Cryptocurrency (crypto) is becoming the most chosen investment today. Many people are finally looking for ways to play crypto to cultivate wealth or find additional income. The reason is, crypto assets can provide large profits in a short time.
On the one hand, crypto also saves a lot of risk in it. Not a few investors lose money when playing crypto, especially beginners. Therefore, those of you who want to take part in this trend need to learn and find out the ins and outs of crypto.
How to Play Crypto for Beginners
As a reminder, all types of investments have risks. Playing crypto also has a very large risk. Therefore, you need to know the right steps to take to be able to earn money. Check out the tips for playing crypto for beginners that you can try.
1. Only use cold money to play crypto
This investment carries a high risk. Therefore, you can only play crypto with the cold money you have. Cold money means money that will not be used in the near future or has not been allocated to a need. In other words, this is the excess treasure you have.
How to get cold money, of course, by completing all your routine obligations. You need to pay bills, installments, set aside an emergency fund, and savings before you finally get this cold cash.
The use of cold money is intended so that you do not increase the risk of investing. When cold money is at risk of being lost, you don’t need to sacrifice money for other needs.
2. Choose a registered digital platform
A safe way to play crypto also requires choosing a digital platform that has been approved by the Commodity Futures Trading Regulatory Agency (CoFTRA). Here are some companies that already have permits to manage crypto assets:
- PT Crypto Indonesia Berkat (Tokocrypto)
- PT Indonesia Digital Exchange (IDEX)
- PT Pintu Kemana Saja (Pintu)
- PT Luno Indonesia (Luno)
- PT Indodax Nasional Indonesia (Indodax)
- PT Zipmex Exchange Indonesia (Zipmex)
- PT Cipta Koin Digital (Koinku)
- PT Rekening Dotcom Indonesia (Rekeningku)
- PT Triniti Investama Berkat (Bitocto)
- PT Tiga Inti Utama (Triv)
- PT Upbit Exchange Indonesia (Upbit)
- PT Plutonext Digital Aset (Plutonext)
- PT Bursa Cripto Prima
3. Do account opening
After choosing a company to buy crypto assets from, you need to register and open an account. In creating this account, you need to enter your personal data and personal email. Make sure to enter the appropriate data and use the correct email.
The reason is, the suitability of personal data is very important in digital transactions. You certainly don’t want your data to be stolen or even unable to be opened because you use the wrong email address.
The next step is data verification. Some digital platforms will ask for selfies with ID cards and digital signatures through the application. Wait for verification after before you can finally start playing crypto.
4. Choose the Right Exchange
As a beginner, you also need to know the right exchange for crypto trading. Well, this can help you make transactions more secure bro. Not only that, choosing the right exchange will also determine whether you will profit or lose bro! Ax advises, choose an exchange with the following in mind: security, customer service, and transaction fees. In essence, when choosing the right exchange, you must pay attention that the marketplace you are using already has clear permissions.
5. Make a deposit
To buy crypto currency, you need to make a deposit first to the account that has been determined. Adjust the deposit value according to your financial capabilities. Spending too much will actually make you uncontrollable in investing. Also avoid depositing too small because it will only make your purchasing power limited.
6. Learn about crypto assets
Each crypto asset has its own characteristics and characteristics. You need to study and research each asset before you start selecting it. Check all the information on the internet as well as reviews from experts.
There is no harm in paying attention to the movement of each crypto asset before starting to choose it. The movement of crypto assets is fairly fast. You should be able to get an idea in a few days or weeks.
7. Don’t rush to make a decision
As previously mentioned, crypto assets go up fast and they go down fast as well. When it drops, you don’t need to rush to sell it. There is still a chance for the cryptocurrency to go up, really.
In fact, this is your chance to buy it back. It is not impossible that the value of the asset you bought will increase and you can get bigger profits later.
8. Store in Crypto Wallet
For those of you who have successfully purchased crypto assets, save the results of the purchase in a wallet or digital wallet. This wallet can be managed alone or through an exchange. Both of these options have their advantages and disadvantages.
If you prefer to store in an exchange wallet, this will be more practical. However, the risk is higher because it can be broken into. There have been so many incidents of crypto being broken into or stolen by hackers. If you prefer to store in a personal wallet, this option is considered the safest because the activities are not connected to the internet. The problem is only in practicality and you may incur extra costs when transacting.
9. Don’t rush to sell
If you’re not lucky, for example, when you buy a crypto asset but the price goes down, don’t worry bro! Don’t panic and rush to sell. When your crypto value drops, you can buy it again at a lower price to get a lower average price. Pay attention to its performance in the future. If the price starts to rise, surely you will profit, right?
10. Invest in other instruments
Cryptocurrencies are indeed being loved by many people. However, that does not mean you immediately forget about other investment instruments. Putting wealth in other investment instruments can also reduce the risk of losing funds from crypto, you know.
You can choose gold which is fairly stable in price. You can also put it in a very safe deposit. Another option that is no less good is mutual funds.
This mutual fund investment can maintain and manage your assets so that they increase. Mutual fund options also vary, ranging from the money market, fixed income, to stocks. What’s more, the capital required for mutual fund investments is also smaller.