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For the time being, the crypto market seems poised for an uptrend after a dismal winter that lasted nearly two years. So what should you, ordinary traders, do to prepare yourself well during the upcoming battle period? Here are 5 tips that might work for you.
1, Always transfer money out of the exchange every time a transaction is completed
Cryptocurrency exchanges are notoriously insecure, users always face problems like hacked exchanges, exit scam floors or annoying anti-money laundering/KYC requirements. That is why over the years, the slogan “Not your keys, not your Bitcoin” has been strongly supported by the crypto community.
2, Trade in silence, don’t go online to brag about it
Of course, the audience of this advice will not include influencers in the crypto market, because showing others that they are trading is their job. However, for ordinary investors, it is different. In fact, there have been cases of kidnapping and extortion around the world because of too much exaggeration about his crypto investment process. Even in Vietnam, one of the safest countries in the world, bragging about your investments doesn’t bring much benefit compared to the hassle it brings.
From Facebook or Zalo, people can find out where you are, what your home is like, how are your friends and family, if they are determined to find them. And those who want to dig through that information are not good at all. Here is a list of crypto-related attacks.
3, Keep coins in hardware wallet
Well, you know, 99% of Vietnamese traders don’t have this habit, because money left alone is dead money, right? But let’s look at it from another angle, storing money in a hardware wallet is an investment to combat unnecessary risks as mentioned in section 1. Hack and ransomware are an extremely contagious disease in the air. internet time, and taking your money off your laptop, storing your hardware wallet is a simple way to avoid the risk of losing money from this silly excuse.
4, Stay away from paid “vip groups”
During the gallop of the market in 2017, if you took a basket to pick it up quickly, you would have to get a few dozen “traders”, “trading masters” or “master share rafters”, then a bunch of courses Learn to trade, trade signals to trick inexperienced investors. Before you lose money on this nonsense, ask yourself if those “gurus” are making hundreds of thousands of dollars a month from trading, do they need your 2ETH/month?
Currently, there are a lot of resources on trading for reference, learn by yourself and make your own decisions, don’t waste time for unnecessary things.
5, Do your own research before “down” for a project
There is no shortage of crypto scams, this is an almost unregulated market, with assets priced in the sky. This fertile land attracts the most unscrupulous people on earth. If you’ve had enough experience in this industry, you’ll understand what I’m talking about.
We could talk all day about scams, fake projects, ghost contracts, flip-flops stealing investors’ money, unregistered stock issues, ponzi schemes, multi-tiered, etc. clouds and clouds. Basically, every scam you can imagine, someone in the crypto industry has already done it.
Invest in your knowledge and make sure you are fully aware of what you are investing in. Good luck!
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