More than 150,000 Norwegians have experience with buying and selling cryptocurrencies: And investing through a Norwegian service feels secure
In recent years, more and more Norwegians have begun to invest in cryptocurrency through Norway’s largest crypto exchange - Firi. One of them is Jasmin Eileen Stafseth (23) who lives in Oslo and studies HR and Management. Her experience with Firi is great.
“I have savings in a savings account, in funds and in cryptocurrency investments with Firi. Investing through a Norwegian service feels really safe. The fact that the app is simple and easy to use is also a major plus,” says Jasmin.
The student adds that although it obviously comes with a high risk, Firi is where her money has grown the fastest. She intends to leave her cryptocurrency investment alone for as long as possible.
“You’ve gotta dare to win. Personally, I’m dreaming of being able to use my future profits as a down-payment on an apartment. Getting on the housing ladder as a student isn’t all that easy, so you have to get creative and be smart with your investments,” says Jasmin.
Saving in cryptocurrency - a completely new way to save
Just like Jasmin, Maren Kleppan, Design Manager at Firi, has also invested in cryptocurrency, and her personal story of investing was a major part of the inspiration behind Firi’s new product, Crypto Saving.
“I only invested in cryptocurrency in 2019 and have to admit that I was an emotional wreck after my first bitcoin purchase. I’d invested a large part of my savings in it, and it was just after the market crashed and the bitcoin price fluctuated massively before going up again. I quickly found out that it suits me much better to invest a little bit in crypto every single Saturday instead of spending my money on beer and treats,” says Maren, who is still investing in cryptocurrency today.
This investment strategy is about buying up cryptocurrency for a certain amount each month instead of investing large amounts occasionally and hedging your bets that you’ll get your timing just right in terms of fluctuations in the exchange rate. With crypto-saving, Maren chooses how much she wants to set aside as savings, which cryptocurrencies she wants to invest in, and when to buy.
“With this function, cryptocurrency gets bought up for me automatically, so I don’t have to worry so much about how the prices are fluctuating,” says Maren.
Data Scientist at Firi, Aleksander Hyggen Haarstad, thinks that both Jasmin and Maren have chosen sensible strategies.
“The advantage of a long-term investment in cryptocurrency, as opposed to trading, is that you can ignore the fluctuations that affect the market over time as they can be frustrating and time-consuming to understand,” he says.
From MiraiEx to Firi - Norway’s biggest cryptocurrency platform
Firi has a stated ambition to make trading cryptocurrency easier for Norwegians, and in the fall decided to change its name from MiraiEx to Firi.
“We want to provide the safest, simplest and most inclusive service for buying and selling cryptocurrency in the country. So a simple, solid and Norwegian name like Firi, taken from the Norwegian words “fyr” or “fyrtårn” (“beacon” or “lighthouse”) just fits better. It’s important that we shine a beacon for Norwegians’ interest in and knowledge of cryptocurrency,” says Firi founder and CEO, Thuc Hoang.
The main concern for both Thuc and Maren is that it should be easy to start investing, that you should always have a good overview and that withdrawing currency whenever you want should be easy. Safety and security is also key.
“You can create an account using Vipps and BankID, and we store and secure our customers’ cryptocurrencies using the market’s best solutions. However, it’s important to remember that as with any risky investment, you shouldn’t invest more than you can afford to lose,” says Thuc.
Thuc and Maren also encourage everyone to familiarize themselves with what cryptocurrency is before they start investing. Firi aims to make this easy for its customers.
“Before I started working for Firi, I had limited knowledge on cryptocurrency. I’ve used my colleagues, and especially Thuc, actively to learn more about blockchain technology and how all the different cryptocurrencies are designed. It’s important to understand that different digital currencies have different goals and use different technologies, which you should bear in mind when deciding which cryptocurrency you want to invest in,” Maren concludes.
Register with Firi quickly and easily here using Vipps, or learn more about cryptocurrency in Firi’s crypto guides. You’re best off starting with our crypto overview here.
This must not be understood as financial advice. Remember that buying and selling cryptocurrencies involves high risk, and that historical returns are never a guarantee of future returns.