7 Tips To Keep Your Crypto Safe
Here are a few tips that will help you stay safe as you enter the crypto currency markets. Whether it is a bear or bull market you can still earn however avoiding some of the traps will help you keep your earnings and not lose them to common mistakes. For the purposes of this article we will assume you are at least to the point where you can move crypto from your wallet to an exchange. We also recommend coinbase for most people new to crypto because their accounts are protected by FDIC in cash accounts and up to an amount of 250K per account.
1) Only move your crypto to an exchange if you plan on staying on top of it. Do not leave crypto in exchanges that you are not actively monitoring. As an example and recently Cryptopia was hacked and have been closed for almost two weeks now and most are not sure if they will ever recover.
2) When the markets are down and not much activity use a service like cryptocompare.com to create portfolios and practice buying coins without the risk of actually buying them and experiment with your buy/sell strategies.
3) Learn what a pump and dump is and whether you are experienced enough to make money with them. You should be well versed in the mechanics of quickly buying and selling crypto on you exchange. Also note that sometimes exchanges have a surcharge for coins that are so volatile as much as 10% above current market prices.
4) Do your research. You will see and hear about a lot of coins that are supposedly going to get listed on popular sites like Coinbase or Binance and sometimes they are months away if ever. We recommend coincheckup.com for all your research needs all in one place.
5) Always use 2FA (Two Factor Authentication) on all accounts. We recommend Google Authenticator which is an app for both Android and IOS.
6) We recommend short term strategies vs long term as technology is always changing rapidly.
7) Only place funds into crypto that you can afford to lose and never purchase crypto with credit cards.