Right now, our long-term outlook in the crypto market is decisively bullish.
Why? Because we’re seeing a favorable risk/reward ratio …
Because the Federal Reserve is creating a new surge in demand for crypto assets by printing fiat money at the fastest pace in history. And this demand should collide with a crimpled supply once Bitcoin goes through its halving event next month …
AND because our timing model agrees. It tells us that both Bitcoin and altcoins are trading close to long-term support.
All things considered, now is a good time to start accumulating crypto assets for the long haul, taking advantage of today’s relatively low price levels.
To do that, you’ll need a crypto exchange account. And when it comes to crypto exchanges, we have good news for you.
Not long ago, it was often cumbersome for average investors to buy cryptocurrencies. Almost all our subscribers were able to do it. But most agreed that, compared to opening a typical online brokerage account, it was “a royal pain in the butt.”
We can’t say that has been 100% fixed. There are still quite a few steps that you need to take.
But it IS a lot easier today for two reasons:
First, you need only ONE cryptocurrency exchange account. Previously, you needed one account to convert your fiat currency of choice to Bitcoin. Then, you needed a second account to convert your Bitcoin into other cryptocurrencies.
Now, a leading U.S.-based exchange, Coinbase, provides a one-stop-shopping solution for both.
Second, as we’ll explain in a bit, you now only need to take a few more steps to open your account as you would with any standard online brokerage accounts.
Please understand, however, that we do not recommend or make referrals to brokerage firms or crypto exchanges. And aside from trading accounts that we ourselves may have, we have no business relationship with brokers or exchanges that we cover.
That’s also true for the crypto exchange we discuss at length in this issue, Coinbase. We have never accepted — and never will accept — any compensation from Coinbase or related entities in any form for our analysis.
But we are delighted to see that when you open an account with Coinbase, in addition to Bitcoin, you can now buy Ethereum, Tezos, EOS and 21 other crypto assets.
Overall, Coinbase has excellent liquidity and robust trading volumes — which means you should generally get better fills on your buy and sell orders.
It’s also secure and easy to use.
How secure? Coinbase features a 2-factor Authentication (2FA) to ensure your account is protected. It functions similarly to Google’s two-step verification process for logging in to your Google account from a new device: You’ll login with your password, and Coinbase will text a PIN code to your cell phone to verify the login.
Only after you correctly input this PIN code to your Coinbase log-on screen, will your account be opened and ready for business.
That said, however, 2FA by SMS also has limitations. SIM cards, for instance, can be hacked. If your network is slow, it can take an annoyingly long time for your verification code to display on your mobile phone. And if you travel abroad, sometimes an SMS sent to your home number doesn’t get through to where you’re roaming.
But there an easy way to get around these limits is by downloading a free 2FA app — such as Google Authenticator, which runs on both Android and iPhones — on your smartphone.
Then, it’s as simple as transferring fiat currency into your account — through linking a bank account, setting up a wire transfer or using a debit/credit card — and purchasing your desired crypto assets.
Creating your account to trade crypto assets is the beginning of a grand adventure.
Check out Weiss Crypto Ratings and Indexes:
https://www.benzinga.com/cryptocurrency/weiss-crypto-ratings/
https://www.benzinga.com/cryptocurrency/weiss-crypto-indexes/
Photo by Clifford Photography on Unsplash