#cryptocurrencies are quite new market and this is true that you need only 7dollars to start but remember, if you want to make first million it would be hard to achieve with this amount 🙂
I’ve made some calculations based on minimum quantity of #BTC for one transaction on Bittrex and the fee from USD exchange and BTC transfer from BitBay. Bitcoin price about 6 000 USD. Fees can be different for different pages and currency but the cheapest one should be FIAT market from your country and with your official currency.
0,43% so 0,05 USD – fee during BTC buy on BitBay
2 USD – BTC transfer to BitTrex
4-5 USD – min transaction
Advantages of this amount
If you are newbie you would loose it or just part of it (probably but not necessary), so the lost won’t be so high. Statistically, if you invest more you can lose more.
Disadvantages of this amount
- fees are almost 50%
- if you choose wrong currency you can freez your all investment and you will pause your learning for some time
- if you place stop loss you will lost part of the amount and the rest can be below 0,0005 BTC so you won’t create the new one.
My suggestion
For the beginning I suggest to start minimum with 100 USD and make transatsions with 0,0012 BTC so about 7 USD each.
Thanks this solution you will be able to buy 12 different #alts or buy very interesting alt on different levels.
Your success about 5-10 % will be calculated almost in dollars 🙂
Yes, no mistake, almost but on your beginning the most valuable will be what you can learn and how fast you can close particular investments.
If you close the month with about 7USD it will be good sign for you and of course money for the next investment.
Example: part of my real, historical investment diversification.
It’s also true that when you earn some money you will feel the need to put more savings in the market, so remember the rule:
THE FIRST RULE OF INVESTMENT
Investment can be as high as you are ready to lose.
There are several things connected with and I will describe them in the next posts. I will write also about my other principles very important in this unstable environment.