Disclaimer: I am not a cryptocurrency trading expert. I am simply sharing insights into my experience with trading cryptocurrency. Please seek professional help or guidance from a registered broker that can help you achieve your financial goals through cryptocurrency trading.
Cryptocurrency is gaining popularity in the world for trading and making money. Cryptocurrency is a virtual way to exchange value. It’s been around in several ways, but has been linked to legal tender moreso over the last decade.
People earn their income from cryptocurrency once they have sold their cryptocurrency holdings and traded it for legal tender (money).
The most popular cryptocurrency in the world at the moment is Bitcoin. However, there are several cryptocurrencies available such as Ethereum, Litecoin, Ripple, and more.
I’ve been fortunate to experiment with trading the different cryptocurrencies and I’ve had my share of profitable gains and losses.
I can share insight into my personal experiences and hopefully you will be able to use the information to trade profitably.
How can you make money with Cryptocurrency?
You need to be able to own or obtain cryptocurrency and then exchange it (sell it) for money (legal tender).
How can you obtain cryptocurrency?
- You can mine for cryptocurrency.
- You can earn cryptocurrency as a reward or payment.
- You can purchase cryptocurrency.
How can you sell cryptocurrency?
You will need to register on an exchange trading platform for cryptocurrency. This will allow you to buy or sell any cryptocurrency holdings that you own through their platform.
Typically, they will take a fee/commission in exchange for trading on their platform.
What are some of the strategies that you can use to make money on Cryptocurrency?
Earn and sell.
You can mine or earn rewards as cryptocurrency and then sell it on one of the exchange trading platforms.
If you can accumulate a valuable holding, you will be able to sell it to a buyer for a majority profit earning.
Buy and sell.
You can buy cryptocurrency on the open market and sell it for a higher price to earn a profit. However, you will expose yourself to financial risk depending on the demand and price movements of the crypto market.
In my opinion, if you are going to trade cryptocurrency, you should minimize your exposure by purchasing a high volume and then selling without having too much time in the market.
Should there be an upward trend, you should be able to take out some profits from your investment.
Which platforms have I used to trade Cryptocurrency?
Coinbase was easy to get started with, but the fees got high pretty quickly. This made me switch to BTC Markets.