Invest in Crypto Currency

Many people who contact us are interested in learning how they can make money with Bitcoin. They ask about various Bitcoin auto traders and managed accounts and hope for our approval or recommendation.

Let us make it simple for you:

Do NOT trust ANY Bitcoin software which promises you guaranteed profits. I would also stay away from most managed account services, unless provided by a reputable company.

As a general rule, NEVER send money to any company if you’re not certain about their legitimacy.

Don’t hesitate to contact us with any Bitcoin and crypto currency related question. You may also comment below to receive a public response.

Feel free to visit our Bitcoin and Crypto Currency Blacklist to make sure the service you’re interested in is not a scam.

Visit our FREE Day Trading Guide!

So how to make money with Bitcoin?

We’re not financial experts. However, we are aware that the price of Bitcoin has been steadily and consistently climbing. Common sense suggests therefore that the best investment strategy would be to purchase Bitcoin as soon as possible and wait. Of course, prices can always come crashing down and there are no guarantees just like with any investment. However, it does seem promising so I would definitely incorporate Bitcoin (as well as altcoins) as part of broad investment portfolio.

The downside of investing for the long term is obviously that it will take time to see profits. If you’re looking for a more immediate way of making money with Bitcoin, then you should consider Bitcoin day trading through a Bitcoin trading platform.

Keep in mind though that day trading is much riskier. For those of you who don’t mind waiting for guaranteed profits, follow the following steps:

Step 1 – Decide How Much Money You’d Like to Invest

Never invest money that you cannot afford to lose. You should only invest spare money. Let’s say you earn $5,000 per month, out of which you need $3,000 for all your living expenses. You’re left with $2,000 of “spare money,” which can be invested or saved. Add to that money you’re already saving, which you can use for investment.

Now, we wouldn’t recommend to invest all your money on a single asset, even if it’s a promising asset such as Bitcoin. It’s always safer to diversify. You could purchase a few stocks, maybe some forex, commodities, as well as Bitcoin.

Step 2 – Choose a Reliable Bitcoin Exchange

Once you decided how much money you would like to invest in Bitcoin, you should sign up with a trustworthy Bitcoin exchange. If you would like our help in locating the best exchange for you, then feel free to contact us.

Step 3 – Make the Investment

Once you open an account, you will be able to buy bitcoins. Then, wait and watch the value of Bitcoin grow. Don’t worry if sometimes the value will drop. Many analysts believe that in the long term, it will continue growing.

Invest in Crypto Currency

Step 4 (optional) – Store Your Bitcoins on a Hardware Wallet

If you you’re spending a lot of money on bitcoins, then you should consider storing most of your bitcoins on a hardware Bitcoin wallet for extra security. We recommend TREZOR, a hardware wallet which supports not only Bitcoin, but also Dash, Litecoin, Ethereum and Zcash. TREZOR Review.

Another great hardware wallet would be the Ledger Nano S. It supports the following cryptocurrencies: Bitcoin, Litecoin, Ethereum, Ethereum classic, Dogecoin, Zcash, Dash, Stratis, Ripple, Hello, Bitcoin Cash, Komodo, PoSW Coin, Ark, Expanse, Ubiq, PIVX, Vertcoin and Viacoin.

Leave a small amount of bitcoins on your online wallet (provided to you by the exchange) in case you plan to use bitcoins for online purchases.

Making Money with other Cryptocurrencies

Although Bitcoin is expected to be on the raise for a long time, it can be quite pricey to make a significant Bitcoin investment at the moment.

If you don’t have enough money to make a Bitcoin investment and even if you do, we suggest considering investing with as many altcoins, other forms of crypto currency, as possible. Most of them are extremely cheap and at least some of them will probably become at least as expensive as Bitcoin is today, if not more.

A more affordable strategy would therefore be to buy several altcoins, crypto currencies other than bitcoins. Most of them are very cheap at the moment, so it’s easy to buy many different kinds. The more you buy, the more chances that one of them will become as big as Bitcoin, thereby generating tremendous profits for you.

Crypto Currency Day Trading

Day trading involves buying an asset and selling it on the same day. In day trading, you try to take advantage of short term movements in the markets.

