Not successful trading. Lost $2k

[luckmanalex]

Hello, guys!

I tried to trade crypto a bit, but after loosing around $2k decided that it would probably be better if I give my money to someone who really knows that he is doing...

And I found a "well-known" trader on Youtube who said "just give me API keys from your binance account and watch for your profit". I will need to pay a commission from my profits to him for managing my account on monthly basis.

And here is my questions:
1. Is it a common practice to give professionals manage your account on exchanges via API?
2. What are usual conditions for that cooperation?
3. How can I check that his REAL profitability equals DECLARED profitability?

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[BitMaxz]

For me, it is not a good practice to give other traders to access and manage your account via API. To the fact that any time they could run the funds without notifying you, it is most of the cases that I heard so be careful.

I think no matter what the condition looks like it's still not safe to give other people to access your account because it may risk your funds.

There's no tool that you can check whether he is telling the truth about his profit history or not. However, if he can give you access to his trading account you will know if he is telling the truth.

Just a little advice it is safe if you trade with your own knowledge than using other services that you don't know what will happen to your investment and think that we are dealing online so there is a high possibility that you can be scammed.

[boyptc]

You better not trust others with your money.

Sorry for your loss but you just have to learn from your experience and do it on your own. I've heard about this offer before but you better not trust him.

[mcnocon2]

Based on my experience, its not good to trust someone you don't know personally. If you give you're account no matter what condition he gives it might get lost and get stolen your funds. You do this for long term, successful traders always loss and trades. But the important thing is they learn from it. I think the best thing you can do now is trade and learn from it and also keep learning new staffs on trading.

[r1s2g3]

And I found a "well-known" trader on Youtube who said "just give me API keys from your binance account and watch for your profit". I will need to pay a commission from my profits to him for managing my account on monthly basis.

Did you get the guarantee that in case of loss of your capital, you will be compensated so that you do not lose your capital?
Did you get any guarantee that you will get x% profit monthly.
You said you know the trader by "Youtube", Giving your account to an "online" identity is also a big no.

Most important question:
Is Binance terms of service agreement allows you to give API keys to others?

[pooya87]

in other words you saw some random anonymous person on the internet who told you to give him your money so that he can give you profit back and you are thinking about doing it or not?!! LOL
not to mention that there are no "well known traders on youtube". there is only newbies with a lot of videos on youtube trying to make money by creating youtube videos and also by trying to hype some altcoin they want to get pumped so that they can dump and make money.

always know this: if someone is really good at trading he doesn't have time for nonsense like creating videos, helping others like you make money by taking their "API Keys" and trading for them!

[Velkro]

And I found a "well-known" trader on Youtube who said "just give me API keys from your binance account and watch for your profit". I will need to pay a commission from my profits to him for managing my account on monthly basis.

There is absoluetely no reason to risk your money like that.
If this person would be so good on trading that he will earn money for you, he would play with his own money.
Trick is here like that, he play your money, he looseses all, oops happened trading risk. He lucked and earned some money, he give you some of the profit

[hugeblack]

The person who wants to help you is the one who gives you advice and not to do your job, all you will see is the loss of all your money.
Also, do not trust a person because he has followers on YouTube or his predictions are accurate. "The market is speculation that can not be predicted with certainty."

Here's my advice:

 - Do not invest more than you can lose.
 - Put most of your long-term investments in Bitcoin.
 - Take small risks as a daily trade.

Sorry for your loss.

[tiggytomb]

Hello, guys!

I tried to trade crypto a bit, but after loosing around $2k decided that it would probably be better if I give my money to someone who really knows that he is doing...

And I found a "well-known" trader on Youtube who said "just give me API keys from your binance account and watch for your profit". I will need to pay a commission from my profits to him for managing my account on monthly basis.

And here is my questions:
1. Is it a common practice to give professionals manage your account on exchanges via API?
2. What are usual conditions for that cooperation?
3. How can I check that his REAL profitability equals DECLARED profitability?

I don't think this is the best idea, giving anyone access to your api even if you disable the ability to withdraw is not advisable.  The loss you have had is the same story most other crypto users can identify with, it is how your u learn.

It's like those people selling books on how to get rich, if it really works why the hell are they having to sell books to make money.

I would rather lose my money than have someone else lose it for me.

[VolkoB]

This is a very bad idea, if this person is a fraud, he can use your account for personal purposes. For example: to sell you unnecessary coins, for a pump or dump of coins profitable to him. You can easily lose all your capital. Therefore, do not do this.

[Risoruni]

Who is he? Just a random "well-known trader" or did someone you know recommend him?
In the first case, I'd be careful giving him with my money. In the second case, I'd firstly ask him for the statistics of his trades for the last month or two in order to understand how successful he is.

UPD.
Forgot to mention that if he promises to double or even triple your money, you should avoid him at all costs

[Ladysmith]

Sounds like a scam artist who doesn't want to put his own skin in the game. Learn as much as you can about trading yourself and get better, or don't do it. If it were easy everyone would do it 

The more you learn, the more you'll use it, become successful with it and inspire others to do the same, which is where the power of cryptocurrency lies, in many people using it-contributing to democracy and freedom for everyone. Not a lost cause, just a flesh wound. Money comes and goes. Good luck.

[ANNA_Systems]

never give an access to your account, it's the first rule to protect your money from fraud

[bitcoinmee]

That's alot of money to start trading you could have at least try it out first with smaller amount. I dont think that its safe to trust your money with a stranger it is better to learn how to trade.