7 tips for those who want to make money on cryptocurrency exchanges

2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44

In 2018, the rates of the leading digital currencies rushed down: someone in a panic sells the latter, while for others it is a signal to buy. We will tell you how to exchange cryptocurrency without harming yourself and not run into scammers, together with the BestChange service.

1. Don't use direct exchange

In the case of a direct exchange, a private person acts as a counterparty. For example, your friend or colleague offers you to exchange cryptocurrency at a favorable rate. There are quite a few such offers on specialized sites and forums, but this is unsafe: there are no guarantees that the counterparty will not disappear with the money received.

In December 2017, a businessman from Krasnodar bought two bitcoins directly at Pulkovo airport. He spent 1.5 million rubles, taking into account a 5% discount. However, all he received was a set of numbers on paper, which the seller passed off as a paper wallet.

2. Compare exchange rates on different sites

To get the most out of the exchange, pay attention to the exchange rate. The range of prices can be quite impressive: in the summer, the difference in the Ethereum rate in different exchangers was up to $ 15. With large transactions, this difference translates into a serious amount.

By exchanging 10 Ethers with a difference of $ 15, you can win about $ 150. You can compare courses and choose the most profitable one on bestchange.ru.

3. Check the reputation of the site before exchanging

Some exchanges and exchangers may delay payments. It happens that payments disappear altogether, especially during the withdrawal of funds to bank cards. Before exchanging, do not be lazy and read reviews and reviews on the site. Of course, some of them will be paid for, but the overall picture can be established. The deeper your analytics, the better.

In June 2018, scammers who created fake online exchangers were detained in Ukraine. According to the police, their activities have spread to several CIS countries.

At the moment, BestChange is one of the most complete Russian-language cryptocurrency monitoring services. With its help, you can choose the most convenient and safe platform: the service base includes only reliable exchangers with high BL and TS levels.

4. Always check the shipping address

Be careful when entering the data of the wallet to which you are going to send cryptocurrency. Not all services copy the address of their wallets to the clipboard, so be sure to check if you entered everything correctly. One wrong sign and your funds will go nowhere. Among the common mistakes is sending bitcoin cash to bitcoin addresses, despite the fact that these are two different cryptocurrencies.

Problems with entering the address often happen in online stores that accept cryptocurrency. If you sent funds to the wrong address, all that remains is to disconnect the wallet from the Network as soon as possible and hope that the miners did not have time to process the transaction. In this case, you can reconfigure the wallet and return the funds back. In practice, however, users rarely notice the error quickly enough.

5. Consider the benefit taking into account the commission

Most cryptocurrency exchanges charge commissions for transactions, deposits or withdrawals of fiat money. In some cases, deductions reach 8%, although for the most part the commission does not exceed 1%. Nevertheless, you need to remember that at each stage of the exchange there is a commission: Gas when transferring to ether wallets, interest for deposit and withdrawal on a crypto exchange, payment for withdrawing to a card from electronic money services. If you exchange Ethereum at the rate of 8,000 rubles, you will get less in your hands.

Of the popular exchanges, Binance has the lowest fees at 0.1% per transaction. Withdrawal fees depend on the current exchange rate of digital currencies. There are also exchanges without commissions, but the prices for cryptocurrency there are an order of magnitude higher.

6. Don't make hasty decisions

If you do not trade professionally, after the purchase, you should not constantly monitor the rates of cryptocurrencies. Endlessly calculating how much you would earn if you waited or hurried up is more harmful than useful. The course may roll back, but you can't buy new nerves.

In 2009, the Norwegian Christopher Koch bought bitcoins for $ 24 and happily forgot about them. In 2013, he saw a note about the cost of BTC. He remembered the password for the wallet and became the proud owner of 886 thousand dollars.

So change everything that you wanted to change, and live in peace, checking the rate of the cryptocurrency you are interested in about once a month. Another option is to set up notifications. The BestChange service can notify you by email or Telegram when the rate reaches a certain mark.

7. Start with a demo account if you want to start trading seriously

Trading is for professionals. This is a job that requires experience and knowledge. In 2017, many made good money simply because they bought or sold a couple of bitcoins on time. This is not trading. To be an investor, you need to understand the technical side of the issue, follow trends and regulators, and know well-known figures in the field. And even with such skills, it is impossible to always be in the black.

It is also difficult for traders without experience in Forex, and in the digital currency market, where the volatility is much higher, it is doubly difficult for them. Especially now, when an easy profit can be obtained only in the long term, and this is not certain. If you really want to trade, start with a demo account and trade in demo mode for a couple of years. And only then try to work with cryptocurrency.