How to invest in oil with cryptocurrency

If you have not been investing in oil with cryptocurrency, it is time to add it to your investment portfolio; see how in this article.

The world aims to move to environmentally friendly sources of energy like solar, water, geothermal, and so on. Yet, oil remains a major energy source for most of the world’s leading industries. For decades, it has been powering the world, and it continues to remain valuable.

The fourth-most valuable company globally in 2021, Saudi Aramco, is an oil company. You have likely heard of the amount of money in the industry as well, approximately $2.1 trillion in 2021. While it is popular to invest in stocks, bonds, precious metals, and cryptocurrencies, you will be missing out if you don’t add oil to your portfolio.

Nearly 40 percent of the world’s power still comes from oil. Understandably, buying and selling physical oil is not convenient for many. Several challenges may stop people from investing directly in it, but that is the beauty of technology; you can be an investor without physically seeing the commodity.

Several investment platforms like Oil Profit let you track prices online and invest as discretely as possible using cryptocurrency. Here is how oil investment platforms work:

How to invest in oil with cryptocurrency

1. The first step is to register on a cryptocurrency platform you choose by completing a registration form and following prompts.
2. Next, you may be required to make an initial deposit before you can start trading or accessing its features. Some platforms allow you to check out their features in a simulated market without making any initial deposit.
3. Track, analyze, compare, and carry out other trading functions on the platform. Also, some oil investment platforms provide price predictions to help guide you. While they may have accuracy rates of more than 80%, you should still take note that they may not be perfect at all times.

Related article: What caused Bitcoin price crash after the 2021 boom?

How does oil investment work

Experience is not required to trade with oil investment platforms, but expert traders stand more chances of making a profit. Since you will not be going into the market to buy tanks of oil and resell, the platform does the work for you. All you need to do is monitor prices on your interface and invest as you consider fit.

Are oil investment platforms safe?

Of course, there will always be bad eggs in every industry, and we cannot vouch for all oil investment platforms as more and more keep creeping up every hour. What we can do is provide tips for you to identify the legit ones:

• Customer service: This tip might not look serious, but it is. When picking an oil investment platform, ensure that their customer service contact works. Only serious platforms will have 24/7 customer service available.
• Address: Apart from a means to contact them, a location where they can be found is also proof of any legitimate company. However, take note that fraud companies are in the habit of falsifying addresses or using the address of another legit company. A quick Google Map search will save you a whole lot of trouble.
• Credentials and registration: It is simply not trustworthy if a company hides its registration details and other credentials. Then if the registration details are available, you can search them under the body that they claim to be affiliated with and see if they are indeed telling the truth.
• Software details: Just about anybody can claim to be using a superior AI to help investors. What separates the grain from the chaff is their ability to explain their software in-depth. Look for ‘how it works’ and verify that it is not generic or copied from somewhere else.
• Customer reviews: When it comes to cryptocurrency trading platforms, there are nearly as many legit traders as scammers. If you are unsure of a trading platform, search online for customer reviews, and you will get a sense of what people are saying about the website. Take note that some bad actors may pay people to put up fake reviews; you can verify by checking trusted forums like Trust Pilot, Reddit, Elite Trader Forums, and more. Interestingly, a lack of online review either means that a platform is new or not legit. Both instances should serve as warnings for you.

How to withdraw your profits

After verifying the platform’s legitimacy, the next concern is how easy it is to withdraw your profit. Legit trading platforms have no difficulty in letting you withdraw via bank transfers, credit cards, and electronic wallets. Thus, if a platform only offers ‘obscure’ means of withdrawals, that is a sign that you should not invest your money in it.

Conclusion

Oil investments are a great way to improve your passive income. Unlike the more popular crypto market, the oil market is not as volatile. In fact, the oil industry continues to thrive despite the COVID-19 pandemic and global lockdown measures. In unsteady economies, it is a way to guarantee your investment while you also invest in other commodities. You may also like to read our latest article, Bitcoin safety: what are the risks of Bitcoin?