The cryptocurrency market is developing by leaps and bounds today, and many people have come up with the idea of learning how to make money on cryptocurrency. That is why there are particular information channels on the crypt. Their goal is to help the less knowledgeable users in mastering the cryptocurrency market and give you the best crypto signal.
In general, the best crypto signals are a pretty helpful practice. With their help, you can find a little-known but promising cryptocurrency or learn how to work with a coin that has been on the market for a long time.
Free Cryptocurrency Signals
The main advantage of free signals is probably obvious – no money is charged for their use. They are freely available. But the disadvantages are easy to guess – such an analysis is not always carried out at the proper level since a small number of market factors are taken into account. The authors of paid signals still value their reputation.
Why is it better to use paid crypto signals?
A distinctive feature of paid signals is their high accuracy. In some services, it reaches 80-90%, that is, 8-9 recommendations out of 10 accurately predict the trend movement.
Before using the paid expert advisor, we recommend testing it. Most software developers provide demo versions, and online services offer free access for a day.
How to make money on cryptocurrency signals?
You can't make money just by getting information from traders. You need to stick to your trading strategy, not enter the asset at the peak, which showed rapid growth, try to trade liquid assets. But do not flatter yourself, believing that the only thing that will concern you when using paid recommendations is the withdrawal of cryptocurrency in real money. The recommendations distributed by the expert should be analyzed, compared with the data of fundamental analysis, and conclusions should be drawn. At least 1-2 trades out of 10 will be losers. Experienced traders know that with the wrong approach and a penchant for excitement, two unsuccessful contracts can overlap 8 successful ones. Therefore, you need to use the signals very carefully.
There are also a lot of people who will want to cash in on you. Their strategies are all about the same, so we will tell you about them so that you do not become a victim of them. For example, the attacker uses this as follows:
- Buys an illiquid altcoin and transfers it to exchange A, where its price is higher than the average market price, for example, by 10%;
- On site B artificially inflates the asset rate, for example, by 50%. To do this, you need to find an exchange with a small number of open orders to sell altcoin and buy it at a high price, which the aggregator will fix.
- Reports in its channel about the difference in the value of the cryptocurrency on platforms A and B, and, accordingly, the opportunity to make money on it.
As a result, subscribers buy the coin at an inflated price from the channel administrator on exchange A. When they transfer the asset to platform B, it turns out that it can only be sold at the market rate, at a loss. Beware of such people, and do not be fooled by their schemes.
Cryptocurrency signals are a great option if you want to make money on some little-known cryptocurrency coin or start making money with promising and well-known coins. However, you need to be very careful in choosing professionals who will provide you with information and reliably verify them. Furthermore, free signal sources are complicated to find, so in this case, it is better not to skimp because your future profit will depend on it.