We live in the era of technological advancements, so, it might be difficult to find a person who did not hear about cryptocurrencies. However, some traders decided to implement some stock market strategies into the crypto world, hence, they created and started spending their money on something called penny cryptocurrency.
Now, if you are interested in learning what penny currencies you can buy and trade, this article might be extremely helpful for you. But, before you learn what you can choose to spend your money on, you’ll need to fully understand what this currency is, which is why we will first take a look at that:
Penny Cryptocurrencies: Explained
As its name implies, a penny cryptocurrency is a coin that is usually sold under one dollar. However, according to various experts, any stock that is sold under five dollars can be estimated to be a penny stock. Like everything else that revolves around cryptocurrencies, it can, at times, be unsafe to buy or trade these coins, but, if done properly, you can gain some incredible earnings.
Because it is risky, there are some things that you need to remember if you choose to buy or trade these stocks. The things you must remember are:
- Do Your Homework Thoroughly – before choosing to spend your money on a specific currency, you need to always, I repeat, always do your own examination regarding your plan. Researching and planning everything can ensure that you come out on top in the end, and it will also allow you to determine how risky investing in a particular currency.
- The Price is an Important Factor to Consider – now, just because its value can be extremely cheap, this does not mean that you should not trust the currency. There once was a time where the biggest cryptocurrency – Bitcoin – was also a penny stock. Hence, study the stocks and companies thoroughly, and then choose which ones you want to invest your money in.
The Top 8 Penny Cryptocurrencies to Choose From
There are hundreds of companies that offer these currencies, and you can choose to invest in all of them. However, there are some that are more reliable and stable than others. The ones you should consider choosing include:
XRP – From Ripple
XRP is a crypto coin offered by Ripple, and it is a currency that has a wide range of applications. The enterprise that offers this stock has worked with a few banks and monetary institutions to use the stocks for cross-border establishments. The stock is valued at $0.224 at the moment, and it is also the third by size in the cryptocurrency world. It has a total market value of over 9 billion dollars.
XLM – From Stellar
Yet another company that has a promising destiny is Stellar. These particular coins are built to be utilized for cross-border establishments in an efficient and fast way. It is sold at $0.0554 currently, and it is listed as ninth with a market value of over one billion dollars. If you want to see how you can start buying selling, or trading these coins, check out Binaryx.com.
TRX – From Tron
TRX is a coin that a lot of traders think will develop exponentially in the near future. This year, the company behind these stocks announced some huge collaboration that can boost stock sales. At the moment, it is sold for $0.0146 and it has a rotating supply of over 66 billion stocks.
ADA – From Cardano
Now, Cardano’s ADA is though to be a project that is quite ambitious, especially since it adds more functionality and it is easier to use this cryptocurrency. While this article is being written, the trading price for these coins is $0.0382 and it has approximately 31 billion coins circulating at the moment. It is also ranked 10th by size and it has a value of over one billion dollars.
MIOTA – From IOTA
MIOTA is a project that has a goal of using a decentralized value exchange that can allow machines to collaborate and communicate with each other. It does not use blockchain tech, but, it uses a DAG as a ledger referred to as Tangle. The trading value is at $0.2044 and it is 21st with a total value of over 500 million dollars.
BAT or as it is also referred to Basic Attention Coin has a focus on digital marketing by providing platforms that can aid with getting rid of intermediaries in the digital marketing world. Users can surf the Internet by using BAT tokens that are used to see the content. BAT is currently valued at $0.190840 and it is ranked 31st.
XEM – From NEM
NEM is a blockchain business that offers a platform that allows several ledgers to coexist together at the same time on a single blockchain. The company’s basic currency is called XEM and it is priced at $0.03612651. The company is also ranked 29th and it has an estimated value of over 300 million dollars.
ICX – From Icon
The main objective of this company is to provide people with a decentralized application that can allow businesses and people to share data securely and privately. They want to spread their ideas on healthcare facilities, schools, as well as banking. At the moment its value is estimated at $0.132863 and it is ranked 60th with a company value of over 67 million dollars.
As you can see, there are various penny cryptocurrencies that you can invest in. Before choosing one or several from the list above, you should first research both the coins and the companies offering them, as well as learn what the prices are. This will allow you to lower the risk levels, and you can also ensure that you are making the right investment choice.
So, now that you know what you can invest in, do not lose any more time. Instead, you should start researching the companies that offer the aforementioned penny cryptocurrencies, check their ranks and prices, as well as decide which one fits your needs best, and start investing!