Transfer My Entire Savings to Cryptocurrencies?

[Triple]

I am at a point in my my young life where I need to make a decision about my finances. I have a good amount of money saved up in my Robinhood account, and I have been putting it in the stock exchange, making a steady but positive return. Keyword here is positive. I am very conflicted right now because I think I can earn more money trading cryptocurrencies, but the risks are so much greater.

I have a couple good alt-coins in mind that I would like to buy, but don't have the capital because it's all tied up in stocks. Also, is there even a reputable enough exchange that I can put ~$50,000 in and not worry about it getting hacked or stolen? I mean, with stocks, if in the off chance that my account gets hacked, they still need verification before money can be sent, and my money is ensured by the government. With cryptocurrencies, once it's sent, I have zero chance of getting it back.

What should I do. Should I move all my money from stocks to cryptocurrencies? And if I do, which exchanges are reputable enough? I currently use Binance and have only $1000 in there.

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[Dreamchaser21]

Better not to put out all your money in stocks instead diversify you portfolio. Stocks are really ok for me in terms of making profit but yeah trading with cryptocurrency is a best market for me right now, I think bittrex is more secured compare to other but I'm not sure of course, better to do your own research about this but investing in cryptocurrency is always a good choice.  

[LeGaulois]

I would never put my entire saving in cryptocurrencies.

Let's be honest, it's true that the market is performing very well but you don't know what can happen, and you can't deny the risk to lose money (for whatever reason, I am not talking about to be hacked or something similar, it's something that you should take care with everything).

If you diversify your portfolio you minimize the risks of loss, diversity is a golden rule in investments. To be greedy often lead to the wrong decision, especially when you're young. Use a little wisdom, it will be more beneficial in your decisions

[Rob101]

I agree...

As a young person you can afford to be riskier in your investments, though I would also be cautious about investing your entire savings. If I were you I'd put a good chunk in but still retain some savings and other investments.

Never put all your eggs in one basket... remember that, cliques have meaning for a reason.

[mrdavidziuk]

I know it's not easily to transfer your whole life savings to investing in cryptocurrencies, but don't put all eggs in one basket man, it's super risky.

[Idrisu]

This is a good plan but I will advise you not to put all your savings into crypto currencies as this is too risky and you may not be safe financially doing that. I will said you should put around 50% of your savings into crypto currencies and the remaining 50% in the bank and stocks as you have been doing and get positive results. Bitcoin investment though very profitable has a lot of uncertainty in future. No one knows what is going to really happened as governments all over the world has been kicking again it advancements.

[crabby]

I would say that it's not a good idea to move ALL of your investments to cryptocurrency. However, if you are young and have a strong safety net, I think investing a large portion of your investments into cryptocurrency would be reasonable. There are many advantages that traditional investment opportunities provide besides stability. They allow you to have pre-tax options, they allow you to plan long term for your retirement, and they act as a sort of safety net as well if you are falling on hard times.

Saying that, the most secure way to store your coins is in a hardware wallet that you maintain offline. If you have a lot of money to invest, I would suggest a tiered approach. I would keep a subset of your porfolio offline. This means on a hardware wallet that only you have access to. The coins held on this wallet will be long term holds that you believe in. I would then use a subset of the remaining as a balance over some of the riskier, but high potential coins. I would pick 5 coins that you think are up and coming and put 20% into each of those coins. The last subset of your coins can be used for trading. You can put these on an exchange such as Bittrex, Poloniex, or any of the other major exchanges and perform day trading.

So, in conclusion, what I would do if I was in your situation is take half of my investments and put them into crypto. Then, I would do a 50%, 30%, 20% split between long term holdings (offline), short term balancing over riskier coins that I believe in, and finally day trading on an exchange like Bittrex.

[Text]

Me too, I would never put all my savings to crypto currency. They are right that you need to diversify your funds when it comes to investment because as we all know their prices are volatile we don't know when it will go up or down. When I make trades, I usually choose Bittrex because I don't encounter any issues with them. I am not yet familiar in stock exchange but I think it is good too according to my virtual friends as they are already investing on it.

[Ahooleeman]

It's really strange to ask it at forum.
If you believe like me, that you don't need fiat anymore, you'll not have this question. If you're not sure, don't invest ALL money here.

[peter0425]

I am at a point in my my young life where I need to make a decision about my finances. I have a good amount of money saved up in my Robinhood account, and I have been putting it in the stock exchange, making a steady but positive return. Keyword here is positive. I am very conflicted right now because I think I can earn more money trading cryptocurrencies, but the risks are so much greater.

Good for you that you are making a head way at a very young age. Yes, trading cryptocurrencies is the new thing now. You can earn a lot of money in it if you know what you are doing.

