Disclosure: This Is A Sponsored Article.
The First Steps of Crypto Trading
Before August 2017, I was interested in Bitcoin news, but not any more so than in other news about the latest technological developments. What fascinated me about cryptocurrencies was the opportunity to make anonymous transactions without any third parties involved.
The Bitcoin rate increased near the end of that summer, and when it crossed the $5,000 mark, I decided to get involved in crypto trading.
With no prior experience in trading or the stock exchange at all, I realized that my knowledge of Bitcoin was superficial and quite removed from reality. I also realized that even the most experienced traders were not certain about the possible course of future events. Bitcoin was a new thing for everyone, and no one could tell for sure how this alien currency would behave over time.
In October 2017, I began trading crypto. Everyone around me had their ideas about trading crypto, but no one could tell for certain how things worked in this sphere or what the future had in store for the market. There was no time for thorough market analysis, so I skimmed through the most popular relative information I could find in order to shape my vision quickly.
At the beginning of my crypto journey, I bought several of the most popular coins for my portfolio, namely OmiseGO (OMG), Monero, and Dash. As I started trading, my portfolio increased along with the market as a whole. I understood that it was hardly my achievement that my portfolio doubled over the next several months.
Even though I was happy about the growth of my portfolio, there was one question that worried me at all times. Can you lose money in Bitcoin? I asked myself this whenever I saw that the status of my portfolio changed. I understood that I needed to learn more about the crypto market and started to look for consultants who could help me.
Crypto Consultants Who Guide You (To Losses)
I had a colleague interested in crypto who told me that he had a successful experience in trading crypto following the signals on Telegram. I thought I would give it a try and searched for the top Telegram crypto channels.
While searching for free crypto signals, I found an article on top of the Google search results that provided the audits of five popular Telegram channels. I took note of those channels and decided to search for some more on my own. As I was overwhelmed by the amount and similarity of the paid crypto signals group I found.
I subscribed to two channels that seemed to be the most promising, Cryptoland Elite and PALM BEACH VIP. PALM BEACH VIP sent me about five signals a day, all of which were short or long-term. I followed the channel’s advice religiously and did not see that I was investing in ShitCoins and fakes along with the good coins.
As for Cryptoland Elite, they sent me three or four mid-term signals every three days. Later on, I saw that the signals often came when the coins reached the first and even the second target. By the end of January, all of my coins had reached stop-loss order.
Unfortunately, I still believed that the channels knew what they were doing and continued to make purchases according to the signals I was receiving. Later still, I realized that all of my purchases reached the point of stop-loss two or three days after the signals.
Lose It All to Scammers
Another question that I should have asked myself is as follows: Can you lose more money than you have invested in Bitcoin? I learned my lesson the hard way when all of my purchases reached stop loss, which means -20% of the purchase.
When I realized that something had gone wrong, I had already lost 75% of my portfolio in USD and 50% in Bitcoin.
I did not think I could lose money trading Bitcoin and crypto so easily. As my losses overwhelmed me, I noticed that the channels continued posting signals and boasting of incredible results. I realized that they based their stats on 10-15% of the total market; the rest of the results were not even addressed.
If anyone was ever unhappy, the administrators would block them. People who lost money in cryptocurrency because of these channels could not complain about it and had no ability to warn other users, as they were either banned or deleted from the channel the moment they brought it up with the administrators. There were some angry messages on Bitcointalk, but no beginner could figure that website out.
As soon as I lost money in cryptocurrency, I wanted at least to warn other users about the scammers. I did not want them to continue to earn roughly 0.03 BTC on a monthly subscription, or 0.05 BTC on a lifetime, for every new user they attracted.
Not Everyone is a Scammer
As I lost all my money in Bitcoin, there was nothing left to invest in further trading. I was angry, frustrated, and I wanted to analyze the causes of my failure. I also worked to develop criteria for choosing successful, trustworthy traders. I covered this topic in another article that I wrote. Based on the criteria that I devised, I found five Telegram channels that looked trustworthy and attracted my attention:
- Asian Wh…
- Indian Wh..
Asian … was the channel that stood out from the crowd. Their strategy attracted me t because they only posted one signal every five days. They did not give any advice during times of significant market fluctuation. I analyzed this channel’s signals and realized that the users must make money by following them.
I took a final leap of faith and purchased a lifetime subscription, which came at a cost of 0.12 BTC, with my coworkers and friends. Along with my friends, I drew up the past stats for the signals and realized that 27 coins out of 42 (64%) showed positive dynamics two or three days after the signals. and The total Bitcoin capital reached 10% over this period.
I wrote this article to share my unfortunate experience and tell you that you can easily lose money in crypto if you entrust your capital to scammers. As you start trading, you need to find trustworthy, reliable consultants who will help you keep and grow your portfolio.
Even though my article does not discuss all of the aspects of crypto trading, it does provide warnings that every beginner should be aware of.
I have told you how I lost money in crypto to scammers and how I found a way to get it back; hopefully, you will find a way to learn from my mistakes and prevent the scammers from profiting even more.
After my experience, I decided to launch a platform that would show the real results of signals, as distributed by traders. It is called Safetrading. Visit the site to check the stats and independent audits for traders, and leave your feedback about any of them or the platform itself.
Disclosure: This Is A Sponsored Article.