How most often they make money on cryptocurrency. Instructions for a beginner
There are many ways to increase your savings with Bitcoin and other digital assets. For example, investing, trading, mining and other methods. I tell you about all the options
Ways to make money on cryptocurrency
2020 could very well be the year when interest in cryptocurrencies reaches the end of 2017. Bitcoin, according to forecasts, is again torn to historical highs, and altcoins are also growing in price. It’s time to remember the most popular ways to invest and make money on cryptocurrencies.
Trading involves short-term speculation, making a lot of transactions. Exchanges are best suited for this. Here, the easiest way is to quickly buy or sell cryptocurrency. There is also an option for margin trading with leverage. However, it is suitable only for professionals, since it is much more risky.
Cryptocurrencies are extremely volatile, so it’s better to start trading them with a practice account. It allows you to get acquainted with the exchange and its instruments, get an internship on a virtual balance sheet. Then it is better to start a small amount and, no matter how strange it may sound, survive the first losses. This will help you understand if you are able to remain calm and make informed decisions in a stressful situation.
It is worth reading specialized trading literature, listening to lectures, taking courses. This will help you better understand the market situation and learn different trading strategies. We have discussed in more detail how to start trading cryptocurrency in the previous article from the series «Instructions for a beginner».
There is also algorithmic trading. Most transactions on world exchanges are carried out using high-frequency trading instruments — a method of trading in which special programs automatically look for opportunities to make money, sell and buy positions in a split second. Due to the strong fluctuations in cryptocurrency rates, bots in this area are becoming more and more popular.
Algorithmic trading systems are used by both professionals and amateurs. Programs vary in degree of complexity and principles of the device. There are three main categories of software for working with crypto-exchanges:
- Simple bots with pre-defined logic;
- Trained trading robots based on AI and machine learning technologies;
- Robots-advisors (do not make deals, but give recommendations)
This option is hardly suitable for beginners. System performance is difficult to predict and impossible to guarantee. It is not necessary to completely outsource exchange operations to the software, but you can try robots-advisors and independently evaluate their effectiveness.
Earnings on referral programs of crypto exchanges
A referral program is a type of cooperation in which a firm pays its client (referral) for attracting new users (referrals). As a rule, both the one who brought and the one who was brought receives bonuses. Each organization chooses the method and amount of remuneration independently.
Among crypto exchanges with permanent affiliate networks: Binance, BitMEX, EXMO, OKEx, Huobi and Bitfinex. The amount of remuneration depends on the total volume of all attracted referrals. It happens that companies launch «one-time» referral programs, for example, within the IEO or in honor of a major update.
In March, Bittrex Global announced big changes in the operation of the mobile platform: the site began to support credit cards for buying digital assets and pending orders on smartphones. At the same time, the company introduced a new referral program, which allowed customers to receive an additional commission percentage from the transaction of customers who came via a special link.
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