Uptil now I still feel uncomfortable about it, I don't know if am wrong or right for opening up, even though I told him of the risk involved.
There’s nothing wrong about it. He is the one who seek on learning trading. Just make sure that you let him trade on his own after teaching the basic. Tell the disclaimer to make you feel comfortable. Probably you didn’t gave him disclaimer that’s why you are feeling this way. Remember that you don’t have any responsibilities on his money.
Topic: I don't know if am right or wrong about this. - page 7. (Read 848 times)
I don't want a situation whereby someone will say that I scammed him if there is a sudden dip in the crypto industry, so I just told him to open a binance account and verify it, after then, he should get back to me so I can send him the hard copy of the crypto course I bought.
Uptil now I still feel uncomfortable about it, I don't know if am wrong or right for opening up, even though I told him of the risk involved.
I wouldn't do that.
Just advice him to buy bitcoin and withdrawal it to a personal wallet such as electrum.
Hols for about 5 years and that is it.
Much simpler and less risky.
Trading is a good way to lose money if you are a beginner.
I don't want a situation whereby someone will say that I scammed him if there is a sudden dip in the crypto industry, so I just told him to open a binance account and verify it, after then, he should get back to me so I can send him the hard copy of the crypto course I bought.
How will your friend accused you of being a scammer when the market dip if he is the one trading his funds. You should explain well all the risk involved on trading and suggest only Bitcoin to buy on spot trading. This way, you will make yourself safe from committing a bad trading advice on newbie by avoiding shitcoin.
Uptil now I still feel uncomfortable about it, I don't know if am wrong or right for opening up, even though I told him of the risk involved.
There’s nothing wrong about it. He is the one who seek on learning trading. Just make sure that you let him trade on his own after teaching the basic. Tell the disclaimer to make you feel comfortable. Probably you didn’t gave him disclaimer that’s why you are feeling this way. Remember that you don’t have any responsibilities on his money.
You have let him know the risks, then teach him. But always warn him and keep on telling him the risks. He should not use more than the amount of money he can afford to lose. For beginners, he should even use small amount of money that is lower than the amount of money that he can afford to lose.
Binance is a centralized exchange that’s my first red flag, decentralized exchange takes away the control from you even in your own funds and also many of them requires Kyc verification which is also an issue on your privacy protection.
Try out so decentralized exchange for trading like Bisq
He is talking about trading, he can only use those exchanges for spot and future trading, especially if it is scalping or day trading which are the riskiest. He can use smart contract decentralized exchanges too, but I will advice him to use centralized exchanges for convenience and more pairs, but he should not leave his coins on the exchanges, I mean the coins that are not used for trading. If he does not want to trade for some days, he should send his coins back to a noncustodial wallet. Try out so decentralized exchange for trading like Bisq
Binance is a centralized exchange that’s my first red flag, decentralized exchange takes away the control from you even in your own funds and also many of them requires Kyc verification which is also an issue on your privacy protection.
Try out so decentralized exchange for trading like Bisq
Truth be told trading isn’t easy it requires critical thinking and if you jump into it hastily you may just be blowing your funds away. The best thing you can do for your friend if he keeps insisting first put a disclaimer let him know that there are possibilities for him to win and also for him to loose and you can help him with some educational instructions.
Here is a good educational instruction on trading.
https://github.com/SpiralDevelopment/Awesome-Crypto-Trading
Try out so decentralized exchange for trading like Bisq
Truth be told trading isn’t easy it requires critical thinking and if you jump into it hastily you may just be blowing your funds away. The best thing you can do for your friend if he keeps insisting first put a disclaimer let him know that there are possibilities for him to win and also for him to loose and you can help him with some educational instructions.
Here is a good educational instruction on trading.
https://github.com/SpiralDevelopment/Awesome-Crypto-Trading
Trading of bitcoin has been one of my source of income for quite some time now but find it difficult to tell some other persons to engage in trading because of the risk involved.
Last week a friend of mine saw me trading so he tried to know more about it, at first I never wanted to tell him due to the risk involved, but then based of his persistence I first of all explained to him the difference between spot trade and futures, but I told him I do only spot, how I buy low and sell high, even as I was explaining it to him I was feeling uncomfortable because of the risk.
I don't want a situation whereby someone will say that I scammed him if there is a sudden dip in the crypto industry, so I just told him to open a binance account and verify it, after then, he should get back to me so I can send him the hard copy of the crypto course I bought.
Uptil now I still feel uncomfortable about it, I don't know if am wrong or right for opening up, even though I told him of the risk involved.
Last week a friend of mine saw me trading so he tried to know more about it, at first I never wanted to tell him due to the risk involved, but then based of his persistence I first of all explained to him the difference between spot trade and futures, but I told him I do only spot, how I buy low and sell high, even as I was explaining it to him I was feeling uncomfortable because of the risk.
I don't want a situation whereby someone will say that I scammed him if there is a sudden dip in the crypto industry, so I just told him to open a binance account and verify it, after then, he should get back to me so I can send him the hard copy of the crypto course I bought.
Uptil now I still feel uncomfortable about it, I don't know if am wrong or right for opening up, even though I told him of the risk involved.
Jump to: