Cryptocurrencies are becoming more and more popular, but many people still don’t understand them. If you’re new to the crypto world, it’s important to avoid making these 3 mistakes and even if you’ve been involved for a while, it’s worth checking to make sure you’re not doing any of them.
Mistake #1 – Not Storing Your Crypto Correctly
The first mistake is not keeping your coins safely secured. When you first get started with crypto, it’s important to understand how to store your coins correctly. There are many different wallets available and you need to choose the one that’s right for you.
Some wallets are better for security while others are better for ease of use. You also need to make sure you keep your wallet safe and secure, preferably offline and not on an exchange. This is because exchanges are a prime target for hackers and if they are hacked, you could lose all of your coins.
Mistake #2 – Not Doing Your Own Research (DYOR)
The second mistake is not doing your own research. There are many different cryptocurrencies available and it’s important to understand what each one does before you invest. Don’t just buy a coin because it’s popular or because someone told you to. Do your own research and make sure you understand what the coin is for and how it works.
You should also research the team behind the coin and make sure they are reputable. Don’t invest in anything you don’t understand.
Mistake #3 – Not Monitoring Your Crypto Effectively
If you monitor crypto in real-time, you’ll have an advantage in the markets. However, to manually do so would be exhausting. That’s why it’s best to use a free crypto portfolio tracker like Moonrig.io. By setting up a price alert system for digital assets, you’ll be able to effectively monitor the market and make trades when the time is right.
One of the best things about Moonrig.io is that it won’t cause you to make mistake #1 (not storing your crypto correctly). This is because this app does not require you to reveal your private keys. So not only will you be able to monitor your investments, but you can also do so without putting your coins at risk.
Final Thoughts
Avoiding these mistakes will help you become a successful crypto investor. Remember to do your own research, store your coins safely, and monitor the market effectively. By following these tips, you’ll be on your way to becoming a crypto expert in no time.
If you’re currently making these mistakes or have made these mistakes before, don’t worry. You can always course correct and ensure that you’re doing everything right from now on. Just remember to keep these tips in mind and you’ll be on your way to becoming a successful crypto investor.
What are some other common mistakes that crypto investors make? Let us know in the comments below!
