Since cryptocurrency investment is possible for those over the age of 18, it is not an investment product for office workers. College students can also invest in virtual currency and open an account. However, many college students fail.
Why College Students Fail With Cryptocurrencies
In the case of university students, life experience is still short, and there are more cases of failure than investment by working people. What are some specific examples of failures?
invest with scholarship
The university has a scholarship system. However, this scholarship is only borrowed and must be repaid someday. No matter how low the interest rate is, it is reckless to invest scholarship money in virtual currency, but there are students who invest this money, and a certain number have suffered. Scholarships must be repaid regardless of whether the investment results in a loss or not.
too much leverage
Investing is a balance between risk and return. For this reason, investment may only have the image of making money, but there are many cases of loss. As a first-time investment for college students, it is a pattern in which the leveraged trading is too leveraged and the entire amount is lost in no time. If you lose the full amount, you can not trade unless you put the principal again.
Some even borrow money from their parents. The pattern of investing a huge amount even though you are a beginner is 100% a big loss. This is the same whether it is stocks or FX. The market is structured so that only professionals can make money. Beginners are duped and lose a lot of money by being beaten by the market.
Also, there are many cases of virtual currency investment fraud. It’s a common case that someone of the opposite sex you met on a matching app offered to invest in you and then ran away with it, or you were invited to a suspicious ICO project, and after you invested in it, you’ve lost contact with it. Virtual currency investment scams tend to have more victims the younger they are, and the number of cases is also on the rise.
Points to note when college students invest in cryptocurrencies
When college students invest in virtual currency, pay attention to the following points before investing. In the case of university students, there is no money in the first place, so you should not overdo it.
If you are a college student, you should start with a small investment first. If you are a university student, you do not have any money in the first place, so please invest only a small amount from the money you earn from part-time jobs. If you invest a small amount, even if you lose all of it, it won’t hurt so much.
don’t borrow money
In the case of college students, there is no money in the first place, so there are many cases where they use their parents’ money without permission or use scholarships, but that is reckless. Instead of using borrowed money, try to spend your own money. And don’t borrow money easily.
practice for a few years
In the first place, investing is not so easy. It’s not easy for beginners to win all of a sudden, so you should think that you won’t be able to make a profit for a few years. As you gain experience and skill, you will gradually become more successful.
Open an account
In order to actually start investing, you must first open an account. MEXC allows you to open an account for free, so you can easily open an account. The article below explains how to open an account, so please refer to it.