After realising that low interest rates are here to stay for a while longer I thought, what good is the cash sitting in the bank?
I see my interest on my savings has dived to under 1% pa so Im getting next to NO interest monthly on a great bank savings account. The poor cash investors, who will stay poor by the way, want returns on their cash in the bank with term deposits. Not worth the effort or wait. Then add inflation....but thats another story. We are all treading water or going backwards!
After investing some money into crypto years ago in Coinbase in 2017 I made more than enough money to diversify into other coins. So my hunger and fun begins now in 2021.
I don't add money into any of these sites that I can't afford to lose. I just have to make at least 1% of my money back, after fees, to break even. Then I will make more money than just keeping it in the bank account. For example, why settle for 1% p.a. when in crypto you can gain over 500% or more in a year!
However, trading in crypto is a rollercoaster. The markets can go up really high and fast but also come down the same so you have to be on your toes and look at the market charts. Subscribe to a few Youtube channels that show people analysing the markets, showing charts and that might know something about a particular currency you are interested in.
Coinbase is my starting ground. It is very easy to use and it has a simple layout. You can actually earn real crypto by doing a few multiply choice questions after watching a quick video.with differing cryptos on offer too. However, I realise that I cannot withdraw to my Australian bank account so I opened up some more local trading programs.
Then I discovered CoinSpot , an Australian site. A little confusing with its layout but I got used to it. Not as nice visually to deal with but does its job. What is weird is the market/chart section is in a totally different area than the wallet section. But there are some great bundles you can buy here too. For example, Top 3 or Top 10 by Market Cap. You can avoid paying multiple fees by doing this.
My son discovered Swyftx, an Australian company based in Queensland. He kept raving about it so I joined and now I use this as my main platform to buy/sell. I can use the PayID to instantly deposit. You buy into AUD currency then transfer that to the crypto of choice. However, its $2 per transaction when transferring under $200. No fee when depositing above this amount. Some days there are also offer 0% trading fees! I love the layout of the site too and I can find what I want easily.
