With all the interest in crypto, it’s no wonder that more and more people are interested in self- trading. It’s easier than ever to create an account and start buying and selling cryptocurrencies. Even online courses promise to teach you everything you need to know about investing in this new asset.
Self-trading in crypto can make for a wild ride, but with the potential for enormous gains. The question is, is self-trading worth the risk? The answer is YES.
With that in mind, this article weighs up the advantages of self-trading. You’ll also learn how cryptocurrency trading works, and you’ll find suggestions about the kinds of issues you should watch out for.
How Does Crypto Self-Trading Work?
On the face of it, self-trading crypto doesn’t look very different from trading in stocks. You’ll need to pick a crypto company to work with and create an account. Most platforms will request some form of personal identification, as well as information about how you want to fund your account. Coin IRA offers both IRAs and Individual Trading accounts, and since Equity Trust will act as the custodian for your account, there’s no need to worry about a wallet or the security of your assets. Equity Trust, an IRS approved custodian, has been in the self-directed IRA business for 45 years and has $34B in assets under custody. Equity will ensure your digital assets are held safely and securely in your account.
What Are the Benefits of Self-Trading Your Cryptocurrency?
Profit Opportunities Are Increased
Cryptocurrency can be highly volatile, which means that there are constant opportunities for profit.
On the plus side, all of this movement means plenty of chances to turn a profit, and having the access to execute trades yourself, without delay. At the same time, trading in such a volatile asset means that you’ll need to either be constantly engaged, set trade triggers, or be willing to sit back and play the long game.
Crypto Market is Always Open
The cryptocurrency market truly does not sleep. Unlike the stock market, which keeps relatively tame banker’s hours, virtual currency trading goes on 24 hours a day, seven days a week. That means more opportunities for profitable trades.
Of course, that endless buying and selling also means that you will want a trading platform that is secure yet simple to use, like the Coin IRA Digital Asset Self-Trading Platform. Even beginners find it straight forward and easy to navigate.
Every form of investment carries some risk, and crypto is no exception. Cryptocurrency is highly complex. Besides bitcoin, there are thousands of different virtual currencies on the market, each with its own backers who can spin a convincing story about their currency’s likely rise. The extreme volatility associated with crypto can make it hard to untangle truth from fiction since it’s easy to get distracted by a temporary surge or fall.
As long as you feel comfortable making your own investment decisions and can follow step by step instructions to place a trade, you can reap great benefits from self-trading. Adding cryptocurrency to your investment portfolio will open up new avenues of possibility, whether you plan to use the investment to fund your retirement or to diversify your overall portfolio through an individual trading account
Investing Through Coin IRA
With the help of the experts at Coin IRA, learning to self-trade is simple, and you’ll have access to a simple yet robust platform. The experts at Coin IRA will be your personal guides through every step of your new adventure into the exciting world of self-trading cryptocurrency!