Published on: 05 February 2020
Last Updated on: 12 May 2021
If you want to know how to make money from Cryptocurrency then you must know what is cryptocurrency. The cryptocurrency market is much stronger than any stock market which is beneficial to the traders and the casual investors in the industry. Cryptocurrency trading provides the perfect opportunity for making money in the market. The innovations and market of cryptocurrency have steeped the zenith in the market and very soon will be taken over by the bots. So it becomes important for you to know how to choose a correct Crypto Trading Bots and which are the best crypto trading bots of 2020.
Parameters of Choosing the Correct Crypto Trading Bot
Choosing the correct crypto trading bot is the most important aspect. Since now bots will be taken over the cryptocurrency trading, hence one must wisely choose the correct bot.
The first parameter which must be considered while choosing a crypto trading bot is the reliability of the bot.
The second factor that must be checked in the bot is the security of the bot.
The third factor must be the profitability of using a particular cryptocurrency bot.
Transparency of the bot is another major factor that must be checked before finalizing any.
Last but not the least, the bot must be easy to use. The user must be friendly with the usage of the bot.
Top 3 Best Crypto Trading Bots
There are many bots available that are associated with cryptocurrency trading but one must know which are the best Crypto trading bots. Choosing the correct bot is very important hence the top 3 best crypto trading bots have been introduced here.
Cryptohopper
Cryptohopper is relatively a newer bot in the crypto trading market. But this new bot has caught the attention of many users with the new technical features that it comes with. One of the major drawbacks of most of the trading bots is that they might only run on the local machine which means that they will run when your PC is turned on by you. This bot uses cloud technology to keep the bot running 24*7.
3Commas
Another interesting crypto trading bot is 3Commas which has gained popularity in very little time as it provided a lot of users with a lot of gains. This bot has a unique feature that separates it from other bots that are this bot has the ability to trail any crypto market. This feature helps the bot to close the trade at the most profitable position. This bot also allows users to trade with multiple cryptocurrencies at the same time.
Kryll.io
Innovation is their weapon and they have utilized their capability to the ultimate level to make people realize that the best way to crypto is trading. They have redefined the definition of cryptocurrency. The core feature of this bot is you can create your own strategy here and not blindly follow any automated strategy.
Conclusion
Apart from all the advantages and benefits brought in by crypto trading bots, it also brings in some disadvantages. We can say that this is not very suited for new traders. It also requires constant monitoring, and not all the bots would be equally secured. Kow you may choose the correct bot for yourself.
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Before entering into marriage, you and your soon-to-be lifetime partner should talk about finances. Both of you might have different ways of handling your finances.
Settling down and starting to grow a family is one big responsibility that both of you will share. One may be frugal and minimalist, while the other is the opposite. Your differences, if not taken seriously, like by discussing it, might cause a collision.
Just let me share one fact about what happens in marriage nowadays. Few are getting married. Many are getting divorced. And according to Forbes, one of the factors why couples end up divorcing is money issues. Unsettled issues!
It's not the main factor, but somehow, it contributes tension to the couple. And we don't want to let that happen to you. This article aims to help you understand what a couple should do in creating your budget.
Take this opportunity to know what couples should do in handling money. These best-picked tips will guide you in building your budget.
Vital Tips For an Effective Budget-
Communicate at all times:
Discussing financial matters is vital, and it's the only way to know each other, especially in handling money.
Let's face reality. Not all couples have the same spending habits. One might want to save more and choose to live a simple lifestyle, while the other might want the opposite.
As you can see, managing your finances contrasts with the other. With that scenario, both of you might encounter some financial struggles while building your budget goals.
Through proper communication, you can set things up with an open mind. But both should adjust each other's expectations. This way, you can organize everything and meet one's goal.
Remember, this isn't a simple game to win. It's a real-life game that both should work together as one.
Categorize your budget:
If both of you feel like your goals are somewhat overwhelming, you have to remember that you can only eat an elephant one bite at a time.
By simply categorizing your budget, you can have a more exact path to follow. You can see which to prioritize and which is more necessary. Do it one step at a time.
