Everything You Missed During The #MyCryptoLife Webinar
Crypto doesn’t have to be complicated. Millions of everyday investors are considering buying crypto for the first time. Buoyed by a variety of factors, including rising inflation, wage stagnation, institutional interest, and the promise of the 24/7, fast-moving crypto markets, Bitcoin is entering the mainstream in an unprecedented fashion. Financial services giants have also jumped onboard the crypto train as opportunities abound for motivated users.
For last Saturday’s #MyCryptoLife Webinar, we turned the spotlight on everyday Binance users who used crypto to power their financial goals. None of the candidates had formal backgrounds in finance or investing; nor did they previously work in the tech sector. Annii, who we covered in an earlier profile, was an entrepreneur who ran her own business, while Murphy worked as a teacher in Nigeria.
Both were drawn to Binance because of our platform’s accessibility. These days, it’s easier than ever to dive into the world of crypto, whether you’re just buying Bitcoin, trading crypto, or using our suite of easy-to-use savings products. Signing up for a Binance account takes seconds, and users are able to buy crypto in minutes by linking a bank account, or debit/credit card, depending on their location.
Annii and Murphy shared the following tips for those who are looking to get into crypto.
Tip #1: Find Your Crypto Community
Crypto trading can be a solitary endeavor. Most users trade at home or on-the-go using their phones or laptops, but this can be an isolating experience if you can’t find your crypto community. Those who are new to crypto and don’t have a friend or loved one to turn to for guidance can find it daunting. For Annii, her crypto journey, “wasn’t that scary because I was following the right people.”
She noted that, “Trading, because you don’t need other people, it can be lonely… don’t go through it alone. It’s gonna cost you in the long run… get a good mentor that’s still on the trading floor and be part of a community.”
For Murphy, he applied his teaching skills to crypto trading and gave nightly lessons to those who were interested in his community. “I had to give a proper lesson like in the classroom.” Every evening at 8PM, he would teach family, friends, and neighbors about crypto. “I used screen record[ings] to prepare video content.”
If you’re looking for a crypto community, know that there are many official Binance Telegram communities to join, and it’s easy to be a part of the crypto conversation.
Tip #2: Start Small, Learn, and Add More Later
“In the beginning I only risked what didn’t matter to me.” Annii recalled how she was able to turn a small initial investment $200 AUD into $4000 AUD, and while not everyone will experience the kind of runaway success she experienced, the potential for high earnings is an enduring draw for those who are new to crypto. For Annii, her initial encounter with crypto proved revelatory. “At the time I was a business owner, but that month I was able to pay my rent with the money I made using crypto.” However, she maintains that it’s always best to start small, and that traders should “pay really close attention to risk management [and] have a trade plan.” After all, it’s easier to make small mistakes early than a large and costly one.
Tip #3: Know When To Step Away
The 24/7 crypto markets can definitely take a toll on traders’ mental health. Annii advises existing traders to “really focus on the psychology side of trading.” When she ran her business, she felt tired and unmotivated. She reflects, “I was overworked, unhappy, and unappreciated… I just lost my passion”
When it comes to trading, “the skill itself isn’t that difficult,” she says, but it’s important to “keep yourself in a positive space and treat your brain like a piece of gold that you really need to take care of” and that “negativity will affect your trading.”
Murphy cautioned, “Cryptocurrency will frustrate you. You have to make sure you are at all times mentally stable and emotionally balanced. Because you plan to do something and the markets do something different.”
Not every trade will go your way, so staying positive goes a long way. Take breaks so you don’t stay glued to the markets. They’ll be there when you need them!
Tip #4: Grow Your Crypto Knowledge
Annii initially chose Binance for its ease of use. “I find the platform so easy to understand… If there’s ever something I don’t know, the education is right there.” Users can level up their crypto knowledge with free learning resources on Binance Academy and access in-depth reports on projects both large and small with Binance Research.
Feeling inspired? Start your own crypto journey and sign up for your free Binance account today.