I have a couple good alt-coins in mind that I would like to buy, but don't have the capital because it's all tied up in stocks. Also, is there even a reputable enough exchange that I can put ~$50,000 in and not worry about it getting hacked or stolen? I mean, with stocks, if in the off chance that my account gets hacked, they still need verification before money can be sent, and my money is ensured by the government. With cryptocurrencies, once it's sent, I have zero chance of getting it back.

As far as trading platform, they are all hackable in my opinion and no trading platform is safe. So my advise is not to put everything in it. Just put enough for your trading purposes. Crypto is irreversible, your are right that's why you have to be very careful of sending it to a address.

What should I do. Should I move all my money from stocks to cryptocurrencies? And if I do, which exchanges are reputable enough? I currently use Binance and have only $1000 in there.

Again, as I have said, not all your funds. You need to diversify. Don't pull your funds from stock market. Maybe around 50/50 would be a good start. I don't trust trading platform, I just put enough for my trading activity. I can't say which platform though is the best. Goodluck.

[Wonder_woman]

I am at a point in my my young life where I need to make a decision about my finances. I have a good amount of money saved up in my Robinhood account, and I have been putting it in the stock exchange, making a steady but positive return. Keyword here is positive. I am very conflicted right now because I think I can earn more money trading cryptocurrencies, but the risks are so much greater.

I have a couple good alt-coins in mind that I would like to buy, but don't have the capital because it's all tied up in stocks. Also, is there even a reputable enough exchange that I can put ~$50,000 in and not worry about it getting hacked or stolen? I mean, with stocks, if in the off chance that my account gets hacked, they still need verification before money can be sent, and my money is ensured by the government. With cryptocurrencies, once it's sent, I have zero chance of getting it back.

What should I do. Should I move all my money from stocks to cryptocurrencies? And if I do, which exchanges are reputable enough? I currently use Binance and have only $1000 in there.

I advice you to not put all your money in crypto currencies make some strategies on how to earn from little amount. In trading you don't need to start in big amount. Just be simple and creative. Be wise enough for your future.

[VitKoyn]

I am at a point in my my young life where I need to make a decision about my finances. I have a good amount of money saved up in my Robinhood account, and I have been putting it in the stock exchange, making a steady but positive return. Keyword here is positive. I am very conflicted right now because I think I can earn more money trading cryptocurrencies, but the risks are so much greater.

I have a couple good alt-coins in mind that I would like to buy, but don't have the capital because it's all tied up in stocks. Also, is there even a reputable enough exchange that I can put ~$50,000 in and not worry about it getting hacked or stolen? I mean, with stocks, if in the off chance that my account gets hacked, they still need verification before money can be sent, and my money is ensured by the government. With cryptocurrencies, once it's sent, I have zero chance of getting it back.

What should I do. Should I move all my money from stocks to cryptocurrencies? And if I do, which exchanges are reputable enough? I currently use Binance and have only $1000 in there.

Honestly it depends on how much risk you can take, investing in stocks are more safer but if you transfer all your funds from stocks to cryptocurrency it is more risky because cryptocurrencies are more volatile but you can still diversify your investment and lower the chances of loss. I do both stocks and cryptocurrency trading because I have enough time to monitor it, stocks are good especially when you invested on a good company but in my experience I earn faster and gain more profit in cryptocurrency trading and holding my Bitcoins compared to what stocks can give to me. The only advise I can give to you should always diversify. btw I use bittrex when trading and they never disappoint me so far.

[jakelyson]

Even at this age, crypto-currency is still a risky investment. If you are not satisfied with the profit you are getting from trading stocks, you can move into crypto-currency. But I suggest that you do it moderately. Only move the stocks that are least profitable into crypto. So if ever you chose the wrong altcoin, some your money is still in stocks and gaining profit. You will not lose everything. Besides, just half of the money you have is more than enough to make big profits in crypto.

[MinerHQ]

It's really strange to ask it at forum.
If you believe like me, that you don't need fiat anymore, you'll not have this question. If you're not sure, don't invest ALL money here.

Whether you believe or not investing all your money in any single investment is not advisable because there are chances that you may lose a lot of money if something goes wrong in the crypto world. That's why try to diversify your funds and invest in different products. If one of them fail also you can cover up with other profits.

[illinest]

I am at a point in my my young life where I need to make a decision about my finances. I have a good amount of money saved up in my Robinhood account, and I have been putting it in the stock exchange, making a steady but positive return. Keyword here is positive. I am very conflicted right now because I think I can earn more money trading cryptocurrencies, but the risks are so much greater.

