There are some basic Do’s and Don’t before you start investing in cryptocurrency so that you are on the right path to success
1. DYOR (Do Your Own Research)
Always do your own thorough research before investing, you can’t blame any news source, any group, any online channel for any losses. So, make sure to go through the token whitepaper and all details of the token you are investing in. Then only put your money into that project.
2. Never share your login code
Make sure to keep it in your mind that no one will ever ask for your 12 words or 24 words recovery phrase of your wallet or private key or password of your exchange account, it can only be a fraudster so BEWARE and close the talks with that person if someone asks for the same. Also never keep these codes online, always store them offline at a well-protected place.
3. Start with small investments
Initially invest only that much which you are ready to even lose. Once you start growing your money and have full details of the cryptocurrency market, that is the point when you can come in with huge investments.
4. Keep calm and earn
Cryptocurrencies, shares, commodity investments are only profit-making when you can remain relaxed. These are the money-making machines that turn around money from an impatient trader to a patient investor.
5. Its never too late
If you are thinking that BTC is worth 50,000 USD and ETH is worth 3800 USD you are very late in the crypto market. No, it is not that case even after 10 years the crypto market has currently reached 2 ~ 3 Trillion dollars and there is 10x / 100x still to go. Further, there are thousand of Altcoins to invest in and now even NFTs are available.
6. Detailed research is a must
You must check some details of each token you want to invest in before putting your money into that token, these details are
- Must read their white paper first
- What is the future of that token
- What is the purpose, is that token making any difference in society?
- It is a token or a blockchain
- What is the transaction cost when you transfer that token across wallets?
- Who all are behind this token, what experience do they have, are they clean from frauds?
- Keep the trending tokens for short term profit and purposeful tokens for long term investments
7. Verify all information
As cryptocurrency is a decentralized and unregulated market so it is possible to make fakes. So, make sure to go for the trusted sources. There are sites that mention the contract details of all tokens, make sure to verify these contracts before buying anything from swaps
8. Don’t store everything online
When you start with a few hundred dollars it is ok to keep all money online as it is easy to use mobile wallets. But, in few years when you have millions of dollars then make sure to keep the major amounts in offline cold wallets available from companies like Ledger, Trezor, etc.
9. Use trusted top exchanges for trading
There are various exchanges available in the market (405 to be specific as on date), but we’ll suggest using the ones which are on the top of the list and have the easy spot trading options. We personally suggest these three
- Binance – Click Here
- Huobi – Click Here
- Coinbase – Click Here
10. Hold on to good coins if you don’t know how to trade
If you don’t know to trade just buy some good coins when they are at their low and hold them for 4-5 years. For example
- Today BTC is worth 50000 USD and 5 years back in 2016 it was 575 USD
- Today ETH is worth 3800 USD and 5 years back in 2016 it was 10.12 USD
- Today SOL is worth 110 USD and last year in 2020 it was 1.06 USD
- Today XRP is worth 1.35 USD and 5 years back in 2016 it was 0.006 USD
There are hundreds of hold examples where money can go 10x ~ 100x in good coins
11. Watch for dips and never panic
Make sure you are buying the coin during a dip and in case you bought it during a high then wait for it to come back and go to the next higher level. Never panic and sell-off in a loss. (This is valid for good tokens, if you invested in some useless token then there might be an exception so always follow point 5 before selecting a token)
Hope the above details are good enough for basic awareness so that you have minimal losses and higher gains.
Information on these pages contains forward-looking statements that involve risks and uncertainties, are for informational purpose only, and they do not constitute financial, investment, or other advice. Read More
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