Cryptocurrency Trading: Caution With Coining And Classes
Cryptocurrency is a hot item these days. A lot of people are trying to buy into it, but they know so little about how it works that they end up losing money rather than making money. Is it a smart idea, then, to take cryptocurrency online trading classes? The answer is "yes," but here is where you need to be every bit as careful as you would be if you were buying crypto-coin. Here are some cautionary tips on trading classes and coining.
Make Sure the Class Is Offered by a Reputable Establishment or Licensed Broker of Crypto-Coin
DO NOT take any online trading class from some random person claiming to have made millions in the cryptocurrency market! There is no way for you to verify this, or confirm the validity of the person's statements. It is language meant to draw you in to the idea of making as much money as the person in the "testimonial" for the trading class.
ALWAYS check out the establishment or make sure the person offering the class is a licensed broker who has experience with crypto-coin. If something goes wrong, then the establishment is required to make it right, or the broker may lose his/her license if you file a complaint. Provide yourself with some protection by only taking classes from these sources.
Understand That Crypto-Coin IS NOT a Penny Stock, nor Is It Dollar-per-Coin
When people want to invest in cryptocurrency, the thing that confuses them most often is the fact that their five dollars is not going to buy them anything in this market. In fact, the example of the price of a single Bitcoin is enough to blow their minds. Recently, the cost of ONE Bitcoin to U.S. dollars was 1:$3,500.
With the massive fluctuations in values every minute, there is zero way to predict what the buy-in cost will be next. However, you should be ultra-wary of anyone who is creating a cryptocurrency that allows you to buy in at a dollar a coin or a penny a coin, especially if the country of origin for such virtual money is Africa, India, South America, or Russia. Multiple scams on unsuspecting investors have come out of these countries, and you do not want to lose everything you have investing in something that does not really exist just to get a 1:1 buy-in ratio. Accept that you will pay a lot more for the real (i.e., virtual) thing that is a legitimate investment.