If you have no exposure to Bitcoin and cryptocurrencies at all, then it's always a good time to consider getting some skin in the game. But as you point out, it's one of the riskiest asset classes out there (young technology, relatively unproven, experimental incentive systems, etc). So it's probably prudent not to dump your entire net worth into crypto, especially months into a parabolic rally.

I have a couple good alt-coins in mind that I would like to buy, but don't have the capital because it's all tied up in stocks. Also, is there even a reputable enough exchange that I can put ~$50,000 in and not worry about it getting hacked or stolen? I mean, with stocks, if in the off chance that my account gets hacked, they still need verification before money can be sent, and my money is ensured by the government. With cryptocurrencies, once it's sent, I have zero chance of getting it back.

You definitely need to change your security mindset and improve your security practices when you start trading cryptocurrencies. You definitely need to start using highly complex passwords, never reuse email addresses or passwords for different accounts/services, and always use 2FA on your exchange accounts. If you use Robinhood, I'm assuming you're in the US? Coinbase/GDAX is licensed, gives you exposure to BTC/ETH/LTC (and likely BCH soon), and they have FDIC insurance on your USD.

Also, if you want to invest long term, you should put some of your holdings into cold storage and avoid keeping it on exchanges at all.

[hasmukh_rawal]

I wouldn't recommend you using all of your money to buy crypto currencies. Just take a portion of your investment and buy crypto with it. Don't keep your crypto currencies on exchanges as many of the exchanges have faced issues keeping it in the wallets. Download a private wallet and move your coins to it. Consider buying a hardware wallet as it is the safest. Don't buy any altcoins now as they are in down trend. Bitcoin is the safest coin to buy as it keeps rising. Anyway its your decision which coin to buy but consider all these things before doing anything as once the money is gone in crytpo, it is vanished.

[N0ssi]

Probably the recommendations of the previous people here are good, but i wanted to share that I, personally, put ALL of my savings in cryptos. Why? I only had 1000$ 

I can only advise to diversify between the assets and use Poloniex & Bittrex next to Binance.

[haroldtee]

I am sure you have heard it all already; Do not put all your eggs in a basket. It is just simple! Crypto world might be the next booming world right now, but the truth is no one knows the future, and as long as there is a huge uncertainty, there are just some risk one should not take as investors.
You may feel you are young and you have a lot of life ahead of you, but you should also imagine the time it has taken you to build what you have right now. $50000 is not a small amount of money and you should take risks based on what you have, not what you assume it is going to be like.
 
When taking investment decisions, you have to consider the chances of the negative happening as well the positive. None of us can force you to take your decision but you have been doing well for yourself, getting greedy at this stage, may just spoil the fun for you in the long run. Take out some percentage of it you are comfortable with and invest or trade as the case may be.

You also need to understand that exchanges cannot be trusted, no matter how reputable they may seem now. Even if you want to trade, do not trade everything. Consider putting some of the investment in a cold storage and hold. Then you can play with the rest however you wish. Bittrex, so far has been reputable enough for me, but you have to do an enhance verification and make sure it is successful before putting any serious amount there to trade.

[pawanjain]

Bitcoin has attracted many eyes towards itself and has shown it's potential by increasing to 11x times this year. Many big investors have invested in Bitcoin in the past few months which has become the reason for this massive growth in BTC. You can invest your money into crypto currencies but you should know that not every crypto currency is Bitcoin. There are good coins like ETH, LTC, XRP etc... and you could invest in them to get a good profit in the future but there are many other shitcoins out there which will eat up all your money if you don't plan out your strategy well. Don't invest all your money in a single coin, diversify yout investment and I would recommend you to keep more than 50% in Bitcoin as it is growing tremendously these days. Be careful as keeping money on exchanges is not at all safe and consider using a wallet to store your coins.

[kensaii]

I am at a point in my my young life where I need to make a decision about my finances. I have a good amount of money saved up in my Robinhood account, and I have been putting it in the stock exchange, making a steady but positive return. Keyword here is positive. I am very conflicted right now because I think I can earn more money trading cryptocurrencies, but the risks are so much greater.

I have a couple good alt-coins in mind that I would like to buy, but don't have the capital because it's all tied up in stocks. Also, is there even a reputable enough exchange that I can put ~$50,000 in and not worry about it getting hacked or stolen? I mean, with stocks, if in the off chance that my account gets hacked, they still need verification before money can be sent, and my money is ensured by the government. With cryptocurrencies, once it's sent, I have zero chance of getting it back.

What should I do. Should I move all my money from stocks to cryptocurrencies? And if I do, which exchanges are reputable enough? I currently use Binance and have only $1000 in there.

No, don't be stupid. Why would you risk all of your saving to something you are hardly know it? Try to invest a bit of your saving to gradually know a basic and only then, make an important choice like that.