Meet Avinash, the 20-year-old investor who won’t fall for the FUD
As Avinash has learned about cryptocurrencies, he’s become a more dynamic investor who moves with the markets.
When Avinash first started out in crypto in 2014 he found himself on its frontier, where good sources of information were scarce and scammers were looking to exploit newcomers to the crypto space. But Avinash cut through fear, uncertainty, and doubt (FUD), and took the time to educate himself about crypto and its possibilities.
Walk before you run
Avinash was 13 years old when his father first asked him about Bitcoin – a time when cryptocurrency was unregulated in Malaysia. Intrigued, they looked for opportunities to get involved, but with little understanding and so few reliable platforms around, they fell short.
“My dad tried a few funny websites, and before we knew it, he started receiving phone calls from scammers asking for his credit card details so they could help him make crypto investments, but we didn’t fall for them.”
Later in 2019, Avinash was talking with his friends about investments, Forex trading, and crypto, and his intrigue returned – only this time his father was no longer interested.
“My mom and dad’s perception was that Bitcoin was gambling currency, that it wasn’t safe, and that they didn’t want me to invest in it. But I wanted to know more,” says Avinash.
A platform he could trust
Before long, crypto proliferated throughout the world and digital currency was officially recognised by the Malaysian Courts as a security and commodity. One day, a colleague of his father’s put forward the idea of investing in crypto through a platform called Luno.
“So my dad asked me what Luno was, and I told him it’s a regulated platform in Malaysia that lets you buy and sell cryptocurrencies. He asked me if I’d made any investments and I said yes but never told him how much, only that I had made a profit. Then he became quite interested.”
Avinash has been at an interesting point in his crypto journey. Growing up he was exposed to money management from a young age, and through his father, learned about credit and debit cards and oftentimes joined him for bank errands. Now it’s Avinash’s turn, and the master has become the apprentice.
Avinash received a generous amount of MYR 10,000 from his father, with the only condition being that he receive the same amount back once Avinash had made a profit he was happy with.
Without Luno, Avinash says he wouldn’t have had the confidence to make this type of investment.
“In the very beginning, I thought cryptocurrencies weren’t safe. I was with other platforms, but they either shut down, or were experiencing P2P scams. Luno made sense to me because it felt like the safest platform available.”
Moving with the markets
For Avinash to make the best possible investment he also needed a platform that could allow him to make quick, reactionary investments.
“I find Luno to be more user-friendly because I can deposit my money through FPX and then buy cryptocurrency instantly,” says Avinash. “So I’ve been able to buy low and sell high. But then during times when I can’t predict the market, I just leave my coins where they are until I feel happy to buy more or sell them.”
For someone who grew up with a money mindset, Avinash has followed a measured approach to cryptocurrency. He’s educated himself using trustworthy sources of information, found a platform that suits his preferences, and started small before becoming a dynamic investor.