Post Menu and Details.
Reading time: ~4 minutes
With countless stories of people making obscene amounts of money from crypto, it’s normal for anyone to be interested in investing in it.
A popular crypto saying goes, “Crypto is everything you don’t understand about finance combined with everything you don’t understand about computers.”
With this in mind, it’s wise that you are cautious as you take the plunge because as much as many people have made a lot of money in the crypto space, there are equally a lot of them who have made huge losses.
To stay on the safe side, you need to observe these best practices.
Many beginners rush to create an account on the first platform that their friends recommend. While some choose the right platform, others don’t, so they start their crypto journey on the wrong foot.
To stay safe, you must be ultra-cautious as you choose the exchange platform. Besides following your friend’s recommendations, you also need to do your research.
An ideal crypto exchange platform should be easy to use. Since you are getting started, the last thing you want is to struggle using the platform while trying to understand the various coins. To have an easy time, choose a platform with an easy-to-use user interface.
Bitcoin is the most popular crypto in the market, but this isn’t enough, as people are making money from other coins. To stand an equal chance, ensure that your chosen platform has a wide range of coins to choose from.
All exchange platforms will charge you a fee for every transaction you undertake, but this doesn’t mean that you have to pay an arm and a leg for it. You should carefully go through several exchange platforms and compare their fees. You want a reputable platform that doesn’t charge you too much money.
The exchange platform can develop a problem that requires an expert to fix it. In some cases, you have the impression you have a problem because you are new. For peace of mind, pay attention to the platform’s customer support.
You want to work with a platform with reliable and personalized customer support. Before you create an account with the exchanger, try to reach them through phone, email, chat, or any other recommended way and see how fast they respond to you.
If they go for a day or longer without getting back to you, chances are that they will leave you stranded in the future, so it’s safe that you avoid the platform.
An ideal platform must also be secure so you don’t lose your valuable money. The security features should be regularly updated, and to keep your crypto wallet out of scammers, it should provide offline storage options.
If you aren’t sure about the right platform to go for, take a look at Bitcoineer. It’s incredibly secure and has plenty of trading features and educational content to help you start your crypto journey on the right foot.
Creating an account on the right exchange platform isn’t enough—you need to buy the right coins to get the most value. Remember that you can easily buy a coin that nobody wants, and you end up with a depreciating unit or have a problem selling it.
To make money with cryptos, you need to buy a good coin. Some of the features you should look out for when buying include:
- Unique value that the coin brings to the ecosystem—it must improve on the existing crypto technology.
- A large community behind the coin that is ready to adopt its use
- A reputable and large database of developers
- A clear road map for future development
- A well-written whitepaper
When a coin checkouts on all these features, you should now look at several other things, such as the market cap, the coin’s record, trade volume, corporate partners, and project backing. It would be good to go with a coin whose project is well supported by reputable and trustworthy partners.
Plenty of forums, videos, and crypto articles are available, but you should always take the information with a pinch of salt. This is because most of the information is nothing more than opinion. Some of the information also comes from people looking to create hype so that they can sell their coins.
In the event you make buying decisions based on this information, you are left holding a useless coin.
The way to go about crypto is always to do your research. Some of the best places to get the information include Twitter, YouTube, Reddit, news articles, and crypto websites owned by crypto experts.
Many beginners make the mistake of buying the latest coin in the market, as they have the notion that they stand to gain more in the event the coin becomes popular.
Before you invest in a new coin, ask yourself what the coin brings to the table. Who are its competitors? What unique features it has compared to its competitors? What is the team behind it? And other vital details.
You will find out whether it’s worth investing in crypto from this information. The information will also help you tell whether the crypto is a short or long-term buy.
The crypto world has made significant security strides, but trading crypto still comes with its fair share of risks. Due to this, you should always protect yourself from losing your money. A good rule of thumb to observe is to always hope for the worst and prepare for it.
Besides choosing a crypto exchange platform with advanced security features, you should also use the 2-factor authentication feature. This way, you ensure that you always get an email, phone call, or message to verify a login or transaction.
When logging into your crypto exchanger’s website, please pay close attention to the URL and ensure it’s legit. If you have to use an app, always get it from the exchanger’s website—avoid downloading it from the app store.
You also should avoid clicking on links and attachments from unknown email addresses, as you might be a victim of phishing scams.
Thank you for reading!