How To Get Money Out Of Cryptocurrency?
I’t highly unlikely that there is anyone today who never heard about cryptocurrency (what is crypto currency?), it’s discussed everywhere, kept being complaint for risks, impressive by its high yield, rate dynamics, worthwhile considered as one of the most lucrative investment options. Being a contemporary trend of internet trading, cryptocurrency is an available option of getting Internet income as well and here is why. Cryptocurrency, especially the very first virtual currencies shows the crazy dynamics, it’s rate literally zooms up, not just grows, once this topic comes up.
There are several ways in the market to start trading cryptocurrency. Being a bear, on Forex for example (if Forex is a scam? learn here), you easily can choose by your broker the available cryptocurrency as an asset (for example by binary brokers, Forex brokers), or sign up at crypto exchange and change for trading digital money. To start trading at crypto exchange you have either to buy the currency or use the chance to get it performing tasks on special resources (parsing sites, solving captschas, games etc.). Just some future traders start this way.
If you have enough money, you can easily transfer them onto crypto exchange account after you sign up at one of the platforms and purchase the currency (this may be both expensive Bitcoin (official website) and Litecoin (official website), and less expensive currencies) at the price which is comfortable for you. For cashing in on cryptocurency you may go for mining (Wikipedia), with this option the special equipment will obtain the currency (the essential disadvantage of this option is heavy spending for equipment purchase including computers of high capacities). Today the cloud mining is available, which is more gainful and comfortable and let you take all the equipment you need for rent and get your income.
How to trade cryptocurrency right?
How to trade cryptocurrency right? It is one of serious questions coming up in Internet more often than not. Cryptocurrency trading is of great demand today and attracts with its capabilities the increasing number of traders concerned, both professionals experienced in financial investment market aspects, and novices never trading before.
However the lack of skill shall not be the excuse for you not to take a stub in cryptocurrency trading, the point is, you need to keep in mind how to do it right. Read about this below.
- Before you start cryptocurrency trading study its aspects. You need to understand that apart from high incomes here are enough risks, too. Starting cryptocurrency trading you agree all kinds of risks (account hacked, exchange blocked, possible losses, compulsive currency rate dynamics etc.).
- Invest the minimal sum, don’t risk your entire capital as nobody can guarantee for you the definite high yield of a certain deal.
- Be careful choosing a broker (this may be both binary brokers, and Forex brokers) offering you digital money trading, study the feedback in Internet about it. All this will prevent you from getting duped by scam artists, which are a lot in the market for naïve traders.
- Be careful picking a crypto exchange, too, if you decided to work just with such platform. The services here are more advanced than by a cryptocurrency broker, but there are loads of risks, too.
- Try to withdraw part of capital to test the withdrawal service. Unreasonably lasting withdrawal is supposed to put you on alert.
- Work with cryptocurrency being with a clear mind and take a reality check, apply the rules of money management, don’t panic – this is the only way you can protect your deposit from uncontrolled losses.
- Trade with a trend, but study the market carefully and react duly, keep in mind that cryptocurrency market may be controlled by a group of traders craving for money making through a trend change made up.
- Cryptocurrencytrader shall use to the full extent all the trading platform options (as we already mentioned above, these are charts, indicators, transaction history, orders, trade values etc.).
Is cryptocurrency trading a scam or a real thing?
Cryptocurrency trading – is it a scam and a scam lottery or a real way to get money? Is cryptocurrency the future of our financial system or a scam lottery and pyramid scheme? On these questions many of us are concerned. There are enough scam artists in Internet offering cash in on cryptocurrency: the scam lottery reveals itself when you can’t withdraw money, get feedback from the exchange technical support etc.
The issue is that there are a lot of articles in Internet about the cryptocurrency to be con trick and fraud, that it isn’t material unlike traditional currency, is controlled or regulated by no one. In this direction skeptics develop the idea saying there is always a lot of noise around the cryptocurrency, its crazy growth and chance of quasi quick money are the man of straw created for naive users t be attracted and duped.
And however, the truth is that this financial market is complicated and needs significant investments for it to operate smoothly. If crypto exchanges were pyramid schemes and scam, this con trick would be exposed long time and the cryptocurrency capacities would become a myth, but we watch the situation to be different. There is both positive an negative feedback in Internet today. There a lot of samples of ordinary people cashing in cryptocurrency investments.
The big concern of traders from all over the world, along with the continuous “media noise”, bitcoin (and other cryptocurrencies) introduction to our daily routine (purchases in some shops, cafes and restaurants all around the globe are possible with bitcoin now), – all this is a reflection of the fact that bitcoin is a real thing powerful to change our attitude to the currency. Because of the fact that the cryptocurrency is little regulated and quintessential anonymous, it will always be the great environment for scam lotteries and pyramid schemes. The cryptocurrency is not stable, the reason of that is often so called currency profiteers (“cryptocurrency billionairs”) artificially changing the rate dynamics the way it’s comfortable for them. What do the traders do longing for making money out of cryptocurrency?
The answer is not that complex and relates to all existing financial markets (for example Forex trading, securities markets, bynary trading): be careful choosing a crypto exchange or cryptocurrency broker, don’t buy into bombastic offers and borderline bids of the scam companies expecting you anytime to sign up at their platforms bringing all your money; study current ratings of crypto exchange brokers, read feedback from traders about crypto exchanges, monitor scam artist in cryptocurrency trading and analyze all facts before you take a decision about digital currency sale/purchase.
