I am at a point in my my young life where I need to make a decision about my finances. I have a good amount of money saved up in my Robinhood account, and I have been putting it in the stock exchange, making a steady but positive return. Keyword here is positive. I am very conflicted right now because I think I can earn more money trading cryptocurrencies, but the risks are so much greater.
I have a couple good alt-coins in mind that I would like to buy, but don't have the capital because it's all tied up in stocks. Also, is there even a reputable enough exchange that I can put ~$50,000 in and not worry about it getting hacked or stolen? I mean, with stocks, if in the off chance that my account gets hacked, they still need verification before money can be sent, and my money is ensured by the government. With cryptocurrencies, once it's sent, I have zero chance of getting it back.
What should I do. Should I move all my money from stocks to cryptocurrencies? And if I do, which exchanges are reputable enough? I currently use Binance and have only $1000 in there.
No, you should never do that. You must be familiar with the golden rule of diversifying the investments. Cryptocurrency market is highly risky and if you invested all your saving into it, you might feel helpless to meet your emergency needs. Also you might end up losing all your money if thing might not happen as you expected them to. So consider investing some amount in a market which is more liquid and less risky.
Exactly but some other people are not to be know of it and just make some decision that are can ever have to lead on failure why they have to take the risk if they are not yet been ready to face this for and just take their money in nothing. This is some of the bad idea to be make some study first before you may regret on it.