Blog – can crypto trading be done for $50 stake

Summer 2023

I am posting this Blog – can crypto trading be done for $50 stake ? on this website because the Quovari Webmaster thinks that by using Quovari it will achieve a quicker web presence than if I used a stand alone blog.

Who am I

I am just an ordinary retired and elderly guy in the UK who is reasonably computer literate and has been fascinated by the amount of crypto advertising on the web. Could I and should I become involved? The following is a summery of my attempt during April and May 2023. I should also point out that although I started in April, I became ill for 4 weeks before I resumed in May, - this will be referred to later in this blog.

Crypto Trading

Can crypto trading be done for $50 ? - I found it rather difficult to find info on anyone who wanted to crypto trade on a budget. Yes I found evidence that said it could be done but found no evidence of anyone actually doing it on a budget. Could not find a relevant blog. Maybe my search was not wide enough. By budget I mean $50 or thereabouts. Most traders who report on good earnings seem to invest hundred's or thousand’s of dollars and this seemed to me to be not reflecting my situation.

On the one hand many sites report of scamming but on the other side one hears or reads of people who are trading who are both making and losing money. This phenomena of digital trading is not going to go away – I am sure that it will grow as more and more get involved.

I thought that with my pc knowledge I ought to be able to suss the good from the bad and hopefully get involved and start trading.

Now I have no experience whatsoever in digital trading but I fancied trading crypto currencies for 2 basic reasons. Firstly to see whether I could earn a profit on my investment to supplement my pension, and secondly, if it worked, to offer to my grown up children my experience. At this point in time my offspring considered most trading apps to be a scam and advised me to have nothing to do with them.

But I am a stubborn old fart, and crypto trading fascinated me, and I thought that if I invested just $50 – an amount that I considered I could afford to lose if it didn’t work – It would prove one way or another which way to go. I use $50 here since it seems all digital trading is done in US dollars and this $50 actually cost me about UK pounds - £40.

Also at this time I enquired of Pionex if indeed I could start bot trading

I asked Pionex    Could I start Bot with only $50

Pionex reply        Okay, but you wish to start up with $50, would you like me guide you on how to go about this?

My reply                Yes

Pionex reply          No problem, I can guide you on how to make the most of your money. Can you do $100, with that you can make a $20 weekly profit

My reply                at the moment all I can go to is $50

Pionex reply        Alright that’s fine too. You should be making $10 a week at least.

With this and as much research as I could do online, I almost got to the point of becoming bemused by the amount of conflicting info and technical jargon, so I decided to take the plunge and go for it.

Pionex.com came out as my preferred trading company since it appeared to be regulated in the UK by the Financial Services Authority, and it had some good reviews which I accepted with caution. By this time I had decided that I wished to trade crypto currencies via a Bot (Robot to the uninitiated) in order that the whole trading process could be run 24/7 without my involvement.

I deposited my $50 via my card only to find that it was refused by my UK bank. This was good to see that my bank was aware of this proposed $50 transfer (money laundering and other fraud checks), and after speaking to my bank they approved the transfer.

I found that Pionex were able to guide me through the set up process on their site via their link with Telegram – so I used this service for them to talk me through the rather complicated set up. I don’t think I could have gotten (sorry about Americanese) through it otherwise.

The Pionex agent on Telegram eventually advised that -

“Your payment was successful, your bot parameters have been allocated as well”.

(Now this payment apparently refers to synchronization of the account and cost me $42 from my wallet, but was advised that it would be re-instated to my account on completion. Remember, I staked $50, had some $6 removed for fees which has now left me with just $2)

At this point I thought I was nigh on there – but the agent continued

I was advised by this Pionex agent that I was not able to continue with setting up this bot to allow it to begin its automatic trading because I did not have sufficient dollars in my trading account. This is how the conversation went

Pionex reply    Okay, Your payment was successful, your bot parameters have been allocated as well. Everything is going smoothly but there’s a slight issue as your funds are too low to set up the bot. Can you get an extra $50 to make it $100 so we can proceed to complete the set up of your bot

My reply            I am unable to increase my stake. Before we started you said I could trade with a bot with a $50 stake. So has this been a waste of time?

Pionex reply     No it has not, it can still work. But you just have to top up the stake a bit. How much can you afford for now?

My reply            I'm on a fixed pension and was hoping to augment this to give me some additional income. You say "But you just have to top up the stake a bit", this is contrary to what was said at the start. Am I now unable to proceed on using a bot? You also said at the beginning that "You should be making $10 a week at least", with a stake of $50.

Pionex reply     Yes, I said so but you have to understand that it was a month ago And you now have $42 prior to the $50 you had back then. And for it to get back to the original $50 you have to start the bot first

My reply             Are you saying that I could start the bot and hope that I could recover back to $50

Pionex reply      No I’m not, I’m saying can’t you get an extra amount to add to it. If you could even lend it, you’d be able to return back after a few weeks.

My reply             so I can't start the bot

Pionex reply      Not yet

My reply             What then is the minimum to get the bot up and running?

Pionex reply      How much can you afford for now I’ll see how I can help you.

My reply             I repeat, What then is the minimum to get the bot up and running?

Pionex reply     $100

My reply             So why did you repeatedly say that I could start a bot with $50. And also said at the beginning that "You should be making $10 a week at least", with a stake of $50.

Pionex reply      Yes I said that, but also recall it was a month ago And it’s a different market valuation we are working with now. It’s just how crypto works.

At this point I stopped talking to the agent to reflect. Rember also that I was ill for 4 weeks when starting.

Reflecting on this

My first thoughts were – I have been conned. Pionex advised that I could commence bot trading with $50, but I cannot. So they lied.

My second thoughts were – if I had invested or staked $100 in the first instance, would I now be able to have a working trading bot. My next thought was if I were to add another $50 to my wallet (which I am extremely reluctant to do) would the process complete to a working trading bot.

Then it occurred to me that if you the reader of this blog, are reading this because you are also interested in Trading in Crypto Currencies, and reading this is to help you decide on your course of action, then this blog might also serve as a sort of tuition. If indeed this has helped then the following might be an option.

If you the reader were to make a donation

By donating these small amounts would hopefully allow future would be crypto traders to evaluate without risking a larger amount. Of course any donors would be advised individually of any results. If you do make a donation, may I thank you in advance for your support.

If this is the case then I should advise that I am only knowledgeable in and with my experiences as described here. But if this helps you in any way to achieve your aims, then good.