Let’s talk about some of us who don’t have so big incomes but are still interested and want to join cryptocurrency investing. Many people will tell you to go the safe way, bonds, saving accounts, even stocks. As a single dad who at the end of the month doesn’t have much financial means to invest in such, that simply doesn’t work. Entry price to real estate is simply unimaginable to me, stocks are expensive usually and offer low returns with small investments, bonds are a no-go for a guy like me. Does crypto work? It can work awesome if you don’t do stupid decisions. But it will depend a lot on when you enter, how you enter, how you put your money in and in what you put your money in. If you are still with me, let’s see how we, as poor investors can start building up our future in crypto.
**Are you telling me that I can seriously start off for free? What’s the catch?**
I wholeheartedly recommend that you make a Coinbase account, do KYC and do the lessons in their EARN section. Catch? None really. Coinbase will give you about thirty bucks right off the bat for a few minutes of your time. And they keep adding the quizzes quite regularly so that you’ll be able to add in a few bucks over the time. It’s an amazing opportunity for those who are low on money or simply too afraid to put in their own.
**Which crypto do you recommend?**
I advise you to start researching what crypto to invest into. Remember that small coins are much riskier than bigger brothers such as BTC and ETH. That is especially true when dips or bear market happens. Small coins prices swing wildly while bigger coins are more stableish. Try to avoid memecoins that you hear about on news. They are fun and can sometimes offer insane returns, but as a poor investor, I stay away from them. To put it simple
Big coin – safer, less returns, better stability and less swings
Small coin – much more of a gamble, unstable, extreme swings, can have amazing ROI
**Should I put my money right in?**
When you are ready to invest do not put all your money that you have aside into it. Putting your money on dollar cost average basis is a far more secure way of doing it, even in bullish market as we have now. Don’t let your hype and emotions overcome you. How much do I put in? Normally I can manage about 10-20$ a month. We cook all our food apart from pizza nights with kids sometimes and I stopped smoking which is a big help. I drink about 2 beers a month in the evening if Im mentally exhausted. Helps me to relax a bit. On good months I can manage 30$ and that’s my limit. And you know what? It’s more than enough! Don’t think you are too small just because some people invest thousands or ten thousands in memecoins. You are you. You do the best you can with what you have, thats what its all about. If you can manage 10$ a month that’s amazing. Even if you are just reading this you are stil way ahead of others. Many still fear crypto like its some kind of virus.
**Exchange vs Wallets ?**
There is a lot of talk about “not your keys not your coin” here. If you have low amounts of money invested, it’s normally pointless to move it to a wallet. Especially when it comes to high transaction fee crypto such as Ether. Eth can have ridiculous fees, as can Bitcoin. If you use a good, well known exchange, you can leave your money there and it will be pretty damn safe. Sometimes it’s maybe even safer. Especially for newbies who don’t yet understand how wallets work and how to take precautions when storing your crypto.
**Don’t know which exchange to use?**
Binance (low fees so maybe one of the better choices for us)
KuCoin (feels like a knockoff of Binance, but its ok and fees are also very low)
Coinbase (try to use Coinbase PRO to lower the fees!)
Kraken (good customer service but high fees)
Bitstamp (good exchange with good security and history but fees are one of the highest)
**Now that you own crypto what do you do next?**
You don’t day trade or do leverage would be my top advice. Chasing pumps is also something that will likely make you lose your money. The best thing to do is to educate yourself more about crypto. Read news, join this sub if you havent, and listen to people babble about it. If nothing else you’ll get a ton of hopium. Slowly you’ll start to understand more about this new phenomenom that we are witnessing. Crypto opened the doors to us small investors but it’s on us to enter.
**Can I earn even more just like that?**
Yeah, there are a lot of ways to passively earn crypto. You can use Brave browser to get small amounts of crypto while you browse the net, you can play games like Coinhuntworld (for US and Canada mainly), you can play cryptoroyale for free. It all adds up a lot! In no time you’ll be riding on a few ten bucks with little to no effort at all.
**So how can I invest without putting ANY money in at all?**
Sign up for Coinbase and check their Earn page. There you’ll find short 1min or less quizzes that will first educate you about some crypto projects and then give you a pretty damn big amount of free crypto! I’ve managed to get about 50$ of completely free crypto just by doing quizzes. Pretty neat!
**Should I stake my crypto?**
Many exchanges offer staking of both crypto and stablecoins. If you have crypto why not make it work for you? Returns may seem small at first but don’t let that discourage you. Some coins offer more returns than others but I’d always choose safer vs the % on returns. Once you get more into crypto DeFi staking offers best returns. But try to stay away from it at least a few months so that you really understand the space before going deeper.