The Artur Hochberg Tips on Safe Cryptocurrency Trading
By Space Coast Daily // September 25, 2019
Artur Hochberg says that security or the lack of it is still a big issue in crypto trading. Do a thorough background check on a trading platform for safety.
After their frustrating and disappointing price slump in 2018, cryptocurrency prices have spiked once more in 2019.
Bitcoin known as the king of cryptocurrencies lost over 80% of its 2017 price gains losing over $700 billion of its market capitalization.
A lot of investors who had bought the digital currency during its bull run to the $20,000 mark, lost a lot of their hard-earned in the subsequent crash.
While the cryptocurrency had a value of $20,000 in late 2017, the token was worth $6,461 in late 2018. Digital currencies are very volatile, and this rippling back and forth in prices can very confusing for a novice trader.
Artur Hochberg says that this could be part of the reason why brokerage firms often get a bad name from their clients.
Rules of crypto trading by Artur Hochberg
• Stay informed and diversify your portfolio
The unpredictability of the digital currency market can make it challenging to foretell if a trade will close profitably.
Most traders that get in when the Bull Run is already underway sometimes end up with very little or no return on investment at all. To ensure that you reap the benefits of the rising digital currency market, you have to stay vigilant.
Watch the markets and stay informed, so that you can make profitable decisions, fast.
If you are keen on price movements, for instance, you will catch a token’s rally at its infancy. This means that you will have the opportunity to buy digital currencies at their lowest values, and sell them later when their prices are at their peak.
It is of critical importance also to ensure that your investments start as little as possible. Do not put all of your life savings into one investment vehicle.
Diversify your portfolio, to ensure that if there is a slump in market prices, you will not lose your life savings.
• Protect your wallet’s keys
Digital currencies are backed by online blockchain technology. This factor implies that cybercriminals can hack your investment in crypto assets.
If your wallet or that of your trading platform is hacked, you could lose all your assets. Since digital currency transactions are pseudonymous, there is no easy way to retrieve stolen or lost digital assets.
Good brokers like Artur Hochberg (soarfx.com) will tell you that the protection of your assets is sorely your responsibility.
Your wallet’s password should be kept a secret, and you should not share it with any trader or broker. Most trading platforms have hot wallet facilities that store your digital currencies during the trade.
When you have wrapped up a deal, store your cryptocurrencies back into your smart wallet for safekeeping from hackers. The cryptocurrency market is now a decade old.
If you compare it to older established markets such as the stock market, it is young. This factor implies that most investors in the new market are still learning the ropes.
Regulators have also not laid laws that adequately protect investments from fraud.
These factors have led to the rise of rake trading platforms, which will take your digital currencies and vanish. World governments have, however, cracked on these illegal operations to stem the vice.
The final word
As digital currency prices rise, they have given apt investors a unique way to make money off their values. Like any other asset trading, vigilance and caution are crucial, to minimize losses and maximize your profits.
CLICK HERE FOR BREVARD COUNTY NEWS