Like any investment decision choosing a Bitcoin Managed Account requires some serious evaluation. Whilst there is the need for the usual cautions associated with investing, managed Bitcoin does have some specific issues that are unique to Bitcoin trading, so it is necessary to familiarize yourself with those. Below are some of the most important elements that need to be considered by potential investors.
1) Complete Control of Your Funds
It is vitally important that you maintain complete control of your funds at all times during the whole managed account process. You should be able to deposit, withdrawal and revoke the ability of the trader to trade your funds at any time. If your managed account provider cannot give you this type of functionality do not even consider using them. Any other type of arrangement where you do not have complete control of your funds leaves you open to abuse, fraud and general trader incompetence.
2) Managed Account Performance
Obviously you want to find a managed Bitcoin provider with a successful and proven history. Ideally you need to find a provider with 2 years of history or more. This process alone should reduce the field of prospective providers by 95%. If they cannot supply original trading statements from a broker, then there is a very high probably that their figures are fabricated. Time after time I have witnessed companies and individual traders offer up impressive figures only to then witness them completely wipe out a Bitcoin account in days.
3) Money Management
Any professional Bitcoin trader will vouch for the fact that the most often overlooked factor for amateur traders is Money Management. the simple fact of the matter is that no trading strategy is complete without sound money management. Even a mediocre trading system can be profitable with the addition of sound money management principles. To apply sound money management takes considerable discipline and focus, attributes that in reality most traders simply lack. A managed account trader must possess these attributes to be a successful trader.
4) Which Broker You Choose
An essential ingredient in a profitable Bitcoin managed account program is a good investing platform like BitcoInvest.cc. If you overlook this point it may be to your detriment. Large spreads, commissions and poor trade execution can make even the best trading strategy unprofitable. Small delays in processing withdrawals can cost you thousands in lost opportunities as well as time that you simply can’t get back. Search the internet for brokers that provide these types of features. If the Managed Bitcoin provider recommends a particular broker do you own due diligence on the broker and ensure that you are satisfied that they can deliver the sort of service you are looking for.