What are the things to avoid when buying cryptocurrency?
This question become a trending one recently. In fact, people already started to believe that cryptocurrency is the Future Trading Industry. But most newbie traders get caught up by media hype and make mistakes. Let’s list some common errors!
1- They buy when prices are low!
Personally, I admit that I had the same principle at the beginning. I always link falling prices to a buying opportunity. But it’s not always the case,..!
Let me explain to you, what exactly happened!
Excepting famous coins ( like BTC or ETH), there are millions of new coins added to the market. Sometimes, developers decide to leave their projects, which means there are no updated features and the cryptocurrency becomes insecure and loses quickly its value on the Market.
2- Meeting various types of scammers
Like any area where money is the center of people’s interest, scammers are also making their presence felt.
Cloud multiplier scams
Beware of dubious deals that flatter you by offering bogus offers and promise you inflated profits. 99.99% of emails proposing free money or giving you a valuable offer with a very low price must be viewed with very great skepticism. Fraudsters promise to give investors double or triple the amount they have put into bitcoin if they send their cryptocurrency to a particular digital wallet.
Spoofing
Among the most dangerous scamming methods is spoofing.
The Fraudsters sometimes create false buy or sell orders and manipulate currency values through inflating or deflating the price of very small or unknown cryptocurrencies.
Poor traders seduced by the false opportunity to take advantage of the action find themselves shocked when the criminals cancel orders — which they were never going to fill in the first place — and in some circumstances, that can bring the price down.
One of the more malicious methods is to pre-mine a large chunk of cryptocurrency before it becomes available to the general public. Afterward, they promote it on social networks while raising the price, then sell it on crypto exchanges at a higher price. Then they disappear.
Fake coins
To be safer, as a beginner you still don’t have enough tools or knowledge to invest in unknown coins. Because with so many cryptocurrencies on the market, it can be difficult to tell what’s real and what’s not.
Here are what happened: Criminals generally use phishing and persuading ways driving you to click on links in emails that install spyware on your computer. Then, they steal your identity and often your hard-earned money.
3. Going ‘all-in’
There is hardly magic that lets you get rich overnight. Thus, Wisdom remains among the strengths of an investor. This quality never leaves you trapped by the fake platform that constantly pushes you to bet in order to maximize your profit. Better crypto investment tips would be to only use a certain proportion of your investing capital — say 5% — and always keep an emergency cash fund that never gets invested in the market.
4. Forgetting your crypto keyphrase
If you have a hardware wallet for storing your crypto offline, forgetting your keyphrase is like losing the keys to a bank vault.
No one can deny that failure is invaluable in the investment world, but remember that every experience, whether successful or not, is just a stepping stone to a strong version of you. Be wary and never follow offers promising crazy gains or results.
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