- Paid crypto trading groups have a bad reputation, but some can be beneficial for the right people
- Such groups can be helpful for those who have no experience in trading crypto
- What should you be careful of and how can you avoid falling for a scam?
Paid crypto trading groups are a divisive creation that have brought delight and misery in equal measure. We examine the pros and cons of joining a crypto trading group, and what to look out for should you decide to take the plunge.
Pros:
Like-minded people: A crypto trading group can be a great place to meet fellow crypto fans, especially if you’re first starting out in the space. Crypto trading and investing is still a very niche pursuit, and with it being a remote enterprise it can be very beneficial to chat about the vagaries of the market and bounce ideas off people on a daily basis.
A classroom: Crypto trading groups can teach you about the market, should you be willing to learn. The right group can be like a classroom, with many in the space eager to help others learn about trading methods, charting, and the rest.
Access to opportunities: Crypto trading groups are sometimes headed by those with some exposure to the inner circle of the crypto world, allowing members access to early projects not available to the regular Joe.
‘Easy’ way to make money: Crypto trading groups can provide an easier way to make money than just holding a coin or guesswork. If a regular trade is a 50/50 between winning and losing, then following posted trades by a good charter can put the odds firmly back in your favor without you having to learn how to read charts.
Cons:
Fees: Crypto trading groups charge fees, so you need to be comfortable with handing over a monthly fee which can range from a few bucks to hundreds of dollars a month.
Increased FOMO: The constant posting of charts and buy signals can increase your FOMO and push you into trades you’re not comfortable with. This is especially true if you’re feeling pressure to earn back your monthly fee.
Something you’re not: Being a member of a crypto trading group can artificially turn you into a trader when it’s not in your nature. There are a number of trading styles out there which you should research and try out first before seeing if a paid trading group is really what you need.
Wagering too much: Similarly, the constant posting of setups and buy signals can induce you to trade with more capital than you can afford. Every trade in every market has the potential to turn south, but it is easy to get carried away on a tide of other people’s excitement and to throw down more than you would, or should.
Could be a scam: The ultimate con is that the whole thing could be just that – a con. Some scammers take the money and never offer anything in return, some do little to no work for the money, and others have been known to post charts from Twitter and pass them off as their own. If you join blindly, you may not find this out until it’s too late.
The Right Group Can Make a Real Difference
As we can see, joining a paid crypto group is a mixed blessing, and you should ideally know something about crypto before you join one. Finding the right group can be a great experience, teaching you lots about the space and some street smarts at the same time, helping you feel part of a large and growing community.
ALWAYS do some research on any group before you join it, and make sure you get a free trial before handing over any money. If you do join one, ensure you have at least a rough idea of what kind of trader you are and how much you are willing to risk on each call to avoid bankrupting yourself.
Also assess whether you are taking advantage of enough calls to make your subscription worthwhile, as sometimes you may be better off doing your own thing on a less regular basis.
