Only a lazy person does not know about the topic of cryptocurrencies. Now this is being repeated literally from every corner, advising you to start your journey today, so that tomorrow you will be in the black and get a lot of money. There are schools, courses, academies and intensive courses that promise a quick start in a complex topic. However, there are also those who enter into the topic of cryptocurrencies on their own and take the first steps without expert tips.
Let’s talk about basic tips that will be useful to a novice specialist in the field of cryptocurrencies.
Commission for each input method
The first and most important recommendation! Before making a deposit, be sure to check the commission for each input method. For example, on some exchanges, you can top up your dollar balance with a transfer from a card that works using systems with the lowest fee. Thus, you should create an account on the service where the conditions are most favorable specifically for you. Thus, the commission and the basic conditions are the first thing you need to get acquainted with during the entry into the topic of cryptocurrency.
Do not buy the desired cryptocurrency at the beginning
It is obvious that most novice investors want to start with the most popular cryptocurrency – Bitcoin. This is not surprising, because this currency has the highest exchange rate, the highest capitalization rate. This is what attracts exchanges and online exchangers. According to buidlbee, high commissions or unfavorable rates are set for almost any fiat. This leads investors to significant losses. However, there is a way out of this. At the beginning of your journey, buy another cryptocurrency, and then exchange it for bitcoin. At first it seems that the problem has been solved and nothing could be simpler. However, there is a difficulty and it lies in the fact that it is necessary to search and find favorable conditions for purchases and exchanges. But still, the scheme is definitely working and will bring you profit in the future.
Long chain of exchange
Do not limit yourself in the process of earning. Build a longer chain than usual. A longer chain is considered to be from 3 or more intermediate services that you use before directly purchasing the currency. Again, let’s recall the previous rule, you should not take a swing at popular currencies, take something simpler. At first, you can even top up your wallet balance with cash. The fact is that reverse exchange is extremely popular – cryptocurrencies for dollars, euros and other currencies.
The amount of personal funds must be greater than the amount of debt
So in any case you will be able to give the currency you have rented. Keep in mind that a commission is charged for all exchange operations carried out. Because of this, the income is somewhat reduced. A percentage is also taken for the use of margin. Specialists who already have extensive experience can take out a loan exceeding the amount of the deposit. However, these are unjustified risks for a beginner, which will drive into stress and create discomfort and possible losses.
A competent choice of a crypto fund
If you want to trust the crypto fund, it is important to pay attention to some selection criteria.
The reputation of the crypto fund
Here, customer reviews and analytics of the company’s performance as a whole will be a good indicator. Try to see what the company is coming to in its work, what it can boast of, what victories it has won recently.
The quality of information
Here, too, it is necessary to analyze. Look at what is happening with the foundation now, who is its founder and what he is doing now. Pay attention to the experience of the company’s specialists. Read about the company on social networks and read activity reports.
Terms of cooperation
Be sure to evaluate the partnership agreement. It is desirable that the cooperation be documented, and the document itself has the appropriate legal force.
Here, first of all, it concerns the territory where you are located. In some countries, cryptocurrencies are not allowed, but in some countries residents actively use them. It is necessary to clarify the legislation of which country a particular fund is subject to and how legal its activities are.
We hope that these five life hacks will become good guides to the world of cryptocurrencies and big earnings! Earn wisely and earn a lot of income for you!