When Bitcoin first came into the limelight over a decade ago, many people saw it as a passing trend. However, technology enthusiasts were very much interested in blockchain technology from the get-go. So started the rave that is cryptocurrency investing.
Subsequently, complementary innovations gained ground with the development of crypto tracking and management tools to help investors to keep tabs on past transactions, their value, and their origins and destinations. With many more cryptocurrencies being created within the past few years and bitcoin being the most valuable, many folks are now interested in investing in cryptocurrency.
Cybercriminals usually target cryptocurrencies like Bitcoin and Ethereum due to their rising popularity and high value. Also, cryptocurrencies are still unregulated by any government agency or central bank, so investors have little legal recourse when their accounts are compromised.
If you want to invest in cryptocurrency, follow the tips below to keep your cryptocurrency safe and make safe investments.
Carefully select the cryptocurrency you want to invest in
There are several different types of cryptocurrencies in existence, and they all have unique attributes and price points. You need to do a lot of research before deciding which cryptocurrency to invest in. You can research effectively by creating a list of the most valuable cryptocurrencies that perform the best. At the moment, Bitcoin is the most famous and valuable cryptocurrency.
As a beginner investor, you may be wondering why this is such a vital step. Many cryptocurrencies that flooded the industry in the last decade have either plateaued or vanished altogether. If you invest without proper research, you risk losing a lot of your money.
Go for a dependable crypto-exchange website
An important thing to do to make safe crypto investments is to locate an exchange with a good track record that complies with AML and KYC regulations. AML stands for Anti-Money Laundering, while KYC refers to ‘Know Your Customer’. Preventing financial crimes is made easier thanks to these regulations. If the exchange abides by these rules, you’re probably making the right choice.
Don’t forget about the need to submit personal information like your complete name, e-mail address, mobile number, and postal location when signing up for the crypto exchange service.
To comply with KYC requests, you must provide some of your personal information, which helps keep users secure while transacting online, but it also comprises a bit of your privacy. Reading customer reviews is also a good idea to get a sense of what others say about the exchange. Please remember that no exchange will be totally free of one and two-star reviews. To understand the benefits and downsides of using a particular cryptocurrency exchange, you need to go through a wide range of reviews.
You should only use a device that is secure for your investments and transactions
It doesn’t matter if you’re using a phone or a PC; security should always be a top priority. To protect your device, there are several things you can do.This involves ensuring you’re up to speed on the newest software and security fixes and keeping your computer safe with an effective antivirus application.
You should also examine the URLs. Do this by ensuring your browser has the padlock icon and the prefix “HTTPS” in the address bar whenever you’re using a crypto website or exchange. Don’t open or install any files or programs you don’t recognize. Also, refrain from using public computers and Wi-Fi.
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Source: https://bravenewcoin.com/insights/how-to-make-safe-investments-in-cryptocurrency