One of the simplest way to make money with cryptocurrency as a beginner is through cryptocurrency Trading. Over the last few years the cryptocurrency market has continue to grow with new crypto asset coming out every year.
Before, I started my Journey of investing on cryptocurrency, I have read and watched several tutorial on how to make money with cryptocurrency, two of the most reliable idea I got at the initial stage was:
1. Buying and storing cryptocurrency asset with the hope that it will rise and
2. Diving into the World of cryptocurrency Mining.
As a beginner, I bought as many crypto asset as I could and I also dive into the world of cryptocurrency mining. Storing crypto asset was a quick way to make extra cash especially during the Bitcoin rush few years back, but mining was somehow tedious, I was duped countless of time by fake mining companies who sold fake mining contract. I stop searching for mining contract when I discovered cryptocurrency trading.
Being successful in cryptocurrency trading is not as easy as many people put it; it’s requires strong psychology, dedication and your ability to maximize every good opportunity. As a full time trader, I trade Boom and Crash, Currency pairs, and cryptocurrency, and I am going to share my knowledge of how I make money with cryptocurrency trading over the last three years.
Table of Contents
How to Make Money with Cryptocurrency as a beginner
What is Cryptocurrency
Cryptocurrency is a decentralized digital currency that is used as a form of online payment in exchange for good and services; the technology used to keep track of all cryptocurrency transaction is known as blockchain.
What is Cryptocurrency Trading
Cryptocurrency Trading is just like any form of trading; it involves buying and selling Crypto asset, either against another Crypto assets or against the USD dollars
How to Start Cryptocurrency Investing in Cryptocurrency.
Its not too late to invest in the Crypto Market; first get a Crypto wallet if you don’t have one. I use CoinBase and Luno but they are several others you can try. Just do a quick google search and choose anyone based on your region and your need
Secondly, buy your first Cryptocurrency assets depending on funds available to you. You can use your Credit Card, bank transfer or Peer to Peer to buy Crypto asset, so explore the different options available to you and choose one.
Please note: I always advised newbies to buy only Crypto Asset that are listed on Trading Platforms; So that they can store some and also trade some to increase their Crypto net worth. I am a fan of the 50:50 rule, store 50% and trade with 50%. This is so because Crypto assets can increase/decrease in value anytime. So if you have a store of your 50% in the wallet and you are constantly adding up through Cryptocurrency trading your chances of making money is 102%.
This is why I trade Cryptocurrency
It’s available 24/7
One of the games I like playing is looking at the price movement in the market, i study it often and once I spot a good opportunity, I maximize it and exit with good profit. Even if you work 8am – 5pm daily, you can look at the market at night or during weekend to make some extra cash.
Risk Management features
You can customize your trading experience to fit your risk appetite. I have my profit and loss target margin every day and I do all I can to ensure that I maximize my profit and reduce my loses. You will eventually have some loses which I do often, but when you develop a tight risk management style you will always maximize your profit.
It suit any trading style
I am using Deriv to trade all my Crypto Asset and the platform is amazing; as a reliable and trusted broker with over 20 years in the market; Deriv offers a Cryto trading platform that suit any of your trading need. And I enjoy trading on the go with Deriv GO app.
Learn, Leverage and Trade
I won’t suggest you run into crypto trading without testing it on a Demo, click here to open a free demo, study it for at least a week, to decide if crypto trading is for you.
What you should do!
Find a trading platform and start trading your cryptocurrency, start learning on demo account before going on a real account. click here to open a free demo on Deriv. If you have any questions or concern, kindly drop a comment below