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5 mistakes to avoid when selling or investing in cryptocurrency

5 mistakes to avoid when selling or investing in cryptocurrency

Being new to crypto trading does not necessarily mean one must make all the mistakes to experience and learn. Why not start smart as a beginner? For this, it is essential to be thorough with the common mistakes to avoid when selling or investing in cryptocurrency. Knowing what they are can help potential crypto traders begin their crypto journey on an informed and solid footing without incurring unnecessary losses.

1. Buying because the price is low

Low prices may not always hint at a bargain. Sometimes, the prices are low for a reason. So, being wary of the coins with falling user rates is crucial. Many developers formulate a project and leave it after a few years. Consequently, the coin has not been updated, a common reason for its low price. So, one of the mistakes to avoid when selling or investing in cryptocurrency is buying without research, merely because the price is low.

2. Failing to pick the right crypto exchange platform
Before one starts trading, one must research and choose a reliable cryptocurrency exchange. Sadly, many beginners rush into this step, which later proves to be a costly mistake. So, when selecting an exchange, look for the following features:

  • User-friendliness and simplicity
  • Low fees
  • Vast selection of coins
  • Good asset prices
  • Useful trading features
  • Regular review of security terms
  • Personalized and reliable support
  • Good educational content
  • Secure and authentic

3. Diving in without much study
One cannot learn trading by watching a few tutorials online or reading eBooks. To be well-versed in the skill, one must acquire in-depth knowledge before investing. So, it is vital to spend time learning the basics. One must know the following:

  • What it entails
  • Its types
  • Risks involved
  • How it works

One can find several resources and courses online to equip oneself before taking the plunge.

4. Inputting the wrong wallet address

Transferring cryptocurrency between digital wallets is how to take custody of one’s investments from an exchange or send funds from one party to another. However, a mistake users make when transferring crypto coins to a wallet is mistyping the wallet address. Consequently, the crypto goes to the wrong address and is unrecoverable. So, be careful when typing the address.

5. Ignoring trading costs
As a trader, one will have to make several trades in a day and pay a transaction fee to the exchange for every trade. Over time, this cost accumulates and cuts the profit margin. Some platforms may even charge a fee when withdrawing funds. So, be aware of this fee when accounting for the profits.

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Top automated investing services that make investment easy for all

Automated investing services or Robo advisors are becoming popular by the day, and financial experts around the world only expect to see a surge in their usage. This is because these intelligent services offer one crucial advantage that many investors benefit from: low-cost financial advice. With many top financial services companies jumping in the race to provide customers with the best automated investing services, there are plenty of great options available for every kind of investor.What is a Robo advisor and how much does it cost?A Robo advisor is a digital platform that provides algorithmic-driven money management services that require virtually no human supervision. It does this by collecting client data like financial situation, future goals, and other details through an online survey. This data is then used to automatically manage clients' assets and provide them with the most suitable financial advice. Robo advisors are immensely cheaper than human financial advisors. Most services only charge an annual management fee that is anywhere between 0.25% and 0.5% of the account balance. Depending on your need, you can even find good Robo advisors that offer services free of charge and low minimum balance value. Top Robo advisors in the marketThere are several low-cost Robo advisors that you can choose based on your needs and preferences. Here are some of the best automated investing services or Robo advisors available in the market today.BettermentBetterment is one of the oldest and the most popular players in the industry. It allows clients to invest in a range of funds chosen for you to improve returns. It offers automatic rebalancing, tax-loss harvesting, a personalized retirement plan, and can even sync your outside holdings like bank accounts and any other investments. At extra cost, you can up your investing game by talking to a certified financial advisor on the phone.Management fee: 0.25%Account minimum: $0https://www.betterment.com/investing/SoFI InvestA go-to choice for student loan refinancing, SoFi has now expanded its services into automated investing with its user-friendly investment management system. The company provides goal-based planning, automatic rebalancing, and diversifies your money to help reach your financial goals. Plus, you’ll receive member benefits like career services, discounts on SoFi products, and the opportunity to speak to a human advisor—everything at zero cost. Management fee: noneAccount minimum: $1https://www.sofi.com/invest/automated/WealthfrontWealthfront is one of the largest automated investing companies that offer both short and long-term financial goal planning. Its software builds a diversified portfolio of low-cost index funds to improve your returns and offers time-tested investment strategies that automatically look for profitable opportunities. Management fee: 0.25 percentAccount minimum: $500https://www.wealthfront.com/Charles Schwab Intelligent PortfoliosCharles Schwab is one of the most trusted financial services companies that launched its own Robo advisor that helps build, monitors, rebalances a diversified portfolio based on your goals, and provides 24/7 customer support from US-based service professionals. With Schwab, you are not charged any advisory fee or commission and can invest in a portfolio of low-cost exchange-traded funds (ETFs).Management fee: noneAccount minimum: $5,000https://intelligent.schwab.com/

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7 important things to consider before taking cash loans

While many individuals grow up understanding the importance of savings in financial security, unplanned emergencies can arise, leaving them in need of urgent funds. When facing situations like home repairs or health emergencies, cash loans emerge as a convenient solution. But before one signs any agreement related to cash loans, it is important to learn about the borrowing process and its associated factors in detail to make informed decisions regarding one's financial security. Determine how much is needed One of the most common mistakes people make is borrowing more than they require. For instance, if one only needs $5000, they take $10,000 as a cash loan only because it's available. While this could help have additional funds at the ready, one should remember that the more they take out, the higher the interest rate on the loan. So, it is advised to take only the amount one needs. Take time with research It is easy to rush into taking a cash loan during an emergency. But to get the best offer, one must always take and do the necessary research. The first option on the internet may or may not be the best choice. The person taking the cash loan must thoroughly consider various lenders and narrow the options before making a final decision. Prioritize expenses If one borrows money for multiple purposes, one must prioritize expenses. For instance, one might have to use the money to pay for utilities like home repairs, healthcare bills, or education expenses. Prioritizing where and how the funds will be used will help avoid running out of money before the expenses are covered. Read online reviews The market does not lack financiers; a simple search will render hundreds of options. However, one should look for a bank or online lender with a good reputation. Reading online reviews is one way to start. Doing so may help determine the lender's interest rates, customer service, and overall experiences of individuals with the lender. One could also speak to family and friends about their experiences with lenders, if any. This could help find reliable and reputable options in one's area. Understand the cost of borrowing While borrowing funds, it is natural for individuals to focus on the interest rates. But another factor that must be equally considered is the cost of borrowing. Borrowers must understand the differences between APR and interest rates. This will help them determine the total amount paid in interest and other associated fees over the life of the loan. Read the fine print A cash loan offer can benefit when there is an urgency for funds. However, various terms and conditions are associated with the loan, which one must always read and understand to identify discrepancies, additional charges, and issues with the tenure. One could then discuss these details with the respective lender to work out a better deal. Make a repayment plan Before securing funds through a cash loan, one should plan their options to repay the money. This way, one could minimize the impact of the loan on their finances in the short and long term. The best way to create this plan is by understanding every aspect of the loan disbursal process, tenure, payoff dates, and foreclosure options and charges.

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