Cryptocurrencies keep on growing in value. If you are going to buy your first coins, this is what you should do first.
According to Arthur Heinz, CEO of BitMEX, the very fact that Bitcoin has been trading well above $10000 per coin for a while can be a sign of the market gradually entering a major bull cycle. After a couple of weeks of flat market around $9000, the world's most popular cryptocurrency has finally gained some strength. At this point, the coin is trading above $11000 but it still far away from ATH, - Nordfx.
Amid this madness, it's worth listening to wise recommendation and avoid emotional decision. This is one of the key topics raised by the founder of Binance. In one of his tweets, he urged international investors to be careful and mindful of the current risks, not to mention the fact that investors should never put all their eggs in one basket, especially when it comes to cryptocurrencies since Bitcoin has already shown some crashes.
Where to start?
Education is the starting point without any doubt. Without it, any beginning investor is doomed to lose in the rough sea of cryptocurrencies. It's crucial to get familiar with the market specifics. Unfortunately, many people still ignore this and start investing big right off the bat.
Even if such investors somehow avoid scammers and other obstacles, chances are they will make a series of emotional decisions leading to major losses in extremely volatile markets, for example the way it was in late 2017. This was the time when BItcoin peaked and made many inexperienced investors believe in further growth, which was not the case since the exchange rate crashed, leaving many of those amateurs with major financial losses.
Apart from the market specifics, it's crucial to get familiar with the ins and outs storing your funds securely. In particular, you should choose the right wallet and secure your keys accordingly. Long story short, the cryptocurrency market requires a lot of expertise for proper and secure investing.
