Have you heard the news about a crypto-trading hamster seeing gains of ~16.62%? Yes, you heard that right. This crypto trader known as Mr. Goxx has outperformed the S&P 500 since June.
If a hamster can do it, why not you? Investing in crypto comes with it’s set of learning curves, FOMO, and FUD. How can you start investing in crypto assets safely and securely?
We have constructed a listicle on your behalf. Follow our guide below to get started on your crypto journey today!
1. Do Your Own Research
When checking out the crypto landscape, one mantra you will hear a lot is do your own research. Before you start investing in crypto, you want to use platforms, exchanges, wallets, and cryptocurrencies with a vetted, proven track record.
If you see a new crypto to invest in, take the time to read the white paper, see what Crypto Twitter has to say, and ask experienced investors. With thousands of cryptocurrencies out there, it’s easy to get lost in the mix. You don’t want to fall for any pump and dump Ponzi schemes.
2. Proper Storage
You’ll need a place to store your precious crypto. To do so, you’ll need a crypto wallet. There are many to choose from and fall under the category of either hot or cold.
A hot wallet connects to the internet. You will either download a crypto hot wallet to your computer or smartphone. This is a convenient way to start investing in cryptocurrency for beginners.
While a hot wallet is simple, it does come at a vulnerable cost. Every time you use something connected to the internet, you need to pay more attention to security. To do so, make sure you have 2FA (two-factor authentication) turned on and received via the app (not through text).
Cold storage is when you store your crypto offline using a hardware wallet. Always write down your private keys and never keep your crypto on an exchange.
3. Diversify Your Portfolio
When learning how to invest in crypto, sometimes the tried and true approach is best. You don’t want to put all your crypto in one basket. It’s best to create a pie and diversify your portfolio.
This is done to lower your risk of losing money. Investing in crypto requires some risk, so we recommend spreading your crypto around. With countless cryptos on the market, there’s no reason not to!
With that said, what are some of the best crypto to invest in? If you’re just starting, go with the household names of Bitcoin and Ethereum. Check out this map to make your first bitcoin purchase today via a Bitcoin ATM (BTM).
If you ever need to cash out, you will always be able to find a buyer too.
4. Be Aware of Scammers
A scammer or hacker sometimes won’t even need someone’s wallet to steal their crypto. Scammers will sometimes use social engineering to get what they need.
This unfortunately is all too common on social media platforms like Twitter or Facebook. If someone offers you free coins in exchange for fiat or crypto, don’t do it. If it feels too good to be true, it probably is.
You don’t want to become a victim in one of these attacks. Hackers see crypto as a moth to a flame scenario. Be careful out there and always be mindful with what you’re doing.
Use Our Intel When Investing in Crypto
Investing in crypto takes patience. It is well-advised to do as much research as you can. With this new emerging technology, there is always something new to see.
To stay on top of the crypto markets, we recommend sticking around and enjoying our blog. You won’t want to miss out!