Crypto: How to Not Be An Idiot

One of the greatest things about the cryptocurrency markets is that they are mostly completely unregulated.

One of the terrible things about the cryptocurrency markets is that they are mostly completely unregulated.

Being safe while you are trading and conducting your cryptocurrency business is one of the most underrated skills to have. There are dangers here that don’t exist in other markets or parts of your life. Let’s just dive right in.

DON’T

EVER

EVER: 

  • Respond to an unfamiliar email asking you for a username or password for one of your accounts
  • Click on a link from an unfamiliar email claiming that there is a problem with your account. If the email wants you to check something in your account, go to your app or the secure website and log in from there. NOT from a link.
  • Store your entire portfolio on an exchange. If you can move funds that you are not using off the exchange, you should do so. Obviously, if you have all alts that you don’t have wallets for, you don’t have much of a choice. I like to take extra funds, put them into a secure wallet that I control the keys to.
  • Pay somebody on twitter who has a “secret tip” on a hot coin.
  • Invest in a ponzi scheme. See: Bitconnect. They will promise you daily returns on your investment. DON’T. DO. IT.
  • Publicly declare how much money in cryptocurrency you have or how it is stored. You are begging to get hacked.
  • Give your identifying documents to a non-trusted website, or a sketchy crypto exchange.
  • Keep funds on a sketchy crypto exchange.
  • Keep funds on any exchange where you do not have 2FA enabled.
  • Not check the URL bar of the website you are on to make sure the URL is spelled correctly and it is not a fake website. When you log in, you’ll find your wallet cleaned out.

Honestly, there’s lots more stuff. But for beginners looking to execute a few basic trades, that should just about cover it. If you ever have a question, feel free to DM me on Facebook or Twitter. Don’t take any risks. Happy trading. Be safe.