Being able to buy Bitcoin and altcoins offers a great opportunity for both the casual and experienced trader alike. However, with new technology come new security concerns. Be sure you’re protected and keeping yourself and your investments secure.
Here are 5 essential tips to buy bitcoin & altcoins safely:
Have a secure wallet
Having a secure wallet is essential when you buy Bitcoin & other cryptocurrencies. Without a secure wallet your investments will be at risk. There are many types of wallets on the market, but for the highest level of security a hardware wallet is suggested. These can be found easily online through major e-commerce retailers. If using an online wallet, be sure to keep track of all security keys and phrases.
Buy on a secure platform
It’s important that once you decide to make a purchase that you buy bitcoin on a secure platform. There are a multitude of online platforms available; each can be checked for customer reviews and feedback. Be sure to buy from a respected platform and to avoid those with little to no feedback. There are countless sites out there that prey on the uninformed.
When committing to buy bitcoin and altcoins many platforms will ask for identification. Be cautious with who you send copies of your identification to. Personal information and identification should be carefully guarded and not sent to disreputable vendors. Keep personal records of all transactions and of all recipients of your personal and private documents.
Have a strategy
Always be sure to have a clear and well thought out strategy before entering each of your trades. Only begin a trade when you know why you’re entering it and what your strategy is for after the trade has been completed. Not all traders will make a gain from trading. Don’t let emotion dictate your actions and always keep calm when you buy Bitcoin and other altcoins.
Only invest what you can afford
The general rule is to never invest more than you can afford. Treat your bitcoin and altcoin investments the same way you would treat any other. Assume that each investment you make is lost money and you will never find yourself disappointed with the results.
In summary, these tips are a great starting point for keeping yourself secure and protected when trading in cryptocurrency. In addition to these tips keeping yourself up to date on industry changes and consistently monitoring your investments will go a long way in helping to keep you secure on a day to day basis.