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IM Academy Shares How to Get Started in Cryptocurrency Trading

Currencies / cryptocurrency Nov 01, 2021 - 02:07 PM GMT

By: Sumeet_Manhas

Currencies

Ever since the birth of Bitcoin in 2008, the excitement surrounding cryptocurrency has steadily reached a fever pitch. Tech tycoon Elon Musk says Bitcoin is his largest holding, and every time he tweets or talks up another coin, it surges to new heights. Open up social media, and you’ll find young traders spouting off about their fattened-up crypto portfolios. The latest rage is NFT’s, or non-fungible tokens, a digital currency that is unique and not interchangeable.  There is always something new and developing in the world of cryptocurrency—after all, there are hundreds of cryptocurrencies in existence—so it’s natural to be curious. But where does one start? IM Academy has the answer. IM Academy, which has taught students worldwide, says that it’s seeing a brand-new influx of students enroll into their program explicitly geared toward digital currencies:  DCX Academy. DCX Academy is also available as a part of Elite Academy, a group of IM Academy’s popular academies. The dot-com is the destination for students looking to level up their trading strategy. Their courses feature segments, add-ons, and packages that make it easy to get started. Here’s a preview of what students are learning.


Cryptocurrency 101 tips
To get started, you need to develop at least a little understanding of what cryptocurrency is and how the various currencies work.  A book or e-book will help you get a handle on crypto’s main principles. Log on to YouTube, and you’ll find several crypto fan videos—just be sure to look for videos that do warn of the risks and don’t promote a specific currency, so you are getting the most objective information.

Learn the risks with IM Academy
Cryptocurrency is an emerging market.  No one—not even Elon!—knows what it’ll do at any given time.  The best advice, and it’s echoed by uber-conservative financial expert Suze Orman, is never to invest more than you’d be comfortable losing. For many, cryptocurrency is simply a fun, engaging way to learn something new and possibly make money. As with any investment advice, be suspicious of guarantees. Any reputable source of crypto information will make you aware of this and never make promises. A reputable online course such as IM Academy, for instance, strictly educates students on how to engage in the markets and informs them of this upfront—without guarantees.

Learn the laws with IM Academy
The legalities of cryptocurrency are also evolving. Rules and regulations are being observed in the U.S. and worldwide. There are significant tax consequences of trading in cryptocurrency, which is why you need a trusted source of information like IM Academy to stay abreast of all the developments.

A store of value and more
Cryptocurrency is a store of value, just like any other currency, a fact IM Academy students know well. However, the way it is valued is more challenging to determine as the uses for cryptocurrency are ever-evolving.  Some cryptocurrencies are centered around the ability to store a list of transactions, and others fill a new type of contract called “smart contracts.”

Practice makes perfect
Once you think you have a good understanding of the basics, dip a toe in with a tiny investment. Practice reading charts, news surrounding crypto, and watching the crypto market intently. In the U.S., there are several major trading platforms: Coinbase, Binance.us, Gemini, and E-Toro, to name a few. These reputable platforms will require you to verify your identity before you use them. Once you set up your account, you can follow along with some of the information you’ve found, like with IM Academy, and practice trading as you learn

Note: IM Academy is an educational forum for analyzing, learning, and discussing general and generic information related to markets and strategies. IM Academy does not provide personalized recommendations or views as to whether an investment approach is suited to the financial needs of a specific individual. Before deciding to participate in the forex or other markets, you should carefully consider your investment objectives, level of experience, and risk. Most importantly, do not invest money you cannot afford to lose.  You should take independent financial advice from a professional in connection with, or independent of, research and verify any information you find on the IM Academy website. 

Cryptocurrency-dominated investments may expose you to great risk. Cryptocurrencies are not FDIC-insured, are often not exchangeable for other commodities, are subject to price volatility, and little to no regulation. Speculating in cryptocurrencies should only be performed by sophisticated investors that are prepared to lose their entire investment.

By Sumeet Manhas

© 2021 Copyright Sumeet Manhas - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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