Day 1 Part 1,
Getting into the game, are you sure?
LESSON 1: DO YOUR OWN RESEARCH
One week ago today my Dad came home with the news that his work mates had turned £70 into £200 in a matter of weeks and to get on board quick so he bought ETH at £330 and LTC at £44 and what followed? Quiet a dramatic fall, with prices only just getting back to that level. Thankfully I did some research and in that delay was able to buy ETH at £249 and am comfortably in profit for it now.
LESSON 2: BITCOIN IS TOP DOG
Commander and chief in the cryptocurrency world is Bitcoin, I was under the impression that that ship had sailed and I would try and find the next Bitcoin... to do that however you need to buy Bitcoin! I bought in Coinbase and then transferred to Bittrex to begin trading.
LESSON 3: START UP COSTS
A £50 purchase in Coinbase will cost £52, 4% commission, there will be commission on every transfer of cryptocurrency and there will be a 0.25% on every transaction on Bittrex. This all stacks up so don't forget!
LESSON 4: BE CAREFUL
Only spend what you can afford to lose, this is a volatile and unregulated market that could leave you with everything one minute and nothing the next.
Hope this was helpful!
Many thanks,
Phil