Tips on cryptocurrency investing for beginners
Let me tell you one very important thing – investments require research. It might seem like an obvious thing, but many people out there neglect this basic truth and dive right into the whole mess of cryptocurrency investing with no background. ChangeNOW, a leading non-custodial cryptocurrency exchange, wants to change your perspective on crypto investments and deliver some sold tips on cryptocurrency investing for beginners. Sure, we want all of you to succeed, so you better read carefully and think about the points we mention here. To start living your crypto dream, you will need to make your very first investment – this requires choosing the right crypto coin.
Step 1. Choosing a cryptocurrency
Many guides tell you to invest in multiple coins. The message is “do not commit yourself to only one camp!” It may seem fair, but sometimes being overly diverse can be tricky. Let us do a little note here – putting all your saved cash into one crypto coin is unsafe and shows a lack of planning, but investing into everything that seems hype at the moment might be even worse. The right strategy here is choosing a good portfolio of promising coins with great development teams and communities. See the potential, read more about the creators and their goals and check the market constantly. There are many articles headed like Best Cheap Cryptocurrency to Invest In – consider these sources, but think about them more in the educational way rather than the actual investment advice.
Step 2. Find the right cryptocurrency wallet.
After you have chosen a coin just for yourself, you need a safe place to keep it in. There is an abundance of various crypto wallets on the market and sometimes it might be difficult to weigh in all the pros and cons of a taken product. ChangeNOW has a list of trusted crypto wallets – when choosing crypto on the main page of our exchange, you can see the button “Don’t have a crypto wallet yet?” – click it and see our list of trustworthy companies that will definitely not take your money and run away. Even more so, these wallets will always help with their support in the time of need and provide the necessary community backup.
Step 3. Do not focus on the past.
Past performance of a cryptocurrency is never equal to the future. The market is volatile and there are many factors influencing the current cost of a coin you committed to. Do not get scared if the price goes down – there are very few situations when a decline indicates a total project failure. If you want to take your money out, do it in case there is no fate left in the crypto project anymore. Beginner investors always seek smaller crypto coins to invest in (to later sell them for a much higher price) – this strategy is great, but do not get discouraged when you meet the reality. What we mean by that is – making a profit like this is no easy task. Because of the market volatility, it is increasingly difficult to catch the right moment (both to buy and sell crypto). So, the advice would be – make your investment in the well-thought-out coins and WAIT. Time will pass and you will understand everything. While you wait, check some more information on the market monitoring. Learning is the key – cryptocurrency trading is not a basic activity, after all.
Step 4. Do not leave your job.
You have no idea how many people quit their usual jobs because of chasing the Elon Musk cryptocurrency investment dream. We advise you not to do such a drastic move. First of all, you need income to invest. Secondly, we have already explained that investing in crypto right now will not make you a millionaire right away. This is a process that takes time, thought and patience.
Step 5. Stay sane.
This is not a piece of sarcastic advice in any way. Once you start making money with your investments, it is easy to lose your head and go wild. The useful tip here would be – hold onto the money you have made, consider your previous steps and learn even more. Forget about the Bahamas and long shopping sprees with Carrie Bradshaw – this is not the right time for it yet. As you can see, now, cryptocurrency can be a good investment if you take it seriously and do your homework. Anything can happen in this world – there is a potential to go both ways (plus and minus). Consider ChangeNOW tips when starting off, read the investment materials, plan the amount of money you would like to spend and be very thoughtful when supporting certain camps. The main point is not in the easiest ways to invest in cryptocurrency, but about making it pay out in the future. Start with micro-investing, read more about the best cryptocurrencies to invest in this year (please, read the trustworthy sources though) and learn, learn, learn.