My Easy Guide to Getting Started Investing in Cryptocurrency With Low Risk

Photo by Executium on Unsplash

Do Your Own Research

For the past couple of weeks, the number of posts on this site has been slow. That’s because I’ve been spending my days deep in trying to educate myself all about buying, selling, and trading crypto.

You Can Make This As Easy As You Want

The rabbit holes and technical trading strategies you can get involved with are a labyrinth that will suck time and brainpower. Maybe in the future, I’ll spend more time and chase those monsters, but for the newbie, it seems like just starting gently is the smartest move. Besides, I love easy!

Pennies Matter

If you want to try and time the market, I’ll show you what I’ve learned. In that case, the cost of buying and selling crypto is critical to success. Picking the wrong trading company can cost you a lot of fees you don’t need to pay.

Top 10 Most Popular Cryptocurrencies

But a search online will find information on what people believe to be the correct coins to invest in at the time. Honestly, trying to pick the right coin for you is like someone else picking your boyfriend or girlfriend. Only you know what makes sense for you.

Investing in Cryptocurrency Can Result in High Returns

You can put investing in any crypto on a set-and-forget strategy. It doesn’t have to be complicated. It is like saving for retirement; a slow, steady investment can pay off over the long haul.

You Can Lose Money

I recommend never investing money in crypto that you are not prepared to watch drop for some time. The value swings can be dramatic.

Binance.us is the Best Trading Platform for Me

There have to be thousands of places out there to use to buy and sell crypto. You should feel free to use whoever you want after doing your own research.

Binance.us is a U.S. Compliant Trading Platform

I appreciated that Binance.us is operated by BAM Trading Services based in San Francisco, California. Many exchanges you might hear about are not authorized to trade in the United States. If some regulator cracked down on the unlicensed exchanges, your assets could be frozen. That is not a risk I’m personally willing to take to save even more on trading fees.

Easy to Open My Binance.us Account

From start to finish, it took less than five minutes to open my Binance.us account, verify my identity, and deposit money for free using an ACH bank transfer.

Binance.us is Easy to Setup a DCA

Once you register your account, you can set up a Dollar Cost Averaging (DCA) deposit as I described above. It took less than a minute to schedule a weekly deposit and put it on autopilot. I got that going immediately. Set and forget.

Want to Take it a Step Further?

Using the DCA strategy and Binance.us or some other exchange you pick will get you started on the most basic long-term strategy geared for future success. This is not a short-term get-rich-quick approach.

Final Advice

Dip your toe into investing in cryptocurrencies but be smart about it and go for the long returns first with DCA. The DCA approach is the easiest and most proven to create a good return. It is the same strategy smart stock traders use as well.

My Sword

Back in 2017 I started the DCA strategy of investing in Bitcoin but got bored with it and stopped. What an idiot I was. Read this and this.

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Steve Rhode

Steve Rhode

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Dog Rescue Pilot, Firefighter, Debt Coach, and a Nice Guy