Topic: Is it proper for one to trade Bitcoin through a trusted friend ? - page 2. (Read 657 times)

At first, I didn't get the point of what you were saying because you didn't specify whether you were referring to P2P trading or future trading. With the help of what @Davidvictorson said and also your consent to it, I now understand that you are referring to bitcoin trading for a short-term profit. Well, I know that trading not as simple as investing, but I will advise you to learn how to trade and do it yourself. If you have the time to practice trading, do so by yourself. There are a lot of exchanges that offer demo trading features where you can learn how to trade with virtual funds. On a demo account, you can actually practice every trading strategy, learn and master your best trading strategy, which can help you become profitable while trading on a real account. 

Well investment ideas would be another story to tell. If that's really your purpose then it would be much better for you to prioritize sharing him the knowledge necessary for his crypto journey before his actual engagement in this industry. If you're here in this industry for long then you'd know what I am referring to. We all know how risky Bitcoin is, as an investment. It is just the misconception which pushes maany people here in particular with easy profit ideologies wherein there's no such thing.

Also to mention with pushing a trusted friend to trade Bitcoin, I would also ask why? Especially if he lacks the knowledge. We do understand that you trust him that much but it doesn't really makes sense. What's more likely to happen is for you to suffer from loss and tendency of you questioning this friend of yours.

Let me say you aren't clear about this, so my response will be limited to you even though I will try to make it thorough. First, you have to know the difference between trading and investment as some people mistake the two for each other. If it is about investment, why not open your own non-custodial wallet and use your credit cards to move funds into it? Better still, if your country's credit card is having issues with international transactions just like mine due to the scarcity of FX, why not open an exchange account, verify it, send funds into your crypto through P2P and move the money to the self-custody wallet?

For trading, for you to have believed you can entrust your money into the care of your friend to trade for you could mean that you can't do it yourself due to one reason or another. Although I advise people to trade by themselves, after all, they can learn it, this is still not necessary at the same time if you do not have the time or lack interest in it in direct trading, especially when you have a friend that is good at it. But wait, don't just entrust your money into the hands of your friend, ask questions, and let him give you proof that he is a good trader to avoid wasting your money. This is because trading is risky and you can easily lose your money, this happens daily.

This is not the first time a friend will entrust trading money in the hands of another friend, but they often lose the money. You may also go for the various social trading initiatives, they are viable alternatives in case you can't trust your money with a friend. In the social trading arrangement, you will only connect your account to an expert/signal provider account and you will see the account earning or losing for you. This is why you have to learn how this works so that you can research to choose the right service provider account that can be positive to your account.

Trading is not an easy task to do, any time I see some traders trading for other investors and paying them interest, I usually cut cap for those traders because it is not easy. Before you can proceed to allow your friend trade for you, you are to note if they are actually an old experience traders. If your friend is just a normal non fully experienced trader, he may end up to lose your investment to Bitcoin volatility. Know who you are dealing with and their capabilities before you proceed.

I love your positive outlook in life and how you always see things in rainbows but I have to tell you though, there's definitely people out there that would sell their friend and their soul for money, notice how I didn't mention how much because the amount of money that some people might do it is irrelevant, no matter how much, if greed strikes them, you're going to be in for a world regret and pain from the betrayal. Don't listen to what @Donnard33 has to say, got to understand that you can never fully trust anyone especially with this kind of arrangement, unless they make some really big benefits out of this arrangement, you should probably stay away from doing this kind of thing.

It is very appropriate if you entrust your investment to Bitcoin, there are many benefits that you will get when you make Bitcoin your

First of all you have to think about how acceptable the person giving you advice is to you and how much you trust him whether it is your friend or someone close to you will depend on how much you trust him. But when it comes to investing, you must gain enough knowledge about investing. If you gain enough knowledge about investing, then you will understand yourself where you should invest for the long term. But if you are a newbie, of course you should always have a long-term plan in terms of stating your goals.

That is an option if your friend deserves for such a level of trust. I know some people are doing this and still doing it well but yes, some also got in trouble due to misuse of funds. I hope you consider this situation and take extra precautions when doing this because when it talks about money, many people are wrong and get tempted by it. But if I were you, I'd rather take the risk of doing it personally because if ever I lose, I know where I am wrong and I could learn something about it. And it is not difficult to accept it than it happens because we let other people do it.

I was going to ask OP about this too. If he thinks that his friend is trustworthy, he will not go on social networks to ask for advice from strangers. It's clear that OP doesn't trust his best friend and has been somewhat suspicious ever since he created this thread. So if he wants to take my advice, I'll say "no".

But what I disagree with more is why do we have the mentality of wanting to make money by relying on others when we can do it ourselves? If OP still maintains the view that he can make money by asking his friends to trade for him, it means OP is intending to get rich by relying on others. I believe that if OP maintains this mindset, sooner or later he will join trading signal groups and this will be worse than depending on his friends.

