Taking a shortcut – joining a paid group

Paid groups are a common money-making tool, but they come with risks

There’s no doubt that quite a lot of money can be made trading Bitcoin and altcoins. However, the skills required to do so are difficult to learn. The risks are also great as well. For these reasons, many traders have created groups you can join for a small fee (sometimes a large fee, though) where they give tips and tricks so you can trade like a pro.

Some of these paid groups are run by experienced traders who put time and effort into helping their community. However, like everything in cryptocurrencies, many just want more money and don’t mind taking it off you.

There are many traders who give such advice for free. These generally can be split into two camps. Those who do it out of the kindness of their heart and like to help people learn, and those who merely like to brag. Neither should be blamed – at the end of the day, they’re giving away free information.

A criticism levelled at such paid groups is around the motives for running one. If they are such great traders making lots of money, why do they need to monetise their advice as well? Surely, they could day trade on their own time and do not need the stress of helping their numerous followers. They are providing a service to be fair, but on the other hand, as mentioned, many people give away such information for free.

There are certain paid groups that are very good. Their calls are on point and they are helpful. However, the issue is there are many that are just the opposite. Be careful not only paying your subscription fee, but also following the guidance of someone you don’t know. Having the patience and taking the time to teach yourself, or using the many tutorials that are available for free, will suit you more.


Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

Previous Article

Blue Helix crypto exchange makes its debut

Next Article

Paxos Standard crosses $5bn in transactions in first three months

Read More Related articles