Bitvavo tips: get better results with Bitvavo
Do you want to get better results with your crypto investments at Bitvavo? Then this page is the right place for you! I’ll give you some indispensable tips that can help you achieve better investment results.
Tip 1: Spread your risks
Cryptocurrencies are still very new: it is therefore difficult to determine which cryptos will make it. By spreading your chances, you increase the chance of success. You do this by not putting all your money on one crypto. Select ten or more interesting cryptos to invest in: this reduces the volatility and risk of your crypto portfolio.
Tip 2: step in at several moments
It can also be interesting to apply the Dollar Cost Averaging strategy. You could buy cryptocurrencies for a fixed amount every month. It is very difficult to determine whether the market is at a top or in a bottom. By buying cryptos periodically, you will benefit from an average return on the crypto market.
Tip 3: Conduct enough research
Many crypto investors buy cryptocurrencies at random. This is dangerous: you won’t be the first trader to invest a large amount of money in a scam coin. Therefore, you should thoroughly research the functionalities of the crypto and whether it has a right to exist. It is also advisable to read the white paper and to investigate whether the team behind the cryptocurrency is reliable and active.
Tip 4: don’t exclusively invest in crypto
Cryptos are risky and volatile investment instruments. It is therefore advisable to spread your money across different investment types. Keep enough savings to cope with unexpected expenses, and investigate whether it is also interesting to invest in shares or ETFs. On trading.info you can read in detail how investing work.
Tip 5: Switch your emotions off
Many new crypto traders make mistakes because they trade based on emotions. When prices drop, they panic and sell. When the price goes up, they buy. You should often do the opposite: steep drops are moments to buy at a discount and high rises are moments to take profit. Therefore, switch your emotions off and trade according to a predefined plan.
Tip 6: Safety first
Even at Bitvavo, people have lost money because they did not secure their account properly. Hackers are constantly on the lookout and want to steal your crypto. Therefore, secure your account properly and use offline wallets when you invest large amounts. In this article you can read in more detail how to better secure your Bitavo account.