of each. Users can look at past trends and the value of these cryptocurrencies from the past hour all the way up to the past year. This is a great way for beginners to get their “feet wet” in crypto trading, as the market is only a couple clicks away.

For the More Experienced Trader...

If you have a virtual wallet already, and have the time to trade crypto daily, you may want to look at the program Coinigy. This tool lets you trade digital currencies across multiple platforms and includes more cryptos than the major four that are located in Coinbase. They also offer comprehensive charts to track the value of those crypto. Coinigy’s goal is to attract smaller institutional investors.

No time? No problem!

There are also companies that will help you invest and trade cryptos without needing to micromanage your trades. iMarketslive, for example, offers a tool that will notify you when a potential swing in value is occuring, letting you know when to buy and sell at the right time without staring at analytic graphs all day.

The Verdict:

There are many avenues to take if you want to start trading cryptocurrency. However, always be wary, as this type of trading is highly risky and highly volatile. For a beginner, check out CoinBase. For someone who wants to branch out to lesser-known cryptos, go see if Coinigy is right for you. For those who want to get in on this, but just don’t have the time, a company like iMarketsLive that analyzes trends and lets you know when the best times to buy and sell are might be the right choice for you.

Ready to get started trading today? Follow professional traders and unlock the door to financial freedom. Reach out to me to see how it’s done and visit my website for more information on iMarketsLive.

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