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Discussion on: Have you invested in crypto and did it pay off?

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pcjmfranken profile image
Peter Franken • Edited

Be careful out there people, you only ever hear about the minority that made it big, but never about the poor sod that gambled their entire family's savings account away.

  • Learn about stop-loss orders, even when you're not planning to actively trade. These allow you to automatically sell your assets at a specific price point.
  • Decide before-hand how much money you will invest, and how much you are willing to lose.
  • Pick a reputable exchange that has enough liquidity and decent support. You want the exchange to actually have the money to pay out when it is time.
  • Do some research. These markets are completely unregulated so you can do all the things those regulations would normally protect you against, and all those things can also be done to you by others. Market manipulation, pump & dumps, free access to and even adverts for complex and risky investment products, etc...
  • Altcoins (like Doge) are cool, but also extremely risky. They are completely unpredictable and are often heavily manipulated. There's also the risk that the team behind that cool and exotic altcoin you just picked up dumps the value and disappears (this has happened many times).
  • If you plan on just buying and holding crypto, please don't keep the coins on the exchange but invest in a hardware wallet for offline storage.
  • Do not be tempted by the gamified trading schemes some of these exchanges offer. It's addictive and you can lose all your money. Also stay away from leveraged trading until you're confident you've got this.

Some resources:

Research:

Exchanges:

  • coinbase.com/ - Likely the safest option due to this being a publicly traded company, has higher fees and not really suited for active trading
  • kraken.com - Another safe option, very unintuitive interface though!
  • binance.com/ - Largest by far, more options, my home base

Non-sensationalist YouTube channel I'm a big fan of:

I had earned quite a nice sum back in 2017/2018... and then the markets crashed. The price came down so fast, that by the time I was able to sell my assets there was only a fraction of all those gains left. I then picked up active trading again as a hobby last October. It's a lot of fun, made some money, but sometimes it's a struggle not to let myself get distracted by it when I have other things to do (having ADHD doesn't help 😝).

As I said you can lose all your money, so be careful, and base your actions on your own research and your own decisions.

My Binance referral link - gives a tiny trading bonus to us both:
(Let me know if you want me to remove this OP!)
binance.com/en/register?ref=PYBCB3T8

Happy to answer questions here if anyone has them.

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madza profile image
Madza Author

Thank you for such a detailed answer! 😉👍
Learned a couple of things 😉