How to make money on cryptocurrency?
Today there is probably no one who has never heard of cryptocurrency (what is cryptocurrency?), it is discussed all around, not tired of being scolded for the risks, amazed by the high yield, the dynamics of the course, justifiably considered one of the most profitable types of investment. As a modern trend of Internet trading, cryptocurrency is also an affordable way to make money online, and here's why.
Cryptocurrency, especially the very first such virtual currencies, today shows a crazy dynamic, its rate is literally taking off, not just going up, it is only worth raising the conversation about it. There are several ways to get started with digital currency in the market. As a speculator, for example, forex (is forex a scam? find out here), you can easily select as an asset available at your broker (e.g., at Binary options broker, у forex brokers) cryptocurrency or register at crypto exchange and switch to digital money trading.
To start trading on a crypto exchange, you must either buy currency or take the opportunity to get it by performing tasks on special resources (parsing sites, solving captchas, games, etc.). This is how only some future traders start.
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If you have enough money, you can easily transfer them to a cryptocurrency exchange account by registering at one of the sites and purchase currency (it can be as expensive bitcoin (official website) and litecoin (official website) as well as cheaper options) at a price you are comfortable with. To make money from cryptocurrency, you can choose such a method as mining (Wikipedia), thanks to which the currency will be "mined" by special equipment (a significant disadvantage of this option is the high cost of buying equipment, including computers with high power). Today there is available and more comfortable cloud-mining, which makes regular mining much more convenient and profitable, allows you to rent the necessary equipment and receive your income.
How to properly trade cryptocurrency?
How to trade cryptocurrency correctly in order to get income? This is one of the serious questions that are increasingly common on the Internet. Cryptocurrency trading is popular today and attracts a growing number of interested players, these can be both professional traders familiar with the peculiarities of the financial investment market, and beginners who have never encountered trading.
Still, the lack of any experience should not be an excuse for you not to try your hand at cryptocurrency trading, the main thing is to remember how to trade digital currency correctly. We will tell you about that further on.
- Before you start trading cryptocurrency, study its characteristics (cryptocurrency: what is it in simple words here). It is worth understanding that, in addition to high profits, there are enough risks here. By starting to work with digital currency, you voluntarily agree to all kinds of risks (account hacking, exchange blocking, risks of loss, risks of uncontrolled exchange rate dynamics, etc.).
- Invest the minimum possible amount in trading, do not risk the whole capital, because no one can guarantee a one hundred percent high yield of a specific transaction in this market.
- Carefully choose a broker (it can be both binary brokers and forex brokers) offering trading in digital money, read the reviews about it on the net. All this will allow you to protect yourself from swindlers actively working on the market to deceive naive traders.
- Also be careful when selecting crypto exchangesIf you have decided to work on such a platform. Of course, the functionality here will be wider than that of a cryptocurrency broker, but there are also a lot of risks.
- Try to withdraw some capital in order to test the withdrawal function. Unreasonably long withdrawals should alert you.
- Work with cryptocurrency with a clear head and soberly assess the situation, use the rules of money management, do not panic, only this way you can protect your deposit from uncontrollable losses.
- Trade on the trend, but carefully study the market situation and react to it in time, remember, the cryptocurrency market can be controlled by a group of traders who would like to profit from an artificial change of trend.
- Digital currency trader should make full use of all the features of the trading platform (as we mentioned above, these are charts, indicators, history of transactions, orders, trading volumes, etc.).
Is cryptocurrency trading a scam or the truth?
Cryptocurrency trading: a scam or a scam or a real way to make money? Is cryptocurrency the future of our financial system or a scam and a pyramid? These questions are of interest to many of us in recent times. There are enough scammers in the network, who offer to earn on cryptocurrency: whether it is a scam or not, it becomes clear after you have not been able to withdraw money, get feedback from the technical support of the exchange, etc.
The difficulty also lies in the fact that there are enough articles on the web that cryptocurrency is a fraud and a lie, which, unlike traditional currency, is not tangible, not controlled and not regulated by anyone. In this vein, skeptics continue their thought with the fact that there is always a lot of noise around cryptocurrency, its crazy growth and the possibility of supposedly quick and easy earnings is a fiction and artificial noise created to attract naive users and deceive them.
Still, the whole truth about cryptocurrency is that this financial market is complicated, and it requires impressive expenses to ensure all transactions and market functioning. If crypto exchanges were pyramids and scams, this deception would have been exposed long ago and the possibilities of digital currency would be a myth, but we see a different situation. Today there are a lot of both positive and negative reviews of traders on the web about cryptocurrency trading. There are enough examples of how ordinary people make money on investments in digital currencies.
The great involvement of traders around the world, as well as the constant "news buzz", the introduction of bitcoin (and other digital currencies) into our daily lives (shopping in some stores, cafes and restaurants around the world today is possible with bitcoin, etc.), all this suggests that bitcoin is a truth that can change our attitude towards currency. Because cryptocurrency is not regulated in any way and is inherently anonymous, it will always be the perfect medium for scams and pyramid schemes. Digital currency is unstable, often caused by so-called currency speculators ("cryptocurrency millionaires"), who artificially change the dynamics of the rate in a way that is convenient for them. So what about traders who would like to make money on cryptocurrency?
The answer is not complicated and applies to all existing financial markets (forex trading, stock markets, binary options tradingFor example): be more attentive when choosing a cryptocurrency broker or a cryptocurrency broker; do not fall for loud promotions and dubious offers of companies that are just waiting for you to register on their resources and give all your money to a fraudster; study the actual ratings of cryptocurrency brokers, read traders' reviews of cryptocurrencies, monitor the fraudsters of cryptocurrency trading and, making a decision about buying/selling digital currency, carefully correlate all facts.
