Working from home isn’t just a dream anymore, as there are many jobs you can now do from home thanks to the internet. Being able to work from home means that you’re your own boss, you don’t have to commute every day, and there is no real schedule to follow, like a typical 9:5 job. The flexibility and range of possibilities in how you go about making a living from home are endless.
Whether as a part-time or full-time activity, many people turn to trading to make money from home, and crypto-trading has recently become one of the most popular types of trading, as top cryptocurrencies have skyrocketed since the end of December 2020.
Bitcoin, the largest cryptocurrency by market capitalization, gained almost 70% since the beginning of the year, while Ethereum, Cardano, and Binance Coin (the 2nd, 3rd and 4th biggest cryptos) gained more than 110%, 575%, 1,465% respectively over the same period, according to at the time of writing. This is without mentioning other, smaller tokens that are strongly gaining in value, who will potentially playing a larger role within the crypto world in the future.
But is crypto-trading the best trading option with which to make money? It all depends on your personality and motivation. Crypto-trading involves buying and selling currency pairs involving one cryptocurrency against another (crypto/crypto pair like BTC/ETH), or one cryptocurrency against a fiat currency (crypto/fiat pair like BTC/CAD) in the hope of making a profit.
Retail crypto-traders trade cryptocurrencies via CFDs or Contracts For Difference, as they do not own the underlying token, they don’t have to deal with complex procedures linked to crypto-exchanges and wallets, and they can take advantage of rising and falling markets. It’s a good mix of simplicity and profit potential, particularly for short-term traders. CFDs are typically available from forex brokers. An example of such a broker is easyMarkets, which offers several risk management tools to help traders protect their capital, including free guaranteed stop loss and no slippage.
While the cryptocurrency market is promising and has brought great returns to those trading it, it is still a very new, volatile, and unpredictable market, which isn’t for all types of traders. Making money from Bitcoin or can therefore be quite a challenge, so you need to be sure you’re ready to become a cryptocurrency trader.
Becoming a successful crypto-trader in 2021 isn’t easy, but it’s certainly not impossible. See it as a challenge – it will be so gratifying when you succeed! To be profitable at trading cryptocurrencies, you need to be dedicated, have a solid trading plan, and the will to stick to it.
If you’re relatively new to the trading world, it’s best not to leave your current job to trade from home full-time – see crypto-trading as a way to make additional revenue, with money you don’t need to live.
Learn first how trading works and what makes the crypto-market move. Then, determine which kind of trader you are and write down your crypto-trading plan. Finally, choose the right platform to trade CFDs on cryptos on a demo account, before using your trading capital in a real market environment.