Crypto coins though being around for some time now is still a new thing to most people and has seen a lot of interest in 2017. Lot of cryptos have risen to record levels due to huge inflow of investments . But did you invest in the right coin? Crypto coins are more or less prone to manipulation with the currency rising and diving steeply very often. With the rise of bitcoin the scam artists also got attracted to cryptos and now there are so many scam websites that many new investors are getting duped by them.
So what are the precautions you need to follow to avoid ending up bankrupt.
Here are a few.
Invest only what you can afford to lose - Do not invest by taking loans or emptying your bank accounts . You got some extra cash ? Use that . Do not invest your long term savings into this . You saved some money which you would have used for lunch ? Use it .
Invest in small amounts regularly - Investment in small amount regularly can help you minimize risks due to price fluctuations . Over time you will accumulate a significant amount .
Never day trade - If you are a new investor. Forget day trading. Never even look at that. Long term investments are more secure and you don't have to end up in the hospital after you blow out your wallet. Recently many people have lost money in day trading due to DDOS attacks and massive selloffs . Better stay away from day trade.
Analyze the coin - Just don't go buying a coin because it is rising or lot of news hype surrounds it. Just select a coin you are interested in and then check out their goals and ambitions and the technical information.
Use secure wallets and exchanges - Bitttrex is a very good option to buy coins. Shapeshift is good for exchanging coins. Gatehub is another great option. You could also use Ledger Nano S which is a hardware wallet . But better wait a little time till you get some idea and then shift to the solutions you prefer .
Never panic sell - Coin values fluctuate heavily in cryptos . If you have invested in a good coin there is no need to worry . Do not resort to panic sell when the price falls steeply .
Hope you like the tips that have been provided. Happy investing.