Most start up businesses need every penny they’ve earned to go back toward paying operational costs, overhead, salaries and taxes, but there is another revenue avenue that most people don’t think about to help boost your earnings – and that is crypto trading.
Certainly, crypto winter was hard after 2017 saw digital assets soar, only to plummet. There was hope for a recovering market but the end of September 2019 saw another dive. If you are a business owner and in the mindset that crypto is an investment for the long term, then this is probably a great time to start building up your cryptocurrency portfolio and start some live trading because markets are still low and the potential for profit is high.
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As a business owner, finding every opportunity to earn money should be a priority and there are ways to do this in crypto without risking too much profit – it really depends on the type of trader that you are.
Now, most Forex trading platforms requires you to have a broker but in crypto exchanges, you are basically entering with a live trading account straight from the beginning. Obviously a demo account would be cool to get used to the tools and charts of a specific broker/exchange but most cryptocurrency exchanges do not have that option. Binance is an exception.
The difference between Live and Demo accounts
It’s not that difficult to see the difference between live and demo accounts. Live accounts means you are trading with real assets and making trades on the actual platform. Demo accounts utilize a lot of the tools that live traders do but there is no real investment except for your time to use it and play around with the functions. Some may even say there is a different mindset when messing with the demo options on an exchange. For instance, with no risk to your real money, your trading strategy might be a lot more aggressive than if you had something to lose. Unfortunately, this could lead to developing unhealthy trade habits for when you launch into live trading.
It goes without saying that trading is always full of risk especially with a volatile market but portioning out some of your business profit might be a good idea to help your profit margins whether you can commit to some quick day trades or placing long term buy/sell orders based on projected price.
More benefits of trading
If you are a bricks and mortar business, or even an online business, a small business or enterprise level business, expanding one’s portfolio is a good idea for business growth and value.
Trade Anytime
Your live crypto account allows you to scope the markets and place trades 24/7, unlike the stock market and traditional brokerage firms. You never have to wait for the crypto markets to open because they’re always open and you can work your trades around your business schedule if that’s something you want to be hands on with. You are only beholden to your own schedule.
Low Investment Startup
When trading crypto, you generally do not need a lot of start up money to open an account and start trading. In fact, most crypto exchanges have no fees to join and their trade fees are quite reasonable, whereas Forex trading platforms may require a deposit of $2,000 or more for live trades.
If you’re a small business owner, you probably don’t have that kind of expendable cash laying around, which makes traditional trades difficult. Not so with cryptocurrency.
The learning curve
There is a learning curve to trading crypto. These days, the hardest thing to do is find a way to buy crypto or trade it for fiat to pay the bills. As more and more businesses begin to adopt cryptocurrency as a form of payment, trust and believe that more and more developers will create ways to easily convert cash to crypto and vice versa. Binance is pretty good in this aspect as well.
Securing your funds
The security of your funds is high priority which is why it’s also important to have a hardware wallet to store your accumulated crypto assets. Remember, if you’re accumulating crypto as part of your strategy to build equity in your business then the best way to secure your digital assets is on a hardware wallet. And when the markets are favorable to your goals, then transfer them into your live account to trade. Never leave your funds on a cryptocurrency exchange wallet. That being said, before you trade crypto, research the exchanges to see which ones insure your assets just in case they get hacked.
Tax benefits
Lastly, there may be tax benefits but this is something to definitely check with a crypto-familiar tax accountant because every state and country has their own regulations as far as tax code.
As a business owner, we know how busy and invested you are into growing your company, but live crypto trading might be another way to help boost your business profits in practically a residual way. One last point to make, and it’s a critical one: Never invest more into crypto than you’re willing or able to lose. With the promise of profit also comes the risk of loss.
Disclaimer
Content provided by CryptoTraderNews is for informational purposes only, and should not be construed as legal, tax, investment, financial, or other advice. All information is of a general nature. As always, there is risk with any investment. In exchange for using our products and services, you agree not to hold CryptoTraderNews Pro, its affiliates, or any third party service provider liable for any possible claim for damages arising from decisions you make based on information made available to you through our services.
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