How to make money via trading cryptocurrency? What is the best way to invest in cryptocurrency? Today, let’s deep into these questions.
In this article, I will show you how to make money trading cryptocurrency. And the safe ways you can consider in your plan.
This is the most difficult, but also the most profitable way to make money with digital currencies. The main idea of trading cryptocurrency is simple – buy a coin at a lower price, sell it at a higher one. This way, by virtue of millions of traders around the world, market coin prices are being formed.
The most difficult part of trading is finding the right moment to buy or sell. It is impossible to predict accurately which direction the price will head. However, if you analyze all the available statistical data, evaluate the market situation and understand the importance of a particular technology in the crypto industry, your chances to predict the direction of the chart will be growing.
This is one of the best and easiest ways to focus on how to make money in cryptocurrency.
For example Bitcoin was worth around $13 in 2013, and at the most peak price we’ve seen so far was nearly $20,000 in 2018. That means if you had just purchased $200 of Bitcoin in 2013, it would have been worth over $300,000 if you sold at the peak price! That’s a 1500x return on your money, nearly unheard of in such short of a time in the stock market. It really shows the power of making an income with cryptocurrency.
Before you want to know how to earn money through cryptocurrency, you should know the common cryptocurrency scams.
Common Cryptocurrency Scams
It’s easy to think that everyone is getting rich investing in cryptocurrencies. This mindset leads many traders to fear missing out on the next big coin offering or the next leg up in bitcoin. Many scammers take advantage of trader greed with dubious products and services, including the following:
Initial Coin Offerings (ICOs)
These are fundraising mechanisms for newly launched cryptocurrencies. Investors in ICOs receive tokens in the new venture. Investors have poured billions of dollars into more than 1,000 ICOs over the past year. While many ICOs are legitimate, the vast majority have no real business plans or technology behind them. Many get launched with nothing more than a whitepaper by individuals with no technology or industry experience.
New altcoins often make unsubstantiated claims about their products. Recently the US Securities and Exchange Commission (SEC) filed fraud charges against two ICOs it says were sold on the basis of fraudulent claims. China has banned the sale of ICOs, and many individuals familiar with fraud, including the famed Wolf of Wall Street, Jordan Belfort, have described ICOs as the biggest scam ever.
Unregulated Brokers & Exchanges
There are dozens, if not hundreds, of unregulated online exchanges and brokerage firms offering cryptocurrencies and cryptocurrency trading products. Investors should be wary of too-good-to-be-true promotions and promises of quick riches. Once you deposit money, many of these firms will charge you outrageous commissions or make it very difficult to withdraw funds. Some of the worst offenders will simply steal your money.
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OK. How to make money via cryptocurrency? The answer: you can trade via Skrill.
What is Skrill?
Skrill is an online payments company that lets you make transactions and transfer money to many countries around the world. Skrill started as an eCommerce payment gateway specializing in gambling, but has now expanded its services to include an online service that lets you send money around the world, Skrill Money Transfer. Opening an account with Skrill gives you access to that service as well as the Skrill wallet (whose review you can find at the end of the page). Skrill Money Transfer is fast, simple and inexpensive due to very attractive pricing, exchange rates and fees.
You can send money internationally through Skrill Money Transfer and fund the payment via credit card, debit card, SOFORT or bank transfer, depending on where you’re located and the currency you’re using. The beneficiary can choose to receive funds directly into their bank account, although receiving money into a mobile wallet is also an option for a small number of countries.
How can I Exchange Cryptocurrencies?
Within the Dashboard tab of the CRYPTO section of your wallet you can consult an overview of the supported cryptocurrencies showing their dynamic value. This can help you to best choose the currency, the amount and the price for your exchange.
You can start your exchange by clicking on the TRADE button next to the cryptocurrency you want to exchange or by clicking on the TRADE tab within the CRYPTO section of your wallet.
Once you click on TRADE you have to choose between the BUY and the SELL options, the amount of the transaction and the currency from and to which you want to exchange and click on NEXT. A summary page of your transaction will appear on the screen. To complete the exchange, click on CONFIRM.
- All cryptocurrency transactions are visible in the TRANSACTIONS section of your Skrill account. To visualize it, choose the relevant currency from the drop-down menu within the Account filed of the TRANSACTIONS section.
- Once you have crypto available in your wallet, you can send cryptocurrency to other Skrill customers, create auto orders or reserves.
- If you already have an existing Bitcoin balance, you can choose to directly exchange the available cryptocurrencies for Bitcoin. This option allows you to more dynamically manage your cryptocurrencies.
Which cryptocurrencies can I buy/sell?
You can buy/sell interests in a variety of cryptocurrencies. Full list with the available cryptocurrencies you can see in the Crypto section of your Skrill wallet or on the dedicated Cryptocurrency page.
How soon will my cryptocurrency balance appear in my Skrill Account?
The exchange happens instantly, and your cryptocurrency balance will appear in 1-2 seconds after the exchange is confirmed.
What are the fees and the limits?
The fees and the limits are indicated at the time of the exchange.
If your Skrill account currency is other than Euro, your cryptocurrency transactions will be subject to currency conversion. A foreign exchange fee of 1.5% will be applied in this case.
If you exchange Bitcoin for another cryptocurrency, the deducted fee will be collected in Bitcoin.
The currency exchange rates are received directly from our exchange provider Coinbase and are updated every 5 seconds.
Can I send cryptocurrency to a merchant or a crypto trading platform?
Currently you cannot send cryptocurrency to a merchant or a crypto trading platform.
Can I request a refund of the original amount of a cryptocurrency transaction?
Cryptocurrency transactions are non-refundable and cannot be reversed to the original amount at the time of the exchange.
Cryptocurrency sector is just getting started. The bear market is the time when all good projects are focusing on developing their product and user base. While you help them do that, you can share their profits as well. With so many ways, it is difficult not to make money.