When’s the right time? Let us be clear. For those without experience, it’s never the right time. That means you MUST have knowledge, information, and experience with a free trial demo account.
After you test everything you may say it is a right time for further step: investing and trading cryptocurrencies.
You can make really serious money on cryptocurrencies, that is true.
But you have to take care of several things.
We would be very careful when investing in any crypto because all prices of cryptocurrencies have dramatical ups and downs.
Generally speaking, we would not advise anyone to invest if there is a misunderstanding about what they are investing in. And when the only expectation of further growth based on previous growth is present.
In addition to the famous and biggest Bitcoin, you can find many other interesting cryptocurrencies on the market.
When we say ”interesting” it means that we think their concept is interesting, not the potential for price growth. For example, we don’t know when you’re reading this – but now, Facebook is working on its own crypto coin. What will it use to exactly, is still a mystery.
Before you decide to trade cryptos, keep in mind that you feel well informed.
And if you are not ready to lose what you have invested, you should not even try because there is no easy earning!
Is this the right time for trading or investing cryptos?
There is an obvious difference between those two terms – trading and investing.
Investing refers to the purchase and storage of cryptos.
Trading involves the active participation in the stock market and frequent purchases and sales in an attempt to profit from price changes.
If you are asking us about trading, it is always a good time for professional traders, for those inexperienced and untrained it’s never the right time.
Our opinion is that no one should engage in trade cryptos, without basic knowledge about it.
First of all, everyone should bear in mind that it is possible to lose everything, whether due to bad decisions or because of security failures of the user or the stock market.
Who is not ready to lose everything that has invested – such a person should not invest.
When referring to crypto trading and investing – since there no REAL value, the prices may vary and go as high as 1 million dollars per coin or 0.00001 dollars per coin. There’s no real value, but it does worth something because it solves a problem.
And may I say – a big one. It allows people to transfer anonymous money!
This means you can buy illegal services/merchandise with it – this will always have demand. But not only that, you can hide your activities and make genuine and “white” money without anyone knows it’s you or the government know. We, for example, have a supplier that we know who he is, is not doing anything illegal, but he wants to get pay in crypto.
The ONLY way the crypto industry can totally fall (and in this case – worth exactly zero) it if the technology behind it, the blockchain, will be found as useless.
It hasn’t happened and it might never happen (or until a quant computer will arrive to the world, but that for another story…)
Also, you should be careful in choosing a stock exchange.
Always use strong codes and “2-factor authentication” and you should be able to think on your feet.
Most popular exchanges like Binance, Bitrex, Coin Exchange, Kraken, Kucoin, HitBTC, Gate.io, and Cryptopia recommends Google Authenticator.
Few exchanges accept Authy and few exchanges have their own 2FA service.
This is very significant for online security hence whichever exchange or trading sites you are on make sure to enable 2-factor authenticator.
Do not fall into euphoria when prices rise and do not panic when they fall.
How big is the initial capital? Also, how much money you need to start trading crypto?
It depends on how much you are ready to lose, how much you expect to earn and how much you are inclined to risk.
We have to emphasize that the right answer is your individual assessment.
How to track the value of cryptocurrencies?
You have to be registered on one of the stock exchanges where the cryptos are traded, to verify the order and deposits money.
That’s all – when the money is deposited in the stock market, it can be traded.
It is highly recommended for beginners to try their skills on some free demo account and after that, they are pretty ready to play with real money.