How To SAFELY Buy Cryptocurrency - Total Guide
Posted 3 years ago
by shakiez893
This post will be showing you how to buy cryptocurrency safely for both beginners and some veterans which might have forgotten.
This post will also show you the basic steps not including many the technical mumbo jumbo so that you can buy your coins safely, store it securely.
Before we begin there are some absolutely cold hard facts about cryptocurrency everyone should know before venturing.
Crypto-traders experience some ups and downs, not as planned due to hackers, scammers and questionable exchanges everywhere.
But this post will teach you how to safely buy your coins as there's;
- No FDIC insurance in the crypto ministry.
- No government policy to regulate the transaction and all of that, except platforms with P2P trade functions
Tips
- Tell nobody about your investment.
- Invest only what you can afford to lose because of its Volitilily.
E.g If the stock market goes down by 7% it's enough breaking news but for crypto it's just same old news just a different day.
Not every website is legitimate for trading crypto, some are built just to scam users why others are prone to hackers.
Do not be more concerned about "this cryptocurrency is to expensive, if I buy a cheaper one and it price goes up I will become a millionaire no it doesn't work that way you should be more concerned about that cryptos market capitalisation.
Cryptocurrency Market Capitalization = No. circulating Coins × Price.
Key: I recommend Coingecko.com and Coinmarketcap.com for Cryptocurrency Market Capitalization. Cryptocurrency just like every other investment you have to start from 0-10 and not a swing into wealth just when you invest.
How to Buy Cryptocurrency Safe?
- Safe your Logins offline (books or diaries) to avoid hackers from getting access to them.
- Safe your Logins in different places.
- Disguise your notes UV-light to read them.
- Use caps, numbers and special case characters as password to reduce Brut-force attack.
- Avoid password managers and use different passwords for everything crypto account.
- Avoid key loggers and computer with virus attack.
- Use two step authentication not SMS password to avoid attack on sim swap.
- Use an authenticator app that generate OTPs locally on your device.
- Create a new email for your cryptocurrency registrations (Protonmail)
- Don't leave your coins on the exchange platform, store them in offline wallets e.g (Exodus crypto, wallet) or hardware wallets like (My trezor wallet)
Top crypto trading platforms
1. Swissborg app
2. Binance
3 Coinbase pro
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