Since the rise in popularity of cryptocurrencies, many people have started to invest and trade them just like fiat currencies. After all, you can earn extra money through trading than just by mining coins. However, before you put your hard-earned cash into the market and start making investments, get information from websites like Swyftx that might help you think about it twice.
There are several cryptocurrency courses that you can take to learn how to become a better trader. Such courses are an excellent way to learn the basics of trading.
However, even if you have a course under your belt, you must get certified by related companies to trade on their platforms. This is because many cryptocurrency exchanges may require you to go through strict scrutiny before they accept traders.
It is a good thing to look at the success stories of people but keep in mind that they all started from somewhere.
As per Swyftx experts, there is no harm in starting small. If you plan on putting money into the crypto market, then start with a little bit. You don’t have to invest all of it right away. Take some time to familiarise yourself with how the market works and what changes are happening around you. Then decide where your investments will go.
Don’t Overspend on Mining Hardware
It’s straightforward to give in to the temptation of buying expensive mining hardware, but you might end up spending more than what you earn back in the long run.
For example, if you’re a beginner and would like to get your feet wet in this industry with a budget of US$1,000 per month, then you might consider buying a GPU ($150) and a mining rig case ($50).
Adding electricity charges to it ($100), you’ll spend around $300. If the cryptocurrency market is in a downward trend at that time, you most likely won’t earn enough to turn a profit out of this.
Keep Your Coins Safe
Since the beginning of 2018, there have been many reported cases of cryptocurrency exchanges being hacked and stealing users’ coins.
You don’t need to be part of this statistic, so make sure you keep your tokens safe in a wallet where no one can access them except yourself. That way, even if the exchanges get breached, you wouldn’t feel the loss.
Get Involved in Cryptocurrency ICOs
One of the best ways to earn money with cryptocurrencies is investing in Initial Coin Offerings (ICO). Many notable projects offer tokenized services and products, but unless you know how to find them, you might miss out on a lot. To stay ahead of the game and invest in promising ICOs, subscribe to different cryptocurrency-related exchanges.
Be Active on Social Media
Cryptocurrency is all about information, and the more knowledge you have, the better. All this information is scattered on different social media sites, so join forums and get involved in discussions.
Don’t forget to follow influencers who can keep you updated with market trends and even take their advice when making investments. You may also consider buying a crypto-related domain and building a community around it.
In conclusion, if you’re thinking about investing in cryptocurrency or already have the money into digital assets that you’d like to trade, then the above strategies might be of good help.