As you continue to discuss things, one should jot down everything. This way, you won't miss or forget some information or idea.
Identify your household needs:
Both should identify your household needs. This way, it will become easy for you to categorize them. List them down. Afterward, you order them to either mandatory expenses, significant, nice, or unnecessary.
Don't forget to include your existing debts on your list. May it be a mortgage loan, credit card, other outstanding debts, car loans, utility bills, food, and other different personal needs.
After listing things, you can now identify which category it is.
Mandatory expenses and significant ones should be your top priority. The rest will be considered as your minor focus.
You might be wondering what mandatory expense is? In layman's terms, mandatory means something that obliges you to perform. That means "mandatory expenses" are something that obliges you to settle.
For instance, debts that should be settled fall to mandatory expenses. Whatever type of debt it is, it will be considered mandatory spending.
Settling debts might be overwhelming. Why not consider paying your debts in full using a personal loan from a licensed money lender Tampines? It's a form of debt consolidation. It merely means combining your debts into one.
For example, you consolidate all your credit card debts and pay them using a loan from moneylender woodlands. You settle your debts in total, with lower interest and one monthly payment.
If there's something you are paying because you need it, you can categorize it as a pressing need.
Important or significant things refer to your basic needs. Foods, clothing, water, electricity, internet connection, and the likes are your basic needs.
Nice things give you fun and convenience, but not that important. For example, car accessories, upgrading or changing phones, buying too many dresses. Everything's look nice but not necessary.
Unnecessary things are simply those that don't have value. For instance, you purchased an online subscription that you seldom use for leisure. It's a total expense that you don't benefit anything. And it only cost you money.
Spending money to buy trendy things, eat at a restaurant, and travel around is not bad. As long as you know to discipline yourself. You can never deprive your happiness in reaching your goals.
But if you want to achieve your financial goals faster successfully, you have to be patient. Always remember that it takes strong commitment and determination to do it. Saving more, spending less will help you a lot.
Set money goals:
Setting goals means taking in-depth planning. It is about creating a path towards your goal, guiding you on how to achieve it.
Achieving your money goals is not impossible as long as you make a well-thought plan. To make it happen, both of you must cooperate with your plan.
Visualize what both of you want to have. Both should be specific.
Let’s say you are dreaming of buying a condominium property. In what location? How big should it be? Would it be a two-bedroom or three-bedroom unit? Such questions show what particular property you dream of having.
Aside from being specific, you evaluate whether it is realistic and achievable in your current state. Your partner dreams of having a sports car. The question is, is it realistic to get such a thing based on both financial capabilities?
The next thing you must consider is the time-frame. Home property is expensive and needs a considerable amount of money. If you aim to buy one, you have to set a timeline.
Just say, after two to three years, you will buy your dream property for your family. Within those three years, both will have to work hard and commit to saving a part of your income until you reach your specific goal.
The mentioned tips above will be the most thoughtful way to start building your budget goals. Otherwise, the case can probably push you to sacrifice valuable things. You and your partner should evaluate your money flow before you decide.
Determine how much you earn:
The next thing you do after setting your goals is to determine how much earning you have. There are types of income that we make - gross and net income. Among these two, net income is what you are going to use in creating a budget.
Gross income is a sum of money before your taxes and deductions. In contrast, the net income is your take-home pay.
The question is, are both of you work as a salaried employee or not? If you are an employee paid hourly, your income would likely be stable.
But if you work seasonally, or you are self-employed, that means you earn irregularly. That said, you have to track your income section monthly.
Track your spendings by having a meeting:
You both need to track your spendings. You can do it daily, weekly, or monthly. But for couples who have just begun to create their budget goals, it is recommended to do it every day. You can eventually do it weekly or monthly.
You talk about where your progress is towards your budget goals. You check every spending you take on different categories and manage what's left.
You can do less work by using some financial apps exclusively designed for couples to organize and track finances. It gives convenience and, at the same time, can make your meetings shorter and more effective.
The Grand Debate – Joint or Single Account
Any newlywed couple's financial choice is whether to open joint or separate accounts.