Profits are made when a trader is able to purchase a chosen asset at a relatively low price, and sell it at a higher one. The difference between those two prices, minus a small fee, is the net profit of that position.

Day trading is already very popular among stocks and forex speculators, and now it is starting to gain more and more momentum and interest in the crypto currencies market as well.

A simple example of a day trade would be when you buy 1 BTC for 9,000 USD at a certain time, and sell it one hour later for 9,500 USD. This is a day trade because the actions of opening the position by buying, and closing it by selling, take place during the same day. The profits would be the difference between those two prices, and in our case: $9,500 – $9,000 = $500.

Why Should You Day Trade Crypto Currencies

When you day trade, you want to find a dynamic asset, one that is influenced by various factors and potentially fluctuates quickly and often. Crypto currencies are a great example.

Most people are familiar with Bitcoin but there are hundreds of other cryptocurrencies, known as altcoins, or alternative coins. Each one of them provides another solution and uses quite different technology features. But what is interesting for us at the moment is mainly their volatile nature that makes them so attractive for day traders.

When you look at assets in different exchanges, you can rarely find stocks, bonds or even currency pairs, that change more than 10% of their value in one single day. In crypto exchanges, on the other hand, you’ll not have to work hard to find cases in which the coins rose hundreds and even thousands percent during the daily time frame. Simply put, the prices of virtual coins tend to change a lot. The more the price changes, the more opportunities to buy low and sell higher there are.

Day Trading VS Longer Term Investments

When you buy an asset, you can sell it right away or hold it as an investment for several years. There are many time frames and every participant in the market has his own preferences and considerations.

There are few advantages for long term trades, such as the ability to base your decision on an in-depth research and analysis. However, longer investments also come with certain risks. There are so many factors that might affects future prices, and most of them are out of anyone’s control and cannot be anticipated.

This is especially relevant when it comes to the crypto digital coins market, which is after all still young. Even though there are many indications that this field is here to stay and to keep growing,  it still needs to pass the test of time and prove stability.

When you day trade, you don’t need to worry about geopolitical events, inflation, or government’s actions. You simply try to take advantage of quick price movements during the day. You take your profit and get out, that’s it.

Advantages of Day Trading Crypto Currencies

Professional day traders have probably the best job in the world. When you day trade, you have the freedom to trade from wherever you want and whenever you decide. You enjoy constant intellectual challenge, and most importantly, huge profits potential.

Look at the attached image showing a movement of the TRX/BTC digital currency pair. Where else could you double your investment and even more on the same day, and triple it on the following day?

TRX/BTC Chart - Day Trading

If you were to buy at the beginning of the day at point A when the price was merely 6 cents, you could sell it at point B at around 14 cents which is more than 100% gain. And if you would wait another day and sell it at point C you could even triple your traded capital. When you compare it with the yields of other investment channels, you’ll find that it’s hard to find stable ones that provide more than 5-10 percent for the entire year.

There are many other advantages for day trading, such as not being exposed to long term risks and being able to enjoy the exact same price movement again and again. You also don’t need to deal with the emotional ups and downs when you hold an asset for long time, seeing it keep changing.

The Downside of Crypto Currencies Day Trading

With all the above being said, cryptocurrency day trading has a downside and there are risks involved in it.

It’s not that easy to be able to day trade crypto currencies successfully over time. The volatility can work also against you and the market might be unpredictable and not always behave as you would expect.

As a matter of fact, most people who day trade lose their money by making wrong decisions.
The good news is that people tend to make the same mistakes. When you know what they are, you can avoid them. With good guidance and the right mentality you can be a successful day trader, and we are here to help you with that.

To be a good day trader, you have to spend time and energy in order to track the market and be ready whenever good opportunities occur, and so you can manage your existing positions.

Another thing you should consider is that each trading position carries a small commission. When you day trade, you naturally open and close a relatively high amount of positions and therefore pay some additional fees.

Where to Day-Trade Crypto Currencies

There are different platforms where you can day trade crypto currencies. The first type is CFD and Forex brokers. They create artificial instruments that imitates digital coins’ behavior and let you bet on their future direction. You are not actually buying the currencies themselves, but an investment tool that represents their value and allow you to make profits whenever it changes.

