The first time you sign up for these trading platforms, it’s a good idea to make sure you have all the necessary documentation in your account as early as possible. The last thing you want to happen is that you get stuck in a slow and laborious process while having a good chance of trading a flagging page by mouth. It takes several days to get verified. Also, keep in mind that as you shop, your buying and selling boundaries will gradually begin to reach their full potential. The use of the Litecoin QR Code Generator comes essential there.
Another point to consider is when using a currency other than the euro. In that case, it may be wise to check how easy it is to buy and raise that currency on this platform. You probably don’t want to get caught up in lifting fiat problems, for which Bitfinex provides a good example.
Wallets for cryptocurrencies
The stock exchanges have their own built-in wallets where you can store the cryptocurrency you buy. However, if you have heard the so-called Mt. In the case of the Gox hacking, you may be a little skeptical about keeping money in a particular stock market. In this case, you can use services such as “myetherwallet.com” or “invest less than $ 100” on a device called KeepKey. Both of these options are viable options that can help you avoid the risks of keeping money on a web-based platform. Of course, you are responsible for keeping the cryptocurrency safe.
To move cryptocurrencies from stock exchanges to your hardware-based wallet for long-term storage, follow the steps below. We have used Coinbase and Nano Ledger S as examples:
- Connect the Nano Ledger S via the USB port.
- Open the Ledger wallet app. (In Chrome, you can find this under “Apps”).
- Find your wallet in Nano Ledger S.
- Find the “send/request” button and enter the address of your Nano Ledger Swallet.
- Confirm the amount and click “Send Money”.
First, it may be smart to send a smaller amount (eg 0.0001 BTC) to check that everything works as it should before you send a larger amount. This way you will avoid nasty mistakes. However, it is worth noting that this may also be a small expense.
We myself have a hardware-based wallet because we like having physical proof of my property in cryptocurrency. A hardware-based wallet also makes it easier to save on different types of currencies, which is handy if you are involved in the ICO (Initial Coin Offer) in the future.
How much is worth investing in your cryptocurrency
This is a very subjective question. Cryptocurrencies are an investment opportunity that can get rich very quickly, but volatility makes it very difficult to predict which is the most profitable solution. As a precaution, keep in mind that you should never invest more than you are prepared to lose. we cannot underline the importance of this because volatility can have a profound effect on our feelings and behavior. Investments can earn huge sums, but they also carry higher risks, which can also lead to stress.
- Investor up to 30 years old: 30% in cryptocurrency, 50% in traditional investment
- 30-40 year old investor: 20% for cryptocurrency, 60% for traditional investments
- Investor over 40 years old: 10% in cryptocurrency, 70% in traditional investment
The purpose of this is not to discriminate against anyone on the basis of age, but to take into account that with age a person may have extra financial expenses (loan, family, etc.).