Now, many might love the idea of sharing finances such closely, or while others might run away from the idea.
There is not wrong or right about having a savings account. It is all about advantages and disadvantages based on your relationship with money and each other.
Some like more autonomy when it comes to financial reasons!
However, you should decide upon assessing both the pros and cons of the matter!
When it Comes to Joint Accounts
Many couples opt to open joint accounts as a way to keep their finances simple. With a joint account, each partner puts their income into one account, making it easier to manage household bills and expenses and work together to reach their financial goals.
It also promotes transparency and trust, and as everything is out in the open, you and your partner will both be on the same page when it comes to spending money.
Joint accounts can also make it easier to achieve long-term savings goals such as buying a house or traveling.
However, you will need to communicate well because if you have different spending priorities, this could cause tension.
In terms of Separate Accounts
On the other hand, keeping separate accounts can help partners feel more in control of their finances. This is especially true if one tends to spend more on hobbies or interests.
With separate accounts, both individuals agree on how much money they will contribute toward shared expenses (like rent, groceries, and utilities) and what they’ll keep for themselves.
While this approach allows for independence, it requires open lines of communication and clearly defined expectations.
Are you ready to begin your financial journey?
Creating a budget has to be undergone through in-depth planning. Start-ups aren’t easy.
Both of you might face financial challenges along the way. However, with concrete planning, if both are committed to achieving the goals, nothing is impossible. Follow what you should do, focus, and get it one by one.
You should also consider discussing bank accounts, and other matters early on.
In the end, some couples find that sharing a hybrid approach works best for them.
This is where they have one joint account for shared expenses and then each maintain a separate individual account for their own personal spending.
This way both individuals get some level of independence with their finances while still maintaining financial transparency.
The most important part here is to communicate on a regular basis and adjust along the way to ensure both individuals’ needs are being met and goals are being achieved.
Read Also:
Make Your Savings Goals Come True with Gold
Eight Essential Tips For Getting Out Of Debt
The Importance Of Saving: The Bedrock of a Bright Financial Future
There are two distinct stakeholders in every market, we have the traders and the investors. These two sets of people have one thing in common, they both want to make a profit however they approach the market differently.
If you are reading this article you are probably interested in the market but, you are a little bit dazed about either deciding on trading or investing. It's time to cheer up friends, don't be disturbed anymore, your questions would be clarified after reading this article.
This article would share the necessary information you require to make your decision; trading or investing. Let's get started.
What is trading?
Trading is a financial activity carried out to earn a profit from short-term fluctuations in the market.
Trading involves buying and selling financial instruments; stocks, currencies, commodities, and derivatives to make profits from their price movements within short periods.
What is investing?
Investing is a long-term financial activity where investors buy a financial instrument; for example, stocks that can yield returns in the long run.
Unlike trading, investing requires creating a variety of portfolios of assets and keeping them through every stage of the market till the period they wish or project to take their returns.
Unlike trading which is reliant on price movements for returns, investing grants numerous benefits such as bonuses, dividends, buybacks, stock splits, and more.
The similarities between trading and investing
Trading and investing have a similar objective which is to make a profit. They both offer the possibility of getting rewards.
Trading and investment both hold the possibility of a loss; they both have financial risks.
You need an account/broker to either trade or invest. Without an account, you cannot buy and sell or invest in stocks, ETFs, options, currencies, and others.
The differences between trading and investing
The table below would give you a better understanding of the differences between traders and investing:
CharacteristicsTradingInvestmentRiskHighModerate/LowCapital growthFrom short-term profitAmass gains/wealth overtime while minimizing risksIntentionPurchase assets during the short term and take advantage of mispricing/irregular price movements in the marketBuy investments and hold them for a long period to grow capitalLeverage offeredYesNoAnalysis neededTechnical analysisFundamental analysisCapital gainsMajorly short termBoth short-term and long termPeriod of investment trackingHigh/ConsistentMedium/lessAsset durationSeconds, minutes, a few hoursWeeks, months, years/decadesAssetsStocks, optionsStocks, bonds, ETFs, mutual funds
Conclusion
When you are about to make a decision; trading or investing, be introspective. Ask yourself and consider how patient you are. Are you knowledgeable about investing or trading? What are your skills or expertise? Can you manage risks? Or do you prefer to play safe?
