Investing in 2023: keys to get started

Crypto is not going through its best moment. Our Brokerage Operations Analyst at HeyTrade, Víctor Semeniako, analyses this situation and gives us some tips to invest in virtual currencies in an article for 20 minutos.

If you want to start investing this 2023 but you don’t know how to begin, we collect some key ideas from the article to get you off to a good start. 

Get trained

Don’t trust your savings to your brother-in-law’s recommendations or a YouTube tutorial. There are hundreds of courses on investment and financial management.

To jump into investing without having some basic knowledge is a bad idea. And knowing the stock market terms that investors use on a daily basis is not enough. 

Learning how the markets and products you are going to invest in work, being updated on market trends, and enhancing your skills to improve your results are essential to start investing.

Read books, take investment courses, keep up with financial news and, of course, beware of some “financial gurus”.

Measure your risk capacity

Getting into debt to invest is very risky. You must have heard a thousand times that saving money instead of investing it is almost like throwing it away. Although keeping in the bank all the money we acquire is not the best thing for our financial health, investing and saving go hand in hand. 

Think that throughout our life many unforeseen events can happen and to survive those bumps it is essential to have a “money cushion”.  If you have that money invested, you cannot access it so easily or without being detrimental to your investment. 

Be very clear about how much of your money you can invest and, above all, how much you can afford to lose.

Diversify your portfolio

The least risky portfolios are those that are not reduced to a couple of stocks in which you put all your money. You could lose it all at once.

If you have your investments spread across several asset classes, several companies, etc., the chance of you doing badly is greatly reduced. 

Victor Semeniako points out that one of the best options to start investing if you do not have much experience is to do it with ETFs or exchange-traded funds since they are already diversified products and therefore, the investment risk is lower. 

Once you gain experience, it is advisable to have a diversified portfolio of securities, with greater weight in more conservative funds such as ETFs, and a small proportion of our money in assets with higher risk, such as crypto.

Choose an investment platform that meets your needs

As you know, to invest in the stock market you need a broker or investment platform. The offer is increasing; therefore, it is very important that you carefully choose the one that best suits your needs.  

Make sure that it complies with all current regulations, -even better if the custodian of your money is in Spain-; and that it has local customer service.

When investing through an app like HeyTrade, which has a national custodian, it is not necessary to fill out the 720 form for the tax return. The only thing you will have to do is to confirm that everything is correct in your draft. In short, investing with HeyTrade will save you paperwork and headaches. 

Customer service is HeyTrade’s secret weapon. Our Customer Success department looks after the well-being of our users at all moments, treating them with empathy, listening, and managing all suggestions or proposals they may have. 

So remember, if you have already acquired the necessary knowledge to start investing, do it with a platform that really cares about your security and economic growth.

If you have any questions, please send us an email at support@heytrade.com. We will be happy to help you.