With these brokers you usually use fiat currencies, such as USD or EURO, in order to speculate. They offer leveraged trading, which allows small traders to take larger positions. What it basically does is to strengthen the impact of any price movement. As a result, the profit potential might be higher, but the risks for losing your money fast increase as well.

The other option, is to use real crypto currencies exchanges, where you actually buy the currency you trade on. There are some very credible exchanges around such as Binance. Many professional traders use them as their main platform for trading crypto.

In these exchanges you usually use Bitcoin as the basic currency which is traded against other ones.

However, some exchanges also offer using other coins such as Ethereum and USDT for this purpose.

Day Trading Crypto Currencies – Bottom Line

Day trading is a great method for taking advantage of short term events in the market. You use those changes and turn them into profits without being exposed to long term risks. The volatility of crypto currencies is the quality that makes them suitable for day trading and for that reason, they keep gaining popularity.

Professional traders enjoy huge gains, freedom and flexibility. But at the same it’s not such an easy task and it involves some risks.

If you want to become a profitable day trader, you need to know that it requires some time and effort. You need to learn and also develop the right mentality. Eventually, you have to choose wisely the platform where you apply your knowledge and strategies.

The good part is that we are here to lead the way for you, and the rewards at the end absolutely worth it.

How to make money with Bitcoin through Day Trading

Visit our FREE Day Trading Guide!

42 Comments

  1. Kim Alvis

    would like to know if r 2 b coin is lagit

  2. Agave Phil

    USI Tech is a forex and cryptocurrency trading company that also does cryptocurrency mining. You can start with as little as 50 euro in bitcoin
    They pay on average 1% daily for 140 working days (Mon – Fri) That’s your original purchase price back plus 40% profit!
    In my opinion this is a long term passive income opportunity that will be a great income for 2018 and beyond
    Join USI Tech Through Me Here (and get personal access to me): [affiliate link removed]

    **Remember guys there always a risk with any investment so be careful and only invest what you can afford to lose. Good luck to everyone!
    Do your research and your own due diligence before investing anywhere**

  3. Ryan Hall

    What is the best or safest exchange/wallet to use for people in Canada?

  4. chris jones

    what is the best wallet to use to buy and store some of the cheaper and smaller coins such as vertcoin etc in the uk thanks chris jones

  5. admin

    Which is the best exchange to buy Bitcoin and other altcoins in Canada? Factors include Fee wise, ease of operation(buying/selling) and trustworthiness.. Pls share info

  6. Kathleen

    Hello,

    What about the bitcoin/crypto wallet called Mycelium? Is it an ok wallet? They can also let us buy bitcoin for.a minimum of $50.
    Or I should really open an exchange account to be able to buy bitcoins and other crypto currencies?

    Thank you very much!

    • Admin

      We recommend Mycelium for people using Android and Ledger Nano S. We will review their other features for you, including the exchange.

  7. Joseph Igbinosa

    Thanks Admin you’re doing a nice job. Please can you help review these site: infinallian.biz and etalon-trade.com

  8. Terra

    thanks, please what is the best exchange to use ,I live in Nigeria

    • Admin

      We haven’t reviewed any of the Nigeria Bitcoin exchanges, such as Nairaex, as of yet. For now, I’d recommend using an International service, such as LocalBitcoins.

    • Aaron Azubuike

      Hi Terra, you can buy through Luno, been using them since last year. Please always make sure you have a secure wallet for your cryptos. I am not an agent, just a happy customer of Luno, what is more, I am a Cryptic Coach, so I speak from experience. Cheers

  9. Linzy

    hi.. Any advice on the best way to trade, based in Saudi Arabia? Etoro is widely advertised on YouTube but I have read mixed reviews about them. Are they a scam?
    How about Kraken or Gatehub, can we trade Ripple with them?

    • Admin

      eToro is not a scam. Here’s our eToro review. With Kraken you can buy and sell Ripple. We haven’t reviewed Gatehub yet, but it seems that Ripple trading is available through their platform.

Leave a Reply

Your email address will not be published. Required fields are marked *