Cryptocurrency trading – where to start?
Really, where do I start trading cryptocurrency to get good money and not be disappointed in trading considering cryptocurrency a fraud and a trick? Indeed you need just a few things to start.
- Study cryptocurrency trading aspects, read books about trading.
- Learn how to monitor the situation with cryptocurrency rating, be alert to dynamics changes of currencies, including major digital currencies.
- Choose a trading platform. Do you want to trade in crypto exchangeor in a cryptocurrency broker terminal (by binary brokers, Forex brokers)? Each of these options has its own aspects, so you have to think hard. Apart from this, study the feedback about the platform you want to work with.
- Trade on demo account, it will let you prepare for real trading not losing your money.
- Work out a trading strategy, test indicators and lucrative trading systems using the demo account.
- Apply the rules of money management which will let you minimize your risks.
- Open the real account in the exchange or by a cryptocurrency broker and go your first trading steps.
Can I cash in on cryptocurrency zero-base?
Yes, it is possible to cash in on cryptocurrency zero-base! And though getting bitcoins in 2017 is more complex than a few years before, yet there are the ways, and you can start cryptocurrency trading with no investments. Answering the question, it’s reasonable pointing you need to buy or earn cryptocurrency first, then trade. In this part of our article we will talk on how to get the cryptocurrency with no need to invest your own funds. Today there are several ways to obtain the cryptocurrency for trading, these are:
Performing tasks on special resources, so called bitcoin cranes, where the players are paid by bitcoins completing simple missions. Now it’s the most easy and popular way to get digital money. And though the income is not high, the orders are not hard, neither (entering captcha, browsing websites, adverts). Examples of such cranes: ADbtc (website), freebitco.in (website), BonusBitcoin (website), BattleBitcoin (website) etc. Here we refer the automated way of getting income through crane sites, too. This is the unique chance to obtain profit with no continuous missions or actions.
Referral programs let their participants win extra income attracting concerned partners.
Bounty-companies ICO is one of the popular ways to obtain the cryptocurrency. ICO is the calling investments together in return of cryptocurrency of new startups. Opening in Internet such companies give out free digital coins for registration in their services, and as projects may go up in price for a fair amount of money just over year, you’d better don’t miss such a chance, especially that the registration takes little time and you may sign up in several similar projects at once.
Some bitcoin games offer their users real digital money, which you can withdraw. You can play and get satoshi to your account at the same time. The samples of fair plays are Stake (the most in demand game platform, website), BitKong (website) etc.
How much can I cash in on cryptocurrency?
The question how much one can get trading cryptocurrency is crucial for many traders. Our answer is: trading cryptocurrency you can cash in as much as you want (usually traders share in Internet trading results exceeding 120%-150% of investments). The income size of cryptocurrency trading will depend on many things: your positive trading experience in financial markets (for instance, if you traded binaries, in stock exchange), your knowledge and skills in crytocurrency trading, the currency you picked for trading, your trading way (mining including cloud mining, trading in the crypto exchange), the sum you are ready to invest.
The standard cryptocurrency trading (crypto exchanges, cryptocurrency brokers’ terminals) may bring you unlimited incomes (up to 100%-150% of the invested sums by active day trading), depends on the strategy and invested sum. How much can I cash in on mining? In this case your income will be effected by the following factors: currency choice, its price and complication, safety of the equipment etc.). The costly equipment purchase is the item of the most expenditures. But according to information we got studying Interned its rate of return shall take around 300 days. You can found a farm of cryptocurrencies for mining, which will secure you the monthly profit up 30 000 to 80 000 RUB.
Money management by cryptocurrency trading
The trader shall follow the rules of money management dealing with any financial market (both in binary trading, in Forex, and in stock market), cryptocurrency trading is not an exception. Chasing after fantastic profits you are the most vulnerable here to lose your capital and be left with nothing. If you would like to trade cryptocurrency and obtain high incomes, keep in mind the basic rules of money management, which magnify your capital gains:
- Divert the cash on hand for investments as trading borrowed funds is psychologically harder;
- Deposit the sum as low as practicable and do not trade your entire capital. It is for you to have the chance to put right the wrong and bounce back in case you lost;
- Trading cryptocurrency start increasing the invested sums little by little;
- Trading cryptocurrency take the market trend into account, monitor sentiments of market players (subscribe for this for newsletters of special resources, read messages of chats related to the issue, offered by crypto exchanges; remember about analytics, perform technical analysis, test trading strategies, keep your eye on data order book containing the information of market buyers and sellers);
- Buy coins when the currency rate runs down, sell – when it starts going up; this is the way you can obtain snug income;
- Do not be greedy and don’t try to wait the maximum growth of the currency as there are big “manipulators”in the market, able to invest currency (it means buy or sell it) to change its dynamics pursuing their benefit (for instance, one trader possessing 50 million dollars can boost or “rain down”the currency rate) make make your trading complicated if you can’t monitor the market situation and react on it timely, in this case no strategies will help you, however lucrative they were;
- As for the psychic atmosphere while cryptocurrency trading in the exchange, here you need certainly keep in mind, that the right attitude will let you take a reality check and react on it in time. If your entrepot is losing, don’t try to bounce back, don’t panic, you can always recoup (where it’s possible today if not in cryptocurrency trading?!), better leave the market, learn from it, so you will save your capital.