Crypto trade scams are designed to deceive you. Their goal is for you to lower your defenses and decide to invest.
Considering that the cryptocurrency industry attracts many investors due to the possibility of getting huge profit, the market has also become a hotbed for scammers. They prey on newcomers who are just learning how to trade cryptocurrency. These newbies are easy targets as they are just familiarizing themselves with ICOs, crypto assets, etc.
Crypto sphere has little defense mechanism in its check and balances. On the other hand, the number of cryptocurrencies, ICOS, and tokens to choose from grow each day. This makes it quite hard to differentiate the good investments from the bad ones. Good thing you don’t
It has been said over and over again how volatile crypto currency industry is. While the news always features success stories of investors, there are also stories of bankruptcy. Despite the scams, frauds, and unsuccessful stories, many are still interested in cryptocurrency investment. Investors from all walks of life are all hoping to receive the same kind of returns from their investment. However, there’s no single formula on how to be a successful crypto investor. Good thing there are some practices you can do to veer away from the risks of investing in this industry. Here are some of them:
Never invest more than you can afford to lose
Since cryptocurrency is a volatile market, there’s no guarantee that you will not experience any losses. Thus, it is best to keep your investment to an amount you can afford to lose. It is the smartest way to do, especially if you are still a new investor. Cryptocurrency investment is a complicated process, even professional investors still experience losses.
Diversify your investment
The best way to make sure you still something to hatch regardless of the trading problems that could arise is by diversifying your investment. This way, even if one crypto trading platform gets hacked, your other investment wouldn’t suffer. However, if you only place your investment in one platform and it gets hacked or scammed, then all your money will go down the drain.
With a more balanced investment portfolio, you will reduce risks. Even if you choose to invest at the ICO stage, you have bigger chances of gaining profit.
Invest on the idea
Some people invest on a specific cryptocurrency because it’s popular or someone recommended it. However, the best way to choose cryptocurrency to invest in is by relying on the idea behind it. There are many tokens and ICOs that have real and promising ideas and infrastructure solutions. If one of them stands out to you, start researching about them to see if they are worth your money and time. This strategy will help reduce the influence of unpredictable factors which could negatively impact even the most established and well planned project. You can avoid risks of selling or buying coins just because of unreliable news in the crypto market.
Up Your Computing Security
Just like security services, hackers and scammers are also becoming smarter in trying to steal your investment. They use phising strategies, malware and keyloggers to pursue their hacking quests. These commands can instantly give them access and empty your wallets. One of the common ways is through email. As a rule of thumb, never click on any links in your emails if you don’t know the sender. You should also secure your computer by updating its antimalware and antivirus tools.
If you want to take your career in bitcoin trading in Singapore to the next level, contact Crypto Trader today. They offer crypto courses designed to help you learn about proven and tested strategies straight from a crypto-trading expert. Check out their website for details.