Are You Making These Crypto Beginner Mistakes? Stop Now!
Crypto popularity is growing all over the world. With so many new coins joining the market daily, how can you know where to start your investment journey? Many crypto beginners chase trends and make mistakes but the most important thing about investing is to always analyse your choices and learn from wrong decisions.
Some mistakes are more obvious than others but here are a few crypto investing mistakes that you should definitely be aware of.
Lack of Research
Before you invest in a cryptocurrency, conduct your own research and examine the company’s whitepaper. Check credible online sources and websites, and read analyst reviews.
One common cryptocurrency mistake people make is buying a coin based on hype, trend, or because someone they know encouraged them to do so. When it comes to investing, there is absolutely a method, and it’s critical to have a system in place when researching cryptocurrencies so you don’t engage in something that is a rug pull.
Investing More Than You Can Afford
It’s tempting to put all of your money into cryptocurrency during a bull market when gains are swift and intense. However, keep in mind that while we constantly read about the individuals who turned $1000 into over $1,000,000, they never mention the thousands of people who lost a lot of money by placing their last cent into the market.
Failing to Secure Your Investments
One of the most crucial considerations when investing in cryptocurrency is security. Researching and choosing a reputable secure crypto wallet is essential to protect your money.
Key security tips:
- Use a strong unique password for every site;
- Utilise two-factor authentication for all your crypto applications;
- Don’t sign in to your accounts on unsecured or public networks;
- Make sure your gadgets have strong security measures.
Buying at An All-time High
One of the biggest errors an investor may make is to invest when the price is high – or…