Re: Taking a loan to buy bitcoin

I'm thinking of getting a loan to buy more bitcoin, as I'm guessing we'll reach $10K in a few months it can be a good deal to lend at a bank against 5% anual rate

Did anyone do this before? Would like some experience advice

If you have your own money,then there would be no problem in buying bitcoins expecting high prices.Even if it don't rise,there would be no problem.But if you are going to buy bitcoins with a loan,then its not a good idea.Thats highly risky.So just avoid taking loans.

Well, in past time I tried take loans and margin trading, but after one day the price this coin breakdown -25% and I not have stop loss. I had to wait two months for wait recovery price this coin but it still down down and down more until today. Although I had take a big loss but the fee for this loan is $1000 and make me can't forget forverer Undecided

I think this is not wise to take loan for crypto trading, due to high volatility of cryptocurrency market we can't estimate the exact ratio of our return on investment and also ca't estimate the approximate risk. It is better to earn and invest in crypto so that if you in loss you will lose only your money and you don't have to pay anything extra beside your loses.
I never took any kind of loan for the trading purpose because it is always risky and I don't want to put myself in any awkward situation.