The world of cryptocurrency is an intriguing place, but it can also be overwhelming. If you’ve taken the decision to trade in this asset class, it might be helpful to become part of a community. Depending on where you live, you may not be surrounded by like-minded people who can converse about Cardano and Dash late into the night. That’s where cryptocurrency Discord channels can help give you a sense of belonging.
What are cryptocurrency discord groups?
You’ve probably heard of the chat app Discord by now. Many news sites, blogs, gaming platforms, and the like use it to allow people to comment on their content.
Oftentimes, this results in a barrage of insults between two or more users. But sometimes, like-minded people strike up thoughtful conversations and end up helping each other with tips and tricks.
When it comes to cryptocurrency Discord groups, they work in a similar way. No matter whether you’re new to trading or you’ve been doing it for some time, you’ll find they’re an excellent source to further your learning.
Many newbie traders may even decide to invest based on the information they find in a particular cryptocurrency Discord group. However, be wary of blindly following advice or signals on whether to buy or sell a particular cryptocurrency asset at a certain time.
Doing this could result in you being on the wrong side of a pump and dump scheme that leaves you out of pocket. Just like investing in any other asset, with cryptocurrency, you should always carry out your own due diligence first to avoid investing in an ICO scam. As long as you join a cryptocurrency Discord group keeping this in mind, they can be great for gleaning ideas.
Some of the most popular cryptocurrency Discord channels
So how do you know which group to join? That rather depends on which cryptocurrencies you’re interested in and your level of experience with trading.
If you only want to know about Bitcoin, for example, it makes no sense to join a chat that talks about XRP all day long. If you want to trade in derivatives rather than spot, that will also influence your choice.
Moreover, some cryptocurrency Discord groups are extremely specific. Some focus solely on which companies are giving out airdrops, for example, while others provide updates about single projects.
It’s worth checking out the community directory at discordcryptogroups.com to see a full list of groups, how many members they have, and which ones are particularly active.
The listing self-declares as the “best directory of all cryptocurrency related Discord groups”. And here, you should be able to find the topic (or topics) that interest you most, from upcoming ICOs to cryptocurrency mining and price analyses.
There’s also a quick-glance column on the left-hand side to show you which groups are hot right now, and which ones have gone stone cold.
If you’re interested in a large Discord group with a variety of information as a one-stop resource for your trading, you could try /R/Cryptocurrency. Here you can find almost 12,000 members and information and chats on a variety of cryptocurrencies.
If you’re less interested in Bitcoin and more interested in altcoins, one popular group is Altcoin Fantasy. As one of the hottest groups in the crypto Discord directory, there’s an active community to interact with and you can even get involved in fantasy cryptocurrency trading.
Other types of cryptocurrency discussion groups
As the name suggests, this group is a good place to get a general overview of happenings within the industry. DeCenter is Russia’s number one Telegram group for crypto, although the content is all in English. You can find interesting advice and interviews with thought leaders such as Andreas Antonopoulos.
There are also plenty of forums, including Reddit, where you can find valuable information (as well as a lot of noise). One of the best-known and longest-standing is Bitcointalk.org. As you may have guessed by the name, this isn’t the place if you’re looking for advice on altcoins.
As with anything in life, remember that you often get what you pay for. So, if you’re not paying anything and you’re looking for serious or specific advice, you could also consider a subscription service.
Community matters when trading cryptos
Community matters when you’re trading in cryptos. Once you take the time to identify the groups that suit you best, they can provide valuable learning opportunities. Trading cryptocurrency is no easy feat, and a sense of camaraderie can be helpful, especially when the markets don’t react in the way you expect.
Decide what you want to know, experiment with a few places and, before long, you’ll find valuable people who can help you get better and learn to cut through the noise.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.