I have always been fascinated by Bitcoin news. As I became more and more interested in the opportunities cryptocurrency had in store, a massive increase in Bitcoin’s rate occurred. By the end of summer 2017, Bitcoin had reached the $5,000 target and I decided to become a trader.
I needed to research the market extensively before I could invest in it. At the same time, I understood that even the most experienced old masters of the stock exchange had no experience in crypto trading whatsoever. This was a new market that made chances comparatively similar for everyone. No one could tell what the future had in store for Bitcoin or for those who invested in it.
A thorough, in-depth market analysis would take a lot of time, but upon finishing it, the results would no longer be relevant. For this reason, I started searching for the most popular relevant information I could find. I also bought some coins and distributed them throughout my portfolio; I purchased OmiseGO (OMG), Monero, and Dash. When I started trading, my portfolio increased, but it only did so because the entire market was growing. I wanted to get better results, so I knew I needed to find someone to guide me. I started to search for crypto consultants online, hoping that I could find someone reliable. Can you lose money in Bitcoin? I wish I asked this question before losing my investments.
Crypto Consultants a.k.a. Crypto Scammers
I had a friend at work who was interested in crypto just like I was and told me about his fruitful experience trading according to the signals of top Telegram crypto channels. I became enthusiastic about it and decided to give it a try. I found an article among the top results of the organic search, which provided audits for five Telegram channels that were very popular. I considered this website to be a reliable source of information, and it seemed like a good idea to rely on them because when I started searching for channels on my own, I was overwhelmed by the number out there.
I subscribed to two channels that looked to be the most promising Cryptoland Elite and PALM BEACH VIP. I received about five signals a day from PALM BEACH VIP, all of them short or long-term. Cryptoland Elite sent me three or four signals every three days. Those signals were mainly mid-term. I learned later that the signals usually came when the coins reached their first target, and some of the coins I purchased were ShitCoins. By the end of January, all of my coins reached stop-loss. Since the signals kept coming, I decided to continue trading. I thought that the administrators knew what they were doing and hoped for the best. Unfortunately, the administrators cared only about money, and I eventually watched all of my purchases reach stop-loss within two to three days of receiving the signals.
Was it All a Lie?
Can you lose more money than you invest in Bitcoin? Yes, you can, if you rely on someone else for too long and never check what they are doing. All of my coins reached stop-loss. This means that they were at a point of -20% of the purchase price. By the time I figured out that something was not right, I had lost 75% of my portfolio in USD and about 50% in Bitcoin. I never thought I’d lose money to scammers so easily by trading Bitcoin and crypto. The schemes were simple yet effective; the scammers showed the successful results of only 10-15% of the total market, and never spoke of the losses the rest brought.
The administrators would ban and delete anyone who was unhappy with them. People who lost money in cryptocurrency were unable to warn anyone about the scammers, as they had no websites or groups outside of Telegram. The scammers could do what they wanted, and no one could call their bluff. I found some angry messages about them on Bitcointalk, but I wished I had read them before I lost everything. Bitcointalk is hard to figure out for a beginner, so I don’t think just anyone could even find the necessary info there.
When I lost my investments to scammers, I felt a strong urge to subject the scammers to the glare of truth. I could not stand the fact that they kept earning large amounts of money on subscriptions by fooling people who trusted in them. Traders like me paid 0.03 BTC for a monthly subscription, or even 0.05 BTC for a lifetime, hoping to grow their portfolios, only to discover later that they had been scammed.
There are Good People Out There Too
After losing my investments to unfortunate trading, I decided to analyze the market more deeply to see whether a situation like mine had happened to others. As I performed my analysis, I developed seven criteria that are crucial for finding a trader consultant you can rely on. I wrote another article about this and explained how I came up with the criteria. Based on my criteria, I found five Telegram channels that looked very promising. However, they did not simply seem promising, I analyzed them with the help of my newly established criteria. The channels are:
- Asian Wh…
- Indian Wh..
The channel that I was most interested in was called Asian… They had a strategy that distinguished them from the rest of the market. They posted only one signal every five days. If the situation on the market was uncertain, they did not usually send any signals at all and instead waited for things to even out. After analyzing their stats, I realized that their subscribers were actually making money. I decided to give crypto trading one more try and purchased a subscription to this channel with my friends for a lifetime subscription cost of 0.12 BTC. When we received access to past signals, we realized that 64% of the coins (27 out of 42) showed positive dynamics within two to three days after the signals. and The total Bitcoin capital reached 10% over this period. If that is not inspiring, what is? My last leap of faith was the one that brought me to the trader consultants I could rely on. However, I realized that I needed to share my experience. I can only imagine how many people would have given up after losing it all to scammers like I did.
I wrote this article so that other beginner traders can learn from my bitter experience and avoid the mistakes that I made. I had to lose money to make money in crypto, and I finally found a way to make a profit without being afraid of scams. This article does not cover all the aspects of cryptocurrency trading that a beginner should know, but it surely informs about the scams out there. Before I lost money in crypto, I was absolutely sure the channels I followed were trustworthy. When I realized that I had been scammed, I decided to start a platform that would give trustworthy information about traders so that everyone could see it and avoid the scammers. My platform is called safetrading.today, and it shows stats and independent audits for traders. You can leave your feedback about any of them, or the platform itself. Let’s stop the scammers and make trading safe for everyone!
Featured Image: DepositPhotos/ onegoa