Its not real money, they said
I have been asked for a long time now to put something together about how I started in cryptocurrency trading, so finally, the time has come to do it.
Before I start I must point out the information given on this page is not financial advice, and it is easy to lose as well as win. So if you are going to play in this game, only play with what you can afford to lose.
I have been trading now for around 8 years and I love it, when I started there was no one to ask for advice so I had a very expensive education. ( Yes I had some epic losses )
Quickly I learned to stick to calculated risk rather than buy something because I liked the name or logo. ( yes I have done this )
Ok, that now said, I will tell you how I now invest and trade in this minefield of finance
I would like to say whatever anyone tells you. do your homework as at the end of the day it’s your money you will be spending.
Also, trust your inner gut feeling if it feels like a bad move it probably is.
Here we go. now down to the nitty-gritty.
I use four basic tools every day. although there are many out there, but to be honest I found these to work best for me. again this is all from trial and error.
No 1 : A Wirex account.
Wirex is great as it lets you buy cryptocurrency instantly and gives you a Visa card that you can either buy good with anywhere showing the Visa sign or cash in your digital assets at any ATM.
After all, it’s your investment so you should have the facility to cash in at any time.
You can find Wirex here WIREX by going this link: https://wirexapp.com/r/Skyward we will both get a small reward.
No 2: Exodus Wallet
Exodus is free and a great multi-coin wallet with a great GUI, so you can watch your portfolio grow in front of your eyes.
Now Exodus I use as my middle man, when I buy coins, if I am not going to use them straight away I put them in Exodus as it is always safer to have control of your own private asset keys. Exodus does this so make it more secure than leaving assets on an exchange.
So if it is not a long hold, Exodus is my go-to. you can find it at http://exodus.io
No 3: A Nano Ledger.
The Nano ledger is what is known as a hard wallet, it resembles a USB stick but is, in fact, a secure safe for your investments as once this is unplugged your assets are 100% secure offline.
Again here is the Link for the Ledger web site. https://shop.ledger.com/pages/ledger-nano-x?r=a39b899ea297
Please only buy these from the official site as there are some fakes in circulation.
Now the Nano ledger is my secure safe for anything and everything that is a long term hold. look at it as your Fort Knox, your Royal Mint, this is where you keep the good stuff.
Just one thing to point out here with Ledger and Exodus you will get a string of words called a seed. 12 words on Exodus and 24 words on Nano.
I can not state enough how important these are.
you have heard the stories about people locked out of their accounts with big money inside. Simple lose your seed, lose your assets.
Make multiple copies and keep them safe, I even laminated a copy and sent it to a family member to hold for me, as you are better safe than sorry.
Then we come to No4 on my list
Binance Exchange
I love Binance, I do most of my daily trading here, Binance is a bit beyond the scope of this post to talk you through other than to say it is like the stock market of Cryptocurrencies where you can buy and sell your assets.
Binance link Here https://binance.com/en/register?ref=XY3WJHOY and you will get a 5 % kickback bonus
If and when you decide to start trading on an exchange, my advice is patience is the key, if something goes down in price don't panic sell, as 9 times out of 10 it will come back up sooner or later.
More assets are lost through panic selling just hold your ground and the all will be good in the world.
As I write this post my assets are down by 75% since last year.
does this worry me No, not at all as we are in early stages still of this digital revolution and I am in for the long-game.
Saying that it has not stopped me buying more assets as it is a buyers market at the moment.
I hope this will give some a little insight and save you some time
If you do have any questions feel free to mail me [email protected]
Thanks for reading
Mark Bond