Investing, especially in the cryptocurrency arena, is getting a lot of attention at the moment on social media.
A word of warning though, don’t be fooled by all of the profits that you see people making and posting about.
There are definitely people making a lot of money at the moment and becoming millionaires overnight. But to make this sort of money they either invested a lot to start with or invested it a some time ago and have been waiting for their investment to pay off.
A lot of social influencers are promoting how easy trading and how much money they are making. What they don’t show you though, are any loses they are making. They only show the profits. Show it’s hard to gauge just how well they are doing.
The big things the influencers don’t tell you though, is just how much money they are making in commissions. If they get people signing up to services or training, they are getting commissions for this and in some cases are getting a very decent percentage of every trade that you make.
So their success isn’t always from trading itself, but instead from the commissions they make from getting people to sign up to their training or trading platforms.
It’s the Wild West out there, so just be careful if you’re going to be getting involved in cryptocurrency or any other form of currency trading at the moment.