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Lesson 4:

How to Choose Which Cryptocurrency to Buy

There’s always a risk in any type of money transaction. But the good thing is that this risk varies and you can find a crypto trading strategy that works well for you. If you’re not fine with too much risk, you can trade big coins like Bitcoin and Ethereum whose prices are more stable.

If you have a bigger appetite for risk, then you can check even more coin options to see which are available and trade those. Remember to do whatever you need to protect yourself. It’s better not to make profit than to lose your capital.

Nothing gives you more confidence when trading than knowing what you’re doing. When researching, check out the coin’s price movements. You can do that on resources like Coinmarketcap. 

Apart from checking its price, you should also check: 

  • What people are saying about the coin on Twitter, Reddit, Telegram groups, and more. If everyone is bashing a coin, it’s probably a no-go area.
  • The latest news about the coin. 

There are a lot more top performing coins apart from Bitcoin. While it is the most popular and valuable cryptocurrency, it isn’t the only option that you can trade with and make money. 

Also, since Bitcoin’s value has grown so much, its price doesn’t always give you huge gains except long-term. Some other currencies that have been profitable in the past include ETH, BNB, Polkadot, Cardano, and even Dogecoin.

  • Check sites like Coinmarketcap and Coingecko
  • Choose coins that trusted cryptocurrency exchanges have listed for a long time. On Quidax, you can see our list of coins here.
  • Look for a great launchpad. A launchpad is a platform where new coins launch for the first time. Remember, new coins are risky to deal with so research has to be your constant buddy.