Who to trust

It’s hard to know who to trust in trading, especially crypto. A selection of the dangers include:

  • Fake websites and social accounts
  • Viruses, malware and spyware
  • Reviewers promoting projects only for money
  • Exit scams
  • Education that teaches you to overtrade, earning more commission for brokers
  • Expensive courses that aren’t worth it
  • Free advice that isn’t very good
  • Unrealistic claims including overfitted backtesting of scripts
  • Pump and dump schemes

And a special shoutout to crypto Twitter – an echo chamber of myopic monkeys swinging constantly between euphoria and panic.

So I’ve collected a few people and organisations here who seem to me honest and competent.

Trading mentors

If you really want to get good at something, you need to pay an expert to teach you. There’s no shortcut. Or rather, that is the shortcut.

  • Mr Anderson @TrueCrypto28. I joined his study group. I know from this experience that he’s an expert trader and a dedicated teacher. I doubt you can find better.
  • The Wolf Of All Streets @scottmelker. An interesting, skilled and even-minded trader. I subscribed to his newsletter.
  • @rektcapital. Non-flashy crypto analyst with emphasis on macro cycles. I subscribed to his newsletter. I haven’t yet taken his training.
  • @SecretsOfCrypto. Secrets is an investor not a trader. He does not do training or mentoring but gives out information on Twitter, including some valuable, easy-to-digest infographics about cycle investing.
  • @Pentoshi. Not a mentor, but a trader who has been killing it with BTC direction recently. A riskier follow, for traders only.

Exchanges

Exchanges are where you keep your precious Bitcoin, trying to trade it to get more of it. For the time that it’s on an exchange, it’s not safely in your own wallet. Not your keys, not your funds. The entire exchange can just up and lol and exitscam, or they can have poor security that allows someone else to steal your funds.

Problems with exchanges that I’ve personally had include: lost funds, websites not working, apps not working, poor interface design costing me money, transactions taking forever due to too-low transaction fees, profits getting smashed due to too-high transaction fees, poor liquidity, and the infamous “Bitmex overload”, where you watch helplessly as they lock you out and their market makers take all your money.

The main exchange I use is Binance. They have a huge range of crypto assets, including margin, perpetual contracts, and futures; they’re very safe; the user experience is good. If you sign up using my link, you get 10% off trading fees (which are already very low), and I get 10% too. If you have ethical objections to affiliate links, a) screw you, b) I still recommend them. Just type b i n a n c e . c o m into your browser like a Luddite.

UPDATE: As regulators around the world get ready for the inevitable fight to the death between the forces of centralisation and decentralisation, it’s possible that Binance might be an early casualty. This doesn’t worry me as such, because if that happens I’ll just sell up and transfer my crypto somewhere else. But if it does worry you, consider FTX.com. I get the feeling – and without being a fly on the wall at the CFTC it’s hard to know – that they’re better positioned for regulatory compliance. They have a fiat gateway, plenty of interesting altcoins to trade, and even tokenised stocks (VanEck Junior Gold Miners ETF anyone? mmmmm…). They just raised almost a billion dollars in funding. I dunno what they’re going to do with it (their product is already fully functioning), but it’s a sign that Sam’s star is in ascendence.

I also use Coinbase, solely for getting fiat currency into and out of crypto. Binance can do this but it’s good to have a fully KYC’d backup. Coinbase suffers from reliability issues at time of highest load, e.g. when the market crashes. But it is heavily regulated and insured.

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David Owen

David is a professional illustrator and designer. He did the Simple Crypto Life logo. Find him on Instagram at @davidowen_illustration.

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