Skip links
Explore
Drag

Keeping Your Money Safe in Crypto

Part of the excitement, and a lot of the stress, of investing revolves around the uncertainty that lies ahead. Most people want to create a healthy nest egg that secures their retirement. Some want to amass wealth as quickly as possible, assuming more risk to do so. But nobody in their right mind wants to lose money in an unsafe or fraudulent investment.

For those interested in investing in cryptocurrency, this represents the biggest hurdle. Cryptocurrency has a reputation for potential losses, there’s no getting around that. Some of this notoriety stems from a few isolated incidents of malfeasance, and some from the results of inexperienced investors getting in over their heads. Regardless, if you’re looking for a guaranteed safe investment with extremely predictable returns — buy bonds. But if you can stomach a little bit of market volatility, there are many ways to keep your money safe while investing in crypto.

If you’re new, don’t do it on your own

It might be really enticing to buy a bunch of crypto on a whim some rainy afternoon without much forethought. Unfortunately, that’s rarely a wise idea. Even if you get verified on a trustworthy exchange, you won’t know who to trust when buying coins. There are countless entities trying to abuse the marketplace to get rich quickly and swindle investors out of their money. This is not unique to cryptocurrency at all, however, and is pervasive throughout the investment world. Just as the beauty and wellness industry is flooded with both legitimate products and fraudulent network marketing schemes, cryptocurrency has some bad apples. Fortunately, it’s not difficult to pick out legitimate cryptocurrencies if you do a lot of research and ask a lot of questions. And much like any other investment, you shouldn’t dive in with your eyes closed. The best way to get acclimated to this industry is by getting some help from a trusted advisor. At Coinberies, we offer educational materials for new investors and we handle the portfolio-building for you. We’re well-versed in the best ways to keep your money safe in