Wondering how to make money with cryptocurrencies? If yes, then without any further ado let’s have a sneak peek at some of the legitimate ways to earn money using crypto trading.
But remember due to the crypto market being decentralized there is a high risk of being caught in scams. So, before you use any method thoroughly assess its authenticity. However, we have listed below some of the proven methods that can help you make money the right way.
Top Proven Ways to earn money from Cryptocurrencies
1. Buying & HODLing
This is the safest way to earn money with cryptocurrency. Buy digital assets with the primary use case and hold them in your wallet until they gain a prominent market share.
Some of the best cryptocurrencies that you can use for HODling are:
- Bitcoin
- Ethereum
- Nexo
- Tezos
- BNB Coin
- WRX Coin
- Monero
- KMD (Komodo) etc
Buying these currencies keeps you on a safer side. You can hold them for a longer duration as their value is expected to increase against the fiat pairs. However, most of the investors opt to buy bitcoin in India. This is because it is known to have regular price swings which make it a safe investment option in this regard.
2. Staking Cryptocurrencies
If you want to enjoy dual benefits then without a thought go for this option. Staking involves locking in crypto coins in a live wallet for 24*7 in order to aid the security and operations of the blockchain network. Doing so enables you to earn a dual profit, one is the appreciation for holding coins and the other one is for staking coins.
Some of the best performing coins you can use for staking are:
- Neblio
- Komodo
- Decred
- Tezos (XTZ)
- PIVX
- NAV Coin
Out of these coins, Tezos offers the best return which is around 6% year on year.
3. Buy & Hold digital assets For Dividends
This is one of the most preferred ways to earn money with cryptocurrency. Surprisingly, there are some coins that help you earn returns for simply buying and holding their crypto assets that too without staking. Few notable coins that pay you dividends include BNB, XTZ, NEO, NEXO.
4. Day Trading Cryptocurrencies
If you have sound analytical and technical skills then you can use this method of earning money. Since all of the exchanges provide the facility for INR to bitcoin conversion, you can easily start day trading. The process involves no rocket science, simply, buy order during low price and sell them as soon as their price reaches the target. Follow this multiple times in a day and earn handsome returns on investment.
5. Arbitrage
Another attractive method that helps you earn a good amount of money with cryptocurrency is arbitrage. The variation in prices of assets on different platforms can be used to add profit to your pocket. All you need to do is to simply buy digital assets from cheap sources and then sell them on overpriced ones.
So, next time when someone asks you, “Can you make money with cryptocurrency?”, narrate them these handy ways.
