People have always liked the idea of get rich schemes for obvious reasons, but it is important not to be naïve and always do extensive research before you invest any of your hard earned money in to something. A few years ago the big trend was with Forex trading (foreign exchange), buying and selling different currencies to make ‘millions of pounds’. You’d see adverts of people stood next to Lamborghini’s, in mansions, on private jets saying this could be you by following this easy method. Many people were sucked in by how simple it seemed and lost a lot of money in the process whilst the owners of the trading platforms were making large amounts of commission on all the trades.
Crypto Is The New Forex For Casual Traders
The next trend revolves around crypto, we’ve seen similar adverts as well as influencers and celebrities all talking about buying cryptocurrency and ‘making millions’ from it. The reality is that it is a highly unstable market that isn’t tied to anything tangible to control the price of it, in the space of an hour the price could drop 90% for no reason because a few high-net-worth individuals have sold their coins and it has panicked people. This recently happened to Ethereum, at the start of April a coin was valued at $3,600 and today it is $1,800, that’s a 50% drop in the space of 6 weeks.
If you are a casual trader i.e. someone who doesn’t know the ins and outs of it, doesn’t do it as a full-time job and know the market signals then you should only ever be investing money that you don’t need. This means after you have paid everything, after you have put some money away in to savings, that extra expendable income that you might normally spend in a bar or on a holiday is the type of money you should be investing. You don’t need it, you would have spent it anyway and if you make money from it then that’s great but if you lose it, it’s not the end of the world. Obviously you need to start somewhere and you need to learn so you are bound to make mistakes along the way, just ensure that you make mistakes with money you don’t need.
Crypto Scams & Trading Platforms
There have been countless examples of people using fraudulent trading platforms, buying bitcoin from people who have emailed them with a ‘special offer’ or just using what appeared to be a legitimate platform that then later turned out to be a Ponzi scheme. Unfortunately, where there is money there will always be fraud and there will always be scams so you need to be ultra-careful and make sure you research any company in detail before using them. Make sure you use trusted sources such as news sites rather than blogs and comparison sites, these will have just charged a fee to advertise and say they are the best wallet/trading platform around. If you do end up losing money and want to take it further then look to use investment fraud lawyers to try and get some or all of your money back for you.