What is Crypto-Currency?
The short answer: You don’t need to know how it works to make money from it.
The long answer: Click here to learn all about Bitcoin & Crypto Currency.
How can I make money trading CryptoCurrency?
There are two ways of trading cryptocurrencies:
1. You can trade them just like you would any normal stock. Look at the chart, pick an entry point and hope for the price to rise.
2. You can place your investment in a lending platform. Lending platforms put your capital to use with high speed trading bots and pay you you interest for the use of your capital. Lending platforms usually pay out 1% to 2% interest daily. With a lending platform it doesn’t matter if the currency goes up or down in price, the interest they pay out is based on the volatility (up and down price movement) of the currency. Pay attention, because this is the best part about currency lending: You can compound your interest! This means your investment can build on itself. An investment at a rate of 1% compounded, doubles it’s value every two months! That means a $2,000 investment can turn into $16,000 in only 6 months and can turn into $128,000 in just a year!
There are many lending platforms out there and terms differ greatly between platforms. Also, like penny stocks they are high risk and just like penny stocks many of them turn out to be scams. StockGoodies has taken the time and in most cases money, to check out many of these platforms. Later we will go through the ones we have the most confidence in. For now let’s get you fixed up with some of the basics you will need for trading, or lending cryptocurrency: First you will need a wallet, this is a virtual wallet, a secure encrypted file where you will hold your currency.
Next you will need a trading platform, we use GDax which is directly tied to Coinbase, so there’s no fee for money transfers. Click the image below to get your GDax trading platform, at no cost.
Most of the lending platforms work basically the same way, but will differ in whether or not you get your initial investment back at the end of the term, the term time frames and the average interest rate they pay. You do have to be careful and be willing to lose your entire investment, don’t go re-mortgaging your house! While researching we came across quite a few scams along the way, lost money on some, made on others. We liked these 3 so far, for various reasons, but we’ll keep looking for others, so keep checking back. Factors we took into consideration: How long the platform has been running, whether or not they have their own cryptocurrency, where that currency stands in the ranking, the sentiment towards the company on social media and crypto trader forums, whether or not the company is actually making payouts, and what their referral program is like.
Bitconnect has a $2 Billion market cap, ranked in the top 20 out of 1,369 known cryptocurrencies, so we figured that makes this one pretty solid.Their referral program is quite good, in that it’s tiered, so if you refer someone and they refer someone else, you still get a commission. And they give you banners to use on your blog or social media pages.
Invest Ellect: https://investellect.net
We like the rates and terms on this one and they are paying out. However, they claim to be online 900+ days, but Whois says their site domain was not registered until Dec 26th, 2016, way less than 900 days. Proceed with caution.