Hello friend am here to outline the major rules any one can look at before buying a crypto currency as many people jump into crypto space without without a proper knowledge.
Going into any investment without without seeking for knowledge and conducting a proper analysis may lead to total crash of that investment which is bad.
- you have to understand the basic and subject your self to reading.
Before buying cryptocurrency you have to read to know what cryptocurrency is all about, how it operate know about blockchian know several wallet utilized in stocking crypto, know some exchange you can use to sell your crypto like binance, polinix, houbi, etc how they operate and as well read about there rules to be guided.
You have to follow some reliable media channel on social media to get news relating to crypto in other not to miss out development around crypto. Also learn about trend to known the appropriate time your meant to buy your crypto.
- invest with the money you can afford to loose
This other part is were some investors get it wrong. While making investment you don't use all your capital for risk management purpose should in case the project crash you won't be affected much. There is a simple saying never put all your eggs in one basket.
It's reasonable to begin small and increase latter when you have gotten all the necessary and basic knowledge needed.
- be security conscious
Cyber crime is one of the popular crime the world is facing now most of this crime occur through crypto currency because of it anonymous nature. Before you download a crypto wallet be careful as there are clone claming to be the original once you store your crypto in the clone app your loosing everything within a seconds.
Do not disclose your passwords to anybody as you can be hacked also consider centralized and decentralized wallet when stocking your crypto. In centralized its likely the coin is not yours fully and when can be hacked easily while the decentralized wallet can not be hacked easily and the coin stocked in it is yours fully.
Still in the security aspect when transferring your coin to another person you have to cross check the wallet address well and make sure you don't copy space to it because any mistake might lead to the permanent loss of your crypto.
- ponder on we're you can purchase your crypto
This is also an important factor to look at when investing in crypto. There are manny online vendors which you can purchase from but that is not promising make you sure you look at the reputation and the grade or rating as well as the revise of that vendor before you proceed to make payment.
If your preceding to purchase from exchange you have to know how you can convert to other cryptocurrencies or deposit fiat again get understanding on the fee charge before proceeding.
- In conclusion
Crypto currency is beneficial and also risky as any mistake can lead to total loss of asset either to scanners or to market but you can minimize your risk by looking at the above tips given. Thanks for reading through.