Learn To Leverage The Binance Effect
There’s a ton of projects in the Crypto space and choosing one to throw your money at can seem daunting. They say that if you have too many choices, it’s easy to feel overwhelmed and end up not choosing at all or feel paralyzed and indecisive.
In some ways I can see it. Whenever I turn on Netflix there’s always a constant internal battle on what to watch. The trusty saved list is a good starting point to simplify things; But then you realize you’ve saved too many movies and TV shows. In general, people don’t like dealing with having too many choices. The opportunity cost conundrum starts to creep in and seldom do we realize the irony of how much time we waste trying to pick something that will maximize our enjoyment of watching it for the next two hours.
Luckily, having so many choices in the crypto space is actually a blessing rather than an inconvenience. Why? Because the more choices you have the better your chances to find unrealized projects with huge potential for massive profits. Choice is definitely something you want when it comes to buying options. Some aspects I look at when trying to find a gem:
- What’s the project about? (Does it have a good chance of high adoption?)
- Who’s the Team behind it?
- Coin Supply (The lower, the better for me.)
- Price / Market Cap — A low unrealized market cap corresponds to a low price.
So where’s the Oversight?
What I have seen with so many amateur Crypto Traders out there is that they only have a membership with Binance. This is understandable since Binance is the biggest Exchange in the Crypto space with excellent security and services. But, know this. By only choosing to deal with Binance, you are severely limiting your options in terms of Crypto variety. While Binance does have a respectable large choice of coins, there are still so many with huge profit potential that aren’t listed on there. Coins that are primed and ready for the Binance effect.
The Binance Effect
Understand one thing, Binance is a very powerful exchange. Just the mere announcement that a coin will soon be listed on there can send prices into overdrive and it usually stays like that until the coin starts trending on Binance and gets dumped in an instant.
What many don’t profit realize when a coin starts trading on Binance for the first time, there are already so many that have already bought in very early and just waiting to take theirs. So if you’re buying a coin that has freshly started trading on Binance, you’re pretty much no different than those guys that always seem to buy a coin at that mountain peak point in any chart.
It’s not to say that these coins won’t eventually sky rocket later and reach higher highs, but at the moment, if you bought the newly listed coin on Binance, expect to be holding those bags for a while.
How You Can Avoid This
Get in early. Open up the option to be able to buy unrealized crypto gems. If you feel your exchange is limiting your options, find another one you can deal with.
My other membership and the place which I recommend you get another account with is Gate.io. They have a choice of 1,400 listed Cryptocurrencies which are absolutely huge and will pretty much have you covered for any potential crypto gems which still haven’t made their way to Binance.
What I tend to do is buy any crypto I want from there and send it straight to my wallet so it sits there while an imminent Binance listing announcement is made. You can also use it to trade and stake your coins, but in my case I do most of my trading with Binance. Either way is fine.
Remember, the more choices you have as a Crypto investor, the better. But always do your research and manage your risk accordingly. Just because a coin seems to have great potential doesn’t mean it will make it to Binance. However, make good sensible choices and this is a lucrative way to bring in some huge profits.
Important Note: For the purpose of transparency, the above article contains an affiliate link. Should you click on it and sign up and trade with the exchange, I will be imbursed financially. You will also receive a 10% kickback from every trade you make with the exchange.
Looking to start trading? Sign up to Binance here and get a 10% kickback on every trade you make.
For those who like my work and would like to show your support. Thank you!
BTC — 131Y73e7VihMZnK8Gi8F1zQVzHb3nu6Vpb
ETH — 0x053c9d702b9270987aa187161f0cb7acee8a0e4d
BCH — 131Y73e7VihMZnK8Gi8F1zQVzHb3nu6Vpb
LTC — 0x053c9d702b9270987aa187161f0cb7acee8a0e4d
If you have any questions or need advice, feel free to get in touch!
Disclaimer: I am not a financial advisor.
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