We are currently living in Dubai and there are many of us who want to learn more about cryptocurrency. Regardless one’s level of interest being a mere spectator or a novice investor this is perhaps the right time to venture into this emerging financial development. Here, we’ve created a short how-to guide that will get you started on your journey to becoming a crypto trader.
1. Begin with Bitcoin
To get started the most advisable approach is the procurement of Bitcoin which is the oldest and most popular of the new age commodities. Bitcoin has produced an incredible performance providing on average an annual return of approximately 150 percent from the beginning of 2011. Once you have some Bitcoin, it’s time to learn about the broader crypto market, focusing on three key areas: These three are basically the types of cryptocurrencies; Bitcoin, stable coins and the other coins also known as alt-coins.
2. Understand the Categories
Bitcoin: However, careless about its decentralized characteristics and having a limited stock of 21 million coins, Bitcoin is perfect for novices.
Stablecoins: These are anchored to conventional currencies such as the US dollar and they are more stable and convenient – especially for cross border payment systems.
Alt-Coins: These are more with risks and need more information before being invested in since they work more like technology start-ups.
3. Invest Wisely with DCA
One of the sensible approaches that are appropriate for beginners is called the Dollar Cost Averaging (DCA) approach to investing where you buy a fixed quantity at regular time intervals. This strategy prevents you from making a common mistake of attempting to guess the market correctly, on how and when to buy Bitcoin and hold it for a while before selling it.
4. Minimize Risks
If you want to safeguard your investment, deal with a legal platform as CoinMENA that is authorized by the VRAs in Dubai. This will help to provide secure transaction, and ease of managing your crypto investments in AED.
5. Learn from the Experts
Adhere to experts in the crypto niche including Lyn Alden (@LynAldenContact) and The Guy (@TheGuySwann). Indeed, CoinMENA also provides useful information to help you in the market through its educational section.
There is a misconception that it might be difficult to begin with cryptocurrency in Dubai, sure thing, it is not difficult at all. Bitcoin alone when transacted using secure platforms can allow you to safely venture in the world of currencies.
