As a person who is not even into finance news, I did not escape the hype that the cryptocurrency brought to the world. I constantly hear these bitcoins and whatcoins and don't know why they are the hot topics of media back then. Even my friends talk about it a lot.
Then one day, a friend of mine sent me a referral link to Coinut, a trusted cryptocurrency exchange platform here in Singapore. I don't know about these digital currencies and thought that I'm way out of league with these finance trends, so I hesitated. However, my friend was so persistent! He insisted that this is legit and that I will easily earn money just by using my phone or laptop. Even though it sounded like a scam, I did register because it was free.
Then started my journey into the crypto world.
How Do You Earn Money Using Cryptocurrency?
Cryptocurrencies, also known as digital currency, have fiat money equivalents. For example, as of today, Bitcoin price is SGD 8901, whereas Litecoin price is SGD 77.56. How exactly do you earn money using exchange platforms like Coinut?
Well, basically you will buy cryptocurrency (or coins as traders call them) at a low price and sell them when prices spike. However, buying coins is very tricky because there are tons of them out there and you need to figure out which ones are going to be successful. At the website, you can see a list of available coins to buy along with their prices in SGD, USD, or as paired up with other coins. Choose a coin that you think will be successful and thus spike up in price in the future. Buy that coin if the price is low. When the price goes up, sell it again. And the cycle of profit continues.
The prices of these coins can go up or down by the second so investors are caught between daily trading or holding on to their coins for weeks or months to get a higher yield.
How To Start Trading?
First, create an account in their website. Don't worry, it's fast, free, and very easy. After which, you will be asked for some ID information to verify your account. A successful verification means that you will earn $15 worth of Litecoins as freebies!
You can now use their website to buy cryptocurrency. At Coinut, you can buy, sell, and trade cryptocurrencies pretty easily. What I love about it is that the website is very intuitive. You can easily deposit in SGD or in USD, and then buy, sell, and trade cryptocurrencies, and eventually withdraw in SGD or in USD. No minimum amount required.
Right now, I'm still holding on to Bitcoin (BTC) and trading Litecoin (LTC) and Ethereum (ETH) as well. Simple but reliable exchange platforms like Coinut is perfect for beginners like me because it only has a few important coins available, allowing me to have more focus and less confusion as I familiarize myself with trading.
For proper guidance, you can check out the currency's standing in their social media community. Follow successful currency traders on Facebook or on Twitter so you are well-informed.
Some Tips
Only invest what you can afford to lose. Cryptocurrency trading is an investment, and like all other investments, it's not risk-free. Do not put all of your savings there just because other people are doing so. Practice caution as you navigate your way to being a pro-trader. Good luck!
