How to make money with cryptocurrencies for beginners
The scariest thing about cryptocurrencies is the price. Seeing cryptocurrencies that cost thousands of dollars can be scary especially when you need to type four or five numbers to buy one Ethereum or one Bitcoin. Now many seem to think that you need a lot to earn a lot, and this couldn’t be further from the truth, as you can invest in cryptocurrencies with as little as a few dollars and still make massive amounts of money if you invest a small allotment strategically Of course, this is easier said than done, which is why today we are going to introduce you to a step-by-step guide on how to invest in cryptocurrencies if you have a budget and how you can turn a few dollars into billions.
Investing in cryptocurrencies on a limited budget
The first step to investing in cryptocurrencies on a limited budget is to understand your first enemy’s fees on cryptocurrency exchanges. Depending on the exchange and how much it can cost up to 10% of your initial investment just to buy the cryptocurrency you want, this means you are immediately at a loss, and more importantly… If you plan to trade cryptocurrencies on exchanges, you should know that not only can these trading fees add up, but some cryptocurrency exchanges have surprisingly high minimum trades in the spot market.
Aside from the massive funding fees you often pay when trading on margin, if that wasn’t bad enough, most exchanges also charge an arm and a leg to withdraw your cryptocurrencies to your wallet depending on the blockchain you’re using and how busy the network is, which can It costs you $50 just to withdraw your coins, never mind the withdrawal fees for this feat. Fortunately, there is an easy way to reduce these fees and even have extra money to buy and trade your favorite coins and tokens.
Choosing a cryptocurrency exchange
The second step to investing in cryptocurrencies on a limited budget is to choose the right cryptocurrency exchange or platform for you. This is something that most people don’t think about when they get into cryptocurrencies. They use a name they know and then make it their only option before creating an account with the cryptocurrency exchange they want. Make sure it supports the cryptocurrencies you’re interested in. One of the biggest mistakes you can make is paying fees to get your money on an exchange only to find that it doesn’t support the cryptocurrencies you want.
I’m speaking from my experience here on this note once you select an exchange that supports the cryptocurrencies you are interested in and want to create make sure you won’t be charged a fortune for getting your money in and out, exchanges usually have this information on their website, card fees and bank transfer fees Just don’t forget to calculate the fees your bank will charge you for purchasing cryptocurrencies via card or bank transfer.
Choose a crypto currency
The third step to investing in cryptocurrencies on a limited budget is to choose the right currency or token for you. If you are investing on a limited budget because you do not have much to invest, it is better to invest in existing cryptocurrencies that will exist indefinitely.
Conversely, if you are investing on a budget because you gamble well, feel free to spend the most speculative coins and tokens you can find if you are having difficulty finding these coins and tokens on centralized exchanges, although you may be turned away A little bit about the risk curve besides being listed on an exchange that you can use and back on the blockchain that won’t destroy your portfolio when you withdraw the cryptocurrency that’s right for you, one that you can understand and join.
Determine your expectations in cryptocurrency trading
The fourth step to investing in cryptocurrencies on a limited budget is to set your expectations if you are looking to make a million dollars overnight. Well, I’m sorry to report that this is pretty much impossible if you are looking to turn a few hundred into a few thousand over the next year or two, but this more than possible because we are nearing the end of the crypto market and we will soon start a crypto bull market if the next bull market is like the previous ones, then we will see a lot of coins and tokens go up by 10x and maybe even go up by 100x and even a few of them go up by THX moonshots if you will.
There are only two caveats here the first is that we are in a kind of crypto dilemma as prices could still fall by double digits if not more, and the second reason is that altcoins will offer the biggest gains but we probably won’t see a bull market among altcoins until after the harvest. Bitcoin in the spring.
Altcoins can drop to all-time lows from time to time, and in some cases, this could correspond to a loss percentage of 50% or more. It will be tough if you are investing in cryptocurrencies on a limited budget, but if you are willing and able to hold onto the coins your chosen coin or token Until the cryptocurrency bull market takes off, you will likely end up with gains of 50% or more To put things into perspective, BTC is expected to reach over $100,000 during the next cycle.
