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koinpro

Is it Safe to Buy and Trade Bitcoin?

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When investors first hear about Bitcoin, it usually doesn’t take long to realize that it represents an incredible investment opportunity. Since Bitcoin first launched back in 2009, the cryptocurrency has gone on to become one of the greatest investment assets of the last century, after climbing from $0 to a peak of over $20,000 in less than a decade.

As an asset designed to act as a hedge against the traditional economy, and provide anybody, anywhere with an alternative monetary system, Bitcoin is widely hailed as an “uncorrelated asset” that doesn’t move in step with traditional markets like stock indices and commodities. Understandably, this impressive performance has led to a huge influx of retail investors, a large proportion of which look to cash in on Bitcoin’s meteoric growth, while many believe that the technology behind Bitcoin and Bitcoin itself will be used to address many of the world’s most pressing issues.

This begs the obvious question. “Just how safe is it to buy or trade Bitcoin?”

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Buying Bitcoin is Safe (Usually)

As with any investment, there can be risks involved when buying Bitcoin. However, these risks are usually limited to the simple possibility that you might lose your money if the market isn’t in your favor — such is part and parcel of any investment. However, it is important to only choose and deal with reputable platforms when making your investment. As with any industry, crooks and scammers are rife in the cryptocurrency industry, so you’ll need to remain vigilant when choosing a platform to invest with.

As always, you should only invest as much as you are willing to lose, and never more than you can afford. It’s often a good idea to scale in slowly, to gain a feel of how the market works and determine your risk appetite. Once you’re comfortable, you can then invest larger sums. In any case, it’s important to do your due diligence when choosing a platform to invest with, not just to ensure it’s safe to use, but also to ensure it offers the features and services you’re looking for. Remember, a knowledgeable trader is a profitable trader.

You may also want to consider whether the platform you choose enforces KYC checks, since these can introduce another layer of risk — in the form of identity theft and invasion of privacy.

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Different Ways to Buy Bitcoin

Broadly, there are five major ways to buy Bitcoin directly. Each of these has its pros and cons, and appeals to different user demographics. We’ll run through these five major types below, to help you gain a better idea of which best suits your needs.

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Derivatives Exchanges

Derivatives exchanges are now by far the most popular way to invest in Bitcoin, thanks to the huge range of derivatives products now available to trade and the advantages they offer over standard spot trading.

In short, Bitcoin derivatives are types of contracts that allow traders to easily speculate on the direction of Bitcoin’s market movements. These contracts allow traders ‘go long’ if they believe Bitcoin will appreciate in value, or ‘short’ if they believe it will lose value. As such, they represent a simple way to profit on Bitcoin, regardless of which direction the market moves in.

Beyond this, Bitcoin futures exchanges like KoinPro allow traders to enhance their exposure to the market by opening leveraged positions. KoinPro allows customers to trade with up to 100x leverage, which has the potential to turn even slight market fluctuations into staggering gains. This feature also makes Bitcoin futures an excellent way to hedge, since they can be used to offset volatility risk very easily.

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Spot Exchanges

Another popular way to purchase Bitcoin is through a spot exchange. These exchanges allow customers to trade Bitcoin as well as a variety of other cryptocurrencies in a peer-to-peer manner.

These exchanges often use a central order book to match buyers and sellers for each cryptocurrency, allowing customers to securely trade one cryptocurrency for another. Oftentimes, these exchanges will also allow you to purchase Bitcoin directly with your debit or credit card, as well as other payment methods.

Although spot exchanges are popular, they lack the flexibility that derivatives trading platforms offer.

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Through a Broker

One of the most popular ways for new investors to first make their entry into the Bitcoin market is by purchasing BTC through one of the numerous Bitcoin brokers.

In brief, Bitcoin brokers are entities that act an intermediary between those looking to sell Bitcoin, and those looking to buy it. These allow investors to quickly purchase Bitcoin, often with a wide variety of payment methods, but typically lack the advanced trading tools found on spot and derivatives exchanges.

Brokers are best suited for absolute beginners and those looking to make infrequent purchases since the fees are usually on the high side.

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Over the Counter (OTC)

Over-the-counter trades, also known as OTC trades, are similar to broker buys, but are typically restricted to high net worth individuals or institutions looking to make bulk purchases of Bitcoin. The way it works is simple. A client registers with an OTC desk and makes an order for a large amount of Bitcoin. The OTC desk will then match the buyer to a seller and negotiate the terms of the order with each counterparty.

Once terms have been agreed, the OTC desk then acts as an escrow for the trade, ensuring it is completed smoothly and quickly. These platforms are often used by institutions and hedge funds that want to buy Bitcoin in private, without affecting the spot market.

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Staying Safe When Investing in Bitcoin

Regardless of which platform you choose when investing in Bitcoin, it is important to take steps to maximize the security of your funds. This process begins by choosing an inherently secure platform to trade on, but there are also several additional steps that should be taken when available.

The first step is enabling any and all available two-factor (2FA) authentication methods on your trading account. Although most exchange platforms have robust back-end security protocols that make a breach highly improbable, this security doesn’t always extend to individual accounts.

After all, anybody with the login credentials to your trading account could theoretically withdraw your funds or trade with your balance. Because of this, it’s important to enable additional challenges that need to be passed after logging in — these are known as 2FA settings.

KoinPro, for example, allows you to enable Email, SMS, and Google Authentication for logins, withdrawals, and security changes, ensuring your account remains secure even if your computer is breached. Beyond this, you have access to a comprehensive activity review panel, which shows who logged in, when, and where from, allowing you to keep on top of your security at all times.

Although KoinPro offers these features, not all exchanges offer additional security options. In this case, we highly recommend selecting an alternative platform, since security should is not something to skimp on when dealing with digital assets.

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ACCURATE INFORMATION

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