- Quick Links:
- A Few Tips Before Getting Started
- The Best Exchanges To Buy Crypto
- Keeping Your Funds Safe.
So you've heard about the meteoric rise of Bitcoin, and you think it's too late to get started with prices sky-rocketing above $60,000 CAD.
YOU ARE NOT LATE! The beauty of the digital currency is that you don’t have to invest in a full coin but can purchase a portion of a coin.
The smallest unit in Bitcoin, referred to as a satoshi is 100 millionth of one Bitcoin. That means with Bitcoin at $50,000, you can purchase 10,000 satoshis for $5! With the rising interest in cryptocurrencies, there is also a rise in alternative coins (alt-coins) - projects that solve different problems or have a variety of use cases.
A Few Tips Before Getting Started:
Here are four tips to help you become successful on buying and building wealth with crypto.
- Do your own research (DYOR) - you may have heard this term before and it is a very important one. There are plenty of alt-coins out there that are just pump-and-dump scams where you can lose all your investments. Does the project have any utility? What is the coin's total supply? Is there a cap on supply? or can an unlimited amount of coins be created (which will put downward pressure on the price). Do your own research!
- Invest what you can afford to lose. Not all coins are going to perform as well as Bitcoin has. Even Bitcoin has its down days. So don’t be forced to sell your position for a loss because you need the money.
- Be wary of leveraged trading. This is tied to tip 2 of not being forced to sell your position. Understand margin and leveraged trading. You could be forced to cover your position for a loss if you are borrowing money to invest.
- Dollar cost average (DCA) - It is hard to time the market, you never know where the top or the bottom is, so its better to have a plan to invest an amount you can afford on a daily or weekly basis than jumping in all at once.
The Best Exchanges To Buy Crypto:
Our top picks for crypto exchanges.
Why We Like It:
- Easily e-transfer funds, free and deposited in minutes.
- 100+ cryptocurrencies to choose from.
- Stake and earn on a wide variety of coins.
- A fitting and recognized company name poised for growth with an updated roadmap.
Why We Like It:
- Canadian-based exchange.
- Easily fund your account with e-transfer.
- Trade and hold Canadian Dollars.
- Simple to use interface with wide variety of cryptos.
- Newton covers transaction fees up to $5 for withdrawing coins out of their platform.
Why We Like It:
- Publicly traded exchange, makes it highly regulated and a safe place to buy.
- Starting to offer interests on limited coins just by holding.
- Learn and earn $3-10 in free crypto by completing a quick quiz.
Keeping Your Funds Safe.
Not your keys, not your coins. Have you heard that phrase before? Hopefully you didn’t have to learn the hard way. With cryptocurrencies, if you don’t own the secret keys then you don’t really own your coins! Although most exchanges have come along way and are secure, there could be hacks or other incidents, like the owners running away with the funds. That's why it's important to have your own wallet and the keys.
This is why we trust:Cryptocurrencies are highly volatile and risky with a potential to lose all of your invested capital. Conduct your own due diligence and consult your financial advisor before making any investment decisions. The content contained on this Website shall not be understood or construed as investment advice and you understand that you are using any content at your own risk.
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