17 September 2021
1 - Before you start, make sure you undertake extensive research into companies that help you buy into crypto. It's so important to make sure you research as there are many companies out there who aren’t always transparent with their clients. The research should look in-depth at how much commission companies take when and if you withdraw or transfer any crypto. Some companies will expect larger commissions whereas others genuinely want you to succeed. Another way to understand companies is through customer reviews. You can also take part in free trials for different crypto sites and get to know the feel of how they work.
2 - Understand the risk. As with any investment, buying into cryptocurrency comes with a risk. Make sure you set your budget limits and stick with what you're happy to invest. Again, this is where your research should come into play, as some websites may charge you for trading and sometimes the cost can be quite a lot more than expected. This is why you have to be careful when choosing the right company to work with. As with any investment, there is the chance that you may lose money if the market crashes. That being said, there have been numerous success stories where people have invested, and the market has skyrocketed and they are now multi-millionaires. Think of investing in crypto like gambling, you’re investing your own money in hopes of a return. However, it's important to be realistic and know that there may not always be the return you wish for.
3 - You have to be in it for the long run. There is no use investing some money to take it out pretty much straight away. There will not be very much return and you may end up paying more in fees than you can withdraw. Therefore, if you think you're going to be short of money or you don't have the budget for investing in crypto, make the right choice. Cryptocurrencies fluctuate over time so you have to be willing to wait for the return unless you're extremely lucky and there is a huge increase in value.
4 - Be wary of crypto apps. Many apps allow you to invest in your favourite stores by investing in crypto for them. It's always worth making sure that whoever you invest in are ethical. There has been quite a lot of bad press about whether cryptocurrencies are ethical and environmentally friendly. If you are investing crypto into a company that you just and haven’t researched, it may not be ethical and there may be negative repercussions.
Overall just be careful, make sure you work alongside a reputable company that will support you, and who will be transparent with your plans. DexStrats is a popular company that has a live chat function, which means there is always someone to talk to if you have any concerns. This function isn’t available with all crypto websites and can put your mind at ease and support you with any help as a beginner.