Based on these questions and your strengths or weaknesses you can think about, you can now decide which; trading or investing is best for you.
Remember, trading is more susceptible to financial risk because it is a short-term activity while investing is long-term and less susceptible to financial risk. Trading and investing are not profitable though trading can be a way to earn quick profits while investing wins come in the long run but with fewer losses than trading. You can find your perfect binary options broker as a trader or investor today.
Frequently Asked Questions (FAQs)
I. Do traders earn more than investors?
We can not authoritatively say that a trader is earning more than an investor vis-a-vis.
Traders and investors both have the potential to profit. But they both have to make the right and smart decisions otherwise they would lose money.
II. What types of trading can I engage with?
There are four types of trading; day trading, position trading, swing trading, and scalp trading.
Day trading:
Positions are held during the day alone.
Position trading:
Positions are held for months to decades.
Swing trading:
Positions are held within days to weeks.
Scalp trading:
Positions are held within seconds to minutes. Scalp trading is usually operated during the day alone.
III. What types of investing can I engage with?
Some of the types of investing you can engage in are index investing, active investing, passive investing, value investing, market cap-based investing and growth investing.
Read Also:
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What Beginners Must Know About Trading Options In Dubai
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Term insurance plan is a type of insurance policy that offers pure life protection to the family of the insured in case of an uncertain demise of the insured person. This is the most basic kind of insurance policy that you can opt for. The premium amount on the term plan is also the lowest as compared to other life insurance policies.
What Is A Term Insurance Policy?
The term insurance policy offers life coverage for a specific period of time to the family of the policyholder in case of any eventuality. In case the policyholder expires within the tenure of the policy then the nominees get the sum assured amount. If the policyholder, however, survives all through the term plan and the policy expires then no maturity benefit is offered to the policyholder. The term plan is designed in such a way that it protects the family financially in case of the policy holder’s death. The online term plan is also for a set period of time. There is no wealth creation or investment benefit when you invest in a term plan.
Term Insurance Plan Offers an Affordable Premium Rate:
The offline/ online term insurance plans offer the lowest premium as compared to the other kinds of insurance policies. This is because the plan has no investment component attached to it and it is pure life protection. So in case, the policyholder expires during the policy term then the nominees will get the benefit. However, the term plan has no survival maturity benefit. This makes the term plan different from the other insurance policies that offer a maturity benefit to the policyholder in case the policyholder survives the entire tenure of the policy.
How Is The Premium Of The Online Term Plan Calculated?
Term insurance is basically a contract that the policyholder and the insurance company get into. The insurance company agrees to financially protect you and your loved ones in case of any eventuality within the policy term. In return for this security, you pay a premium amount to the insurance company.
Having an online term plan is a great idea and should be apart of your financial plan. Life is unpredictable and your family could get into a big financial crunch if you leave them without any financial backup. Thus if you are not financially secure then your family could be in big trouble.
If you leave without insurance then you may leave your family in big debt and thus you need to make it a priority to protect your family in every possible way. The term insurance plan is simple and the most economical way in which you can insure your life. The insurance plan lets you to financially secure your loved ones even when you are not around.
Terminsuranceplansattract a premium amount and thus you need to know first what decides the premium amount that you pay towards the term insurance policy.
The Term Plan Premium:
The premium of an online term insurance policy is calculated based on some simple aspects. This is the premium rate which is multiplied with the coverage amount that you have chosen. Mathematics and statistics are used to decide the premium rates. The risk is calculated to determine what the term premium is. The risk is basically how likely you are to place a claim. The lower is the risk attached to you the lower is the term insurance policy premium rate.
Factors That Affect the Term Insurance Premium Rate:
The insurer determines the premium amount based on the various factors when you apply to buy a term insurance plan.
