How to Stay Safe from Fake & Unprofitable Cryptocurrencies
Crypto market is bubbling at a great pace and a huge number of investors are still novice. People have very little idea about where to invest, how to verify authenticity of a crypto, which one is profitable or at least stable. As a result, it’s not very shocking to read news that people got bankrupted by investing in fraudulent crypto. It has become common.
If you also don’t want to be a soft victim of this honey trap, be sure to gather valuable knowledge about your crypto. Here we are to help you in this process of checking whether your crypto is safe for you or not.
Avoid Crypto Suggested by Non-Experts
The first thing that you need to keep in mind is to avoid those amature suggestions from so called experts. It’s not that they intentionally want to bankrupt you, or they haven’t got any profit from those. But, comparatively new cryptos are unstable by nature and they may lead to huge loss, even if they aren’t fake. So, stick to the market leaders for safe profit.
Check If Your Crypto is Legitimate
It’s a must do process for novice investors. Whenever you listen about a new cryptocurrency, do enough research about it to make sure it’s an officially listed crypto. There are websites like CoinMarketCap that provides information about all the officially listed major cryptos. You can use them for initial investigation.
Do Research About Market Trend
Don’t think that crypto means profit. Just like stock market, it also have steep ups and downs and thus, you need to be ready for both profit and loss. So, do enough research about past history of the crypto before you make your final decision.