How to start trading cryptocurrency?
And really, where to start trading cryptocurrency in order to get a good income and not to be disappointed in trading, considering cryptocurrency as a fraud and a scam? In fact, it doesn't take much to start trading digital coins the right way:
- Study the peculiarities of cryptocurrency trading, read books about trading.
- Learn to monitor the situation with the rate of cryptocurrency, to be aware of changes in the dynamics of currencies, including the main digital currencies.
- Decide on a trading platform. Do you want to trade on a crypto exchange or in a cryptocurrency broker terminal (binary brokers, forex brokers)? Each of these options has its own specifics, so you should seriously consider this question. In addition, study the feedback from traders about the platform you plan to work on.
- Trade on a demo account, which will allow without loss of your personal funds to prepare for trading in the real world.
- Work on trading strategy, test indicators and profitable trading systems on a demo account.
- Implement the rules of money management, which will minimize your risks.
- Register a real account at an exchange or cryptocurrency broker and try your first trades.
Is it possible to make money on cryptocurrency from scratch?
Yes, it is possible to make money on cryptocurrency from scratch! And although it's harder to earn bitcoins in 2017 than it was a few years ago, there are ways and you can quite easily start trading cryptocurrency without investing. To answer this question, it is fair to note that before you start trading, you initially need to buy or earn cryptocurrency. In this part of the article, we will talk about how to earn cryptocurrency from scratch, without investing your own money. There are several actual ways of how to acquire cryptocurrency for further trading, these are:
Performing tasks on special resources, the so-called bitcoin cranes, where participants are paid in bitcoins for completing simple tasks. Today, this is the easiest and most popular way to earn digital currency. And although the amount of income is low, the tasks are also simple (entering captchas, browsing sites, ads). Examples of such cranes: ADbtc (site), freebitco.in (site), BonusBitcoin (site), BattleBitcoin (site), etc. This also includes the automatic way of earning income with the help of crane sites. This is a unique opportunity to generate income without any constant action, assignments.
Referral programs, which will allow participants, attracting interested partners, to receive additional income.
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ICO bounty campaigns are one of the popular ways to earn cryptocurrency. An ICO is a collection of investments in exchange for cryptocurrency from new startups. Opening in the network, such companies give away free digital coins for registering in the service, and, since the projects can grow in value over the year by a decent amount, you should not miss such an opportunity, especially since registration is very fast and you can register in several such projects at once.
Some bitcoin games offer their users real digital money with a withdrawal option. You can play at the same time and get the satoshi in your account. Examples of fair games: Stake (the most popular such site offering games; site), BitKong (site), etc.
How much can I earn on cryptocurrency?
The question of how much money can be made from cryptocurrency trading is of interest to a large number of traders. The answer is: you can earn as much as you want from cryptocurrency trading (usually, traders share the results of trades exceeding 120%-150% from their investments). The amount of income from trading digital currencies will be influenced by many things: your positive trading experience in financial markets (whether you have traded binary options, the stock market, for example), your knowledge and skills in cryptocurrency trading, the currency you choose to work in, the trading method (mining, including cloud mining, trading on a crypto exchange), the amount of money you are willing to invest in trading.
Standard cryptocurrency trading (crypto exchanges, terminals of cryptocurrency brokers) can give you unlimited income (from 100%-150% of the amount invested in active daily trading), depending on the strategy, the amount of funds invested. How much can I earn on mining? In this case, the size of your income will be influenced by the following factors: the choice of currency, its cost and complexity, the reliability of the equipment, etc.). Buying expensive equipment is the most expendable part of the article. However, its payback, according to the materials we studied on the Internet, will be about 300 days. It is possible to organize a farm of cryptocurrencies for mining, which will allow you to receive income from 30 000 to 80 000 rubles/month.
Manipulation of cryptocurrency trading
The rules of money management must be observed by a trader working in any financial market (both in binary options trading, forex and stock market), digital money trading is no exception. Chasing fabulous profits here is the easiest way to lose your capital and end up with nothing. If you would like to trade cryptocurrency and get high income, remember the basic rules of money management, which will multiply your investment:
- Allocate a free amount of money for investment, as it is psychologically more difficult to trade with borrowed funds;
- Transfer the minimum possible amount to the account, and do not put all of your capital on the trade. This is done so that in the event of a loss you will have the opportunity to correct mistakes and win back;
- When trading digital currency, start working by gradually increasing the amount of investment;
- When trading cryptocurrency, take into account market trends, track changes in the mood of market participants (for this purpose, subscribe to newsletters of special resources, monitor messages of thematic chats, which are offered by cryptocurrency exchanges; remember about analytics, conduct technical analysis, test trading strategies; monitor data of the market Buyers and Sellers);
- Buy coins when the exchange rate goes down and sell them when it starts to go up. That way you can make a decent income;
- Don't be greedy and don't try to wait for the currency to peak, because there are large "manipulators" in the market who are able to invest in the currency (that is, buy or sell it) in order to change its dynamics to their advantage. The presence of such "manipulators" in the market (for example, one trader with $50 million can lift or "crash" the currency rate) can complicate your work, if you cannot timely track the market picture and react to it, in this case even the strategies, no matter how profitable they are, will not help you.
- As for the psychological atmosphere during cryptocurrency trading on the stock exchangeIf your trade is losing, don't try to win back, don't panic, and you'll always be able to win back (where else but in cryptocurrency trading today is available? If your trade is losing, do not try to win back, do not panic, you can always win back (where, if not in cryptocurrency trading today it is available!?), it is better to leave the market, having made conclusions for yourself, so you will save your capital.
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