Is it wise to access loans to start trading crypto?

[Kingsley]

I have heard alot of stories about crypto currency and how it can suddenly make one a millionaire or even a billionaire over night. Some people believe or see crypto currency trading as a get rich quick avenue for this reason some even venture into it with the mindset that all that is required to start trading is just a good phone or laptop and a very good network and data. But quite sadly this class of people that think in this fashion had gotten their fingers burnt and they had to learn the hard way.

Some even go as far as accessing loans and credit facilities from friends and family and some even go as far as banks and microfinance banks to access loans with high end interest all with the hope of making millions within a short span of time and payback the loansand also make more profit even after paying the interest.

But to their greatest amuse they realise that not even the original loanor interest were they able to payback let alone make any profit from such venture. This is quiet sad as they have been made to believe crypto can make everyone rich. They were only been decieve by a few insincere class of traders who only deceive them to fall prey and so they can use them as referrals.

For one to succeed in the business of crypto is requires a very sound training and even at that it doesn't guarantee success all the way. In my opinion it is not wise to use loans to trade crypto.

Whats your view on this?

 

[Jasmine]

No, it is not a good idea to invest in crypto currency through your loan. Let say you got a loan of $1000 for 6 percent interest from a bank. You will have to pay $60 per month as the interest on your loan. However, if the crypto market went non the bearish run right after you invested and did not rise for a couple of months, how will you pay your interest on loan, let along paying loan installment. If you want to invest in crypto you should invest the money that you can afford to lose, or only from your savings.

 

[Immilash]

Taking loans is not a good idea, I suggest you find another way but not taking loans, you might end up taking loans an you might not pay them back.

 

[Sotherefore]

I don't really know , but I wouldn't advise this base on my own reasons . But in all the same it will depend on so many things and Whatever the case maybe you have to understand that this is very risky and the possibility of succeeding will be 50/50 . If you are not successful and you lose all the money , you will have to look for a way to raise back the money you have lost and paid to the owner.

Cryptocurrency is an unpredictable market and might be very difficult for you to accurately trade except you are an expert . Even for expert i will always advise that he or she should try to raise the money needed to trade the market on their own .

Personally I wouldn't like to take money to start trading A volatile market , anything can happen and the possibility of losing the money even as an expert is still very high.

 

[HeavLeighGill]

Never trade with money that is not your own or money you cannot afford to lose. Imagine losing money that was meant for your rent. Imagine having this huge loan to pay off, then blowing that money away and being left with the debt for months or years when you could have just used cash. It doesn't matter if you only have $10 extra to use for trading, you start and keep adding to it over time until you eventually build yourself up.