Your age
Age is one of the most important factors that determine the premium amount of the online term plan. The older you are the more is the premium amount that you will have to pay. This is because as you age you are a higher risk to the insurance company and the chances that you will be claiming the insurance amount is high. This is why it is advised that you get the term insurance plan when you are young.
Gender
It is studied that women have a higher life expectancy than men. The insurance companies feel that women are less likely to die and thus they are charged a lesser online term plan premium than men of the same age. This is why the premium that is charged for men is higher than that for women.
Job profile
What your occupation also determines the online term plan premium amount that you will pay. There are some job profiles that are high risk as per the insurer and thus you will have to shell out a huge premium if you are working in any of those profiles. Those that are in some dangerous professions like an army, pilot, etc. have a higher premium rate than those who work in safe working conditions.
Geography
Where you stay also plays a very vital role in deciding the premium amount. Those places that are less prone to disaster charge you less premium than those places where natural calamities could charge anytime. This includes places that are prone to earthquakes or hurricanes.
BMI
Your body mass index is calculated by the insurance company. If you are overweight then you are likely to suffer from medical conditions like heart diseases and thus you will be paying a higher premium towards the life insurance policy.
Smoking
Smokers have a lower life expectancy and thus if you smoke then get ready to shell out extra towards the term insurance policy. This is because smokers have a high probability of having cancer and lung disorders.
The cost of premiums can vary more wildly for smokers than non-smokers, so it is even more important to compare quotes. You could use a comparison website or a regulated broker such as Reassured.
Alcohol
If you drink a lot then you could be prone to health problems related to alcohol. This is something that is considered when calculating your insurance premium.
Medical history
Your past medical state is also considered to calculate the premium amount. If you have ever suffered from illness in the past then this could cause the life insurance premium to increase. Also if your family member had some life-threatening disease at an early age then this could cause you to pay a higher premium towards the term insurance plan. This is because you are likely to get affected by the same disease at a later stage in your life.
Adventure Sports
If you are into adventure sports then you are likely to die having met with an accident. If you are too much involved in adventure sports then the premium charged to you will be higher.
Other factors
There are many other factors that could affect the premium that you pay towards term insurance policies. This includes your travel history, marital status and whether you have chosen for an additional rider. Every factor of your life determines how much premium you will be paying towards an insurance policy.
It is important that you declare them all when buying a term insurance policy. There is no point keeping the insurer in the dark because in case they get to know about it after then they would reject the claim. Thus your whole purpose of having a term insurance plan in the first place gets nullified.
How Much Premium Do You Need To Pay Towards Your Term Insurance Plan?
If you are wondering how much premium you would have to pay towards your term insurance plan then here you go. You could use a term insurance premium calculator that will be available for you to use for free on the website. All that you will have to do is to key in some details required and this will calculate the premium amount for you.
How much insurance coverage you will need is dependent on your age mostly. You need to add your present income and multiply it roughly with 15 and then add any of the outstanding debts or loans to it. This will give you an approximate amount of the coverage that you need.
This just gives you an approximate amount. You will also have to figure out the premium based on your retirement age, present age, inflation, liabilities that are existing and other needs. It is important that you consider the information and put in as much information as required and accurately you can come up with the most approximate figure.
Some of the details that will be required when you use the online calculator are your name and age, purchase year, tax liability, date of birth, gender, total coverage amount, etc.
You can use the term insurance premium calculator to get a rough amount of premium that will be charged towards your term insurance plan.
Choosing the Best Term Insurance Plan- Term Insurance Comparison
It could be a little tricky to decide on the best term insurance plan. You need to keep the following things in mind to make an informed choice.
The reputation of the insurance company
Coverage required
The claim settlement ratio of the company
Factors that could affect the coverage
Terms and conditions associated with different companies
Online or offline term insurance plan purchase.
All these will let you decide on the term insurance premium calculator on the best term insurance plan for your needs. The premium of the term insurance plan is comparatively lower than any other insurance plan that offers life coverage. It is however advised that you buy a term plan because it offers higher life coverage for a very low premium amount.
Read Also:
5 Must-Have Long-Term Goals For A Secure Future
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