Best Trading App For Crypto

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Malang, East Java Fri March 4, 2022 04/03/2022 09:00 197 22dc95a23fb944820adae5904f3428cf 1 Lifestyle Young investors, Investing, Stock exchange, Crypto-investment, Bitcoin Free

Best Trading App For Crypto

Investing in stocks used to be a niche business, but now that it’s gaining popularity among everyday people, experts warn of the risks.

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Not so long ago, investing was a daunting prospect for ordinary Indonesians. The specialist knowledge and lack of resources to develop it, combined with the horror stories of investors losing everything in minutes, has kept many potential investors from getting involved.

However, in recent years, stock and cryptocurrency markets have become much more popular. In the last two years in particular, there has been a surge of private investors, particularly millennials.

The number of stock market investors in the country even increased by 65.74% during the pandemic. CNBC reported that a record 6.43 million Indonesian rupiahs was invested in the stock market last September.

Bayu from Jakarta, who works at a financial company and chose to use a pseudonym for this article, said he started participating in an algorithmic trading program in 2020 after a close friend bragged about a “daily profit of 0.4 to 1%”. Before joining the trading app, Bayu had never made any retail investments.

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Eugene Giovan, a resident of Malang who owns a transportation business, also joined an algorithmic trading program in 2021, after a neighbor shared how much he earned from the program.

In the first days after joining the trading service, Bayu discovered that the trading program he had invested in had been shut down by the authorities because he did not have the required license from the Futures Trading Regulatory Agency of Goods. (BAPPEBTI).

“The company [representatives] told me that they are trying to get a license in Indonesia. They also promised to refund me, but there is no update yet,” Bayu said, adding that I would pay it back if they didn’t. do, he would lose between 18 and 19 million Rp.

Eugene also discovered soon after his investment that the algorithmic trading platform he had joined was one of many of its kind banned in Indonesia for allegations of fraud.

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Bayu now chooses to focus on long-term balanced investing rather than short-term trading. “From what I have learned, do not be tempted by the high profits or gains offered by trading tools. I cannot say which investments are safe enough for you, but you should check the track record of the business,” he said. . add bayu.

Prathama Nugraha, a Jakarta-based entrepreneur with a decade of investment experience, said fraudulent “investment” platforms usually promote instant and effortless income. They used slogans like “Making money doing nothing” or “Do you want to succeed at a young age?” and accessible-looking influencers to appeal to young people.

“Sometimes they have random or even established people promoting their platforms. Sometimes these people show off their sports cars or even their expensive watches to get more attention,” Prathama said.

“Some platforms will tell people to refer their friends. It’s just multi-level marketing and you get a commission once you bring another customer into your circle through referrals. The more customers you have, the more you make profit,” he added.

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Andy, an investor with seven years of experience in the stock market, added that algorithmic trading platforms are often “gambling”.

“In 2015, I entered a gambling game. So what happens in gambling is that we generate profits with available members. [Some] members give their money to d ‘others and so on. This type of fake investing will always be part of the industry and people need to be equipped with the right information,” said Andy, who left the ‘money game’ in 2019.

Vandy, who also chose to use a pseudonym and has had a brokerage business in Central Jakarta for almost 20 years, said: “Any report number you get from an algorithmic trading program, we we can insert it manually”.

Vandy said companies like him could get away with it because customers had no legal basis to stand on and the only way to recoup their investment was through harassment.

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“We had a former client who came in, yelled and brought in some hired thugs. It freaked us out right away and we transferred the amount he lost that same day,” Vandy said with a laugh.

Review: Kevin Winsonata urged potential investors to be more careful with investment vehicles and to check the legal status of an investment application with the Financial Services Authority (OJK) or the Board of Directors of the futures exchange of the Ministry of Finance (Bappebti). (Personal collection/Courtesy Kevin Winsonata)

Kevin Winsonata, a portfolio manager and investment advisor in Jakarta, said people don’t understand the concept of trading and investing.

“Trading is different from investing. The former is a short-term investment, while the latter is a long-term investment,” Kevin explained, adding that in real trading, people don’t always make a profit. .

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“You should check the trading tools listed with the Financial Services Authority (OJK) or BAPPEBTI,” Kevin added.

Theo Derick, co-founder of Coffee Meets Stock, a Jakarta-based stock advisory platform and community since 2019, suggested those looking for low-risk investments should choose a mutual fund or government bonds . If someone was looking for a medium or high risk investment, he added, they would suggest the stock market or the cryptocurrency market.

Jakarta-based entrepreneur Christoper Vittorio Simon started investing in crypto in 2021 with his colleagues.

“I am investing with some of my friends. I am currently repaying my initial investment. Last year, I started investing with 130 million rupees [$9,059.01] and we made a profit in the two to last three months,” Christopher said.

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“I used the profits to start my business, an online clothing store called drip.experiments. I knew from the start that we might not make a profit right away,” he continued.

A 30-year-old Jakarta-based food and retail professional under the pseudonym David shared his cryptocurrency investing experience.

“In May 2021 I lost $3 million, Bitcoin price then went from $60,000 to $30,000,” he said.

“I chose the wrong strategy. Because I was looking for more profit, I bought coins with the assets I already had. But later the market crashed significantly, so I lost a lot of money,” he continued.

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Tip: Theo Derick (center) points out that people should diversify their investments to minimize risk. (Personal collection/Courtesy Theo Derick) (Personal collection/Courtesy Theo Derick)

Theo, the co-founder of Coffee Meets Stock, said people should know the risks before investing and noted that diversification is important.

“You need to keep educating yourself about whatever investment market you choose. As the market is constantly changing, you need to be aware of that. Finally, it’s always important not to be too greedy for profit,” David said. Cryptocurrency seems to be on everyone’s lips these days. This can be attributed to the surge in the price of digital assets and a deluge of advertisements where your Bollywood superstar is telling you that crypto is the future. But how do you go about it and start investing in cryptocurrencies for a quick profit? The answer is cryptocurrency exchange apps. These applications play a vital role in evaluating the entire crypto ecosystem. They can be used to monitor the prices of various cryptocurrencies, buy and sell altcoins, and manage your account. Before we get to the list of best online cryptocurrency exchange apps to try in India (along with their features and costs), here is what cryptocurrency exchange apps do.

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Best Cryptocurrency Trading Platforms & Exchanges

For those who don’t know, cryptocurrency exchange apps help you quickly access the various cryptocurrencies available in the market and allow you to trade (buy and sell) them at any time. You don’t need to mine crypto with laptops. Instead, these apps facilitate your desire to trade cryptos and enter the world of decentralized digital currency networks. The whole process has been streamlined so anyone can sign up and the mobile app interface makes it quick to learn. You have crypto exchange mobile apps available on Google Play Store and Apple App Store which works with Android and iOS phones respectively.

It should be noted that the legality of cryptocurrency in India is still pending. It has not yet been declared legal tender in the country. However, regulators eventually paved the way for companies to start their business, which in recent years has led to several cryptocurrency exchange apps that allow you to invest in cryptocurrencies such as Bitcoin, Ethereum, Dogecoin and more with your smartphone. from large machines such as laptops. Here are some of the best cryptocurrency exchange apps in India:

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