"Proper" is such a weird and vague term for this question that I am not even entirely sure what you mean. Like do you mean could you trust your friend? If you have to ask us then the answer is no, if you trusted that friend you wouldn't ask it here. Are you asking if it's profitable? I mean as long as you make the right moves then probably?

There isn't really any "proper" answer to this because the question wasn't phrased carefully and we are not really aware of the situation at all, it's making it a little bit different and difficult. I personally believe that the best thing to move forward with should be something that could benefit you one way or another, I do not think that we are going to end up with anything correct here.

In agreeing with you and in further addition, doing it by yourself serves your assets privacies and also foster your personality as an investor an independent one where you are privileged to do it all by yourself without relying on anyone.
Although it is necessary to consult a friend at a point of encountering hard times with your trading but while your friend has also given you the hints, do not take it a 100% to be relied but also consider doing research in comparison to the clues of that your friend because some friends may actually help you at your needy during the trades but with malicious minds of backstabbing you unknowingly to your notice.

Choosing Bitcoin as an investment is a good decision, especially if he already has the knowledge and ability to start. But before you sell your Bitcoin to him, you should know whether he is someone you can trust or will only cause problems for you. If it is a close friend who you trust, you can help him start investing in Bitcoin.

You need to teach him more about Bitcoin if he has no knowledge about crypto. Once he knows crypto and can start investing in Bitcoin, he can start immediately and do it himself. You can still guide him and provide other suggestions.

You should direct him to buy Bitcoin from an exchange so he can learn more about the crypto market. He can also understand that the price of Bitcoin will always change and he must be able to prepare himself well. With your guidance, he can avoid common scams and continue investing in Bitcoin without any problems.

Entrusting Bitcoin investment to other people is certainly not the right choice because it could be that the people we entrust do things that benefit themselves without telling us or they want to try it and they don't fully understand Bitcoin and don't want to spend capital and make money. The capital that we invest as a means for them to learn will of course be very detrimental if they make mistakes in the investment that we carry out together.
I myself find it very difficult to trust someone in financial matters and if we really want to invest, it would be better for us to prepare ourselves first by studying it after understanding it well, then we can try to invest in Bitcoin.

It is very appropriate if you entrust your investment to Bitcoin, there are many benefits that you will get when you make Bitcoin your investment, apart from that, the amount of Bitcoin cannot be manipulated, this is what makes the price continue to increase, Bitcoin is also a decentralized asset so there is a possibility of a rug pull. or scam is zero. bitcoin is the best investment asset right now imo.

Having a contract will not guarantee that your friend might not going to attack you blindly. Of course, money is involved here so as much as you can’t trust even your family members, how much more if you exposed your trading secrets into your friend. They say your best friend becomes your best enemy, so be careful with that. Although you can teach your friend on the basics of trading, but you should never let him indulged with your privacy the moment you are doing trading, that’s very relevant factor to safeguard your trades 24/7.

If you want to stay safe and keep your privacy, I suggest you trade with yourself alone. No need to have someone that will accompany us in doing our trades, after all they don’t contribute to our success so it’s better to trade on your own. Trading is never meant to be shared or discussed with someone else, especially that your funds will be exposed if he sees you trading in your device with his two eyes. Not only that, as he might also share with someone else the information he gained while seeing you trading, which makes your trading assets prone to stealers and hackers and if that happen, your friend might be your immediate suspect.

You should learn to do it yourself instead of relying with someone else. I do not wish for negative outcomes but assuming something goes wrong with your friend, this isn’t a centralized system where the next of kin can help you retrieve your money; you’ll lose your money. So trade and hodl your Bitcoin by yourself.

Since Bitcoins are so valuable, you must be a trusted source for these Bitcoin transactions. Since you are going to trade bitcoins through your trusted friend, you need to be 100% confirmed whether your friend will become dangerous for you later. Moreover, you are 100% guaranteed to trade your bitcoins in your native currency through Pitupi.In this case you do not have to depend on any third person. You can sell your bitcoins yourself without having to depend on your friend in any way. But if your friend is located near you and you can use your friend as per your need then you can do your bitcoin trading through your friend.

Actually I think is very good to learn by yourself and also do the trading ourself, because you don't expect your friend to be there for you always if you keep relying on your friend what if he's not there how are you going to cope? This is why is very good to have the knowledge about how trading works before going into it, we shouldn't be curious to get profited unlike others, because the reason why most people always Rush into something is due to the information they get, maybe from social media platform or from a friend about how they make a lot of money from bitcoin trading, at this point they will just jump into bitcoin trading without having the knowledge about how it works.

I can't advice you to not trade your funds through your friend's account. It could be profitable for you and, nobody - not even you can decide whether or not it'll work.

It's always more satisfying and convincing to trade and monitor the volatility and Price movement on your own self. I'm a type that tries as much as possible not to engage in any sort of partnership that requires alot of funds - Once there's a disagreement due to losses, it'll do alot of harm to your relationship with the said person.
Edit:
I think what he meant was about crypto trading? Maybe he didn't have the right words to use? It could be a daily trading and refund of interest monthly or so? am I wrong?