In 1971, Weiss Ratings began advising consumers on stocks, insurance companies, and banks. Each were given a rating to guide customers on which ones were the best and which ones needed improvement.
This service now extends to cryptocurrencies, and with the defensive nature of cryptocurrency communities, not all of its ratings have gone down too well. To find out its ratings, you are going to have to pay – $936 to be precise. Let’s find out more about Weiss cryptocurrency ratings.
Weiss cryptocurrency ratings
According to reports, there are only four cryptocurrencies that Weiss recommends you buy. These are XRP, Stellar, EOS, and Cardano. From this, you can see why Weiss is not the most popular with many in the cryptocurrency industry. Each one of these cryptocurrencies was given an A rating, which is deemed excellent, with the lowest rating possible being an E, representing a very weak project.
Bitcoin is given a B rating as the cryptocurrency falls short in two areas. The two failing indices are the risk index and the technology index, and Bitcoin’s rating will not improve until these issues are fixed. However, as reported by Coin Rivet, Weiss stated at the start of the year that it anticipates Bitcoin will be used increasingly as a store of value and that it will reach a new all-time-high soon.
Some of the more controversial views stated at the start of the year included that Hedera Hashgraph and Holochain will reach the top 10 in terms of market cap and Bitcoin clones such as Bitcoin Cash, Bitcoin SV, and Litecoin are going to fade away. Whilst Bitcoin Cash and Bitcoin SV have been struggling, there have been little signs that Hedera Hashgraph and Holochain are going to perform as predicted.
Their pedigree
With Weiss having been around since 1971, there certainly is a market of consumers who want to know its tips and tricks rather than doing the research themselves.
Its website lists an impressive number of analysts and achievements. However, you must remember that the company is selling a product, and its website is technically one large sales pitch.
Weiss is not the only company to offer such services either. There are many subscription-based newsletters that will provide you with their top picks in the world of stocks, penny stocks, and cryptocurrencies for a small fee.
Criticisms
There are a few issues that arise from Weiss’s pay-to-view model. If the reports of their chosen coins are to be believed, then there are many that would question the indices that they use. Whilst there are strong communities surrounding each of the coins picked, there are also many criticisms that those coins face.
As with all forms of paid groups, there are questions surrounding why they would need the extra income. If their expertise was at a top level, then the money they could make from their own trades would dwarf the subscription fees that they accumulate.
The third issue is the leap of faith one must take to subscribe. There are never any guarantees in investments, and this is particularly true for cryptocurrencies. In such a risky and volatile sector, placing your trust in a company to utilise its “expertise” is always going to come with a large amount of risk. You can be sure though that if the company’s investment strategies do not pay off, you will not be able to get a refund on your subscription.
There are many paid groups in cryptocurrencies, often run by traders on Twitter. Very few are valuable, with the large majority being money-making schemes for traders. Doing your own research is an essential skill that Weiss cryptocurrency ratings is attempting to do for you.
Remember: this is a dangerous game.
Conclusion
Trusting a company or a person to provide you useful tips in exchange for money is extremely risky – even more so in cryptocurrencies. Weiss Ratings has caused a stir since it began releasing its results, and its picks have drawn a lot of scepticism. One of the most important skills in cryptocurrencies is to complete your own research, and Weiss’s offering would suggest that it makes this process easier.
However, it is a for-profit company. It aims to gather as many subscriptions as possible. This means that whilst it wants to make great picks to show its competence, its subscription system means that it has already won before it decides its ratings.
If you choose to use Weiss cryptocurrency ratings, then you must be aware of the risks and the lack of guarantee of success. If you are happy with that, then the final point is to ensure you never invest more than you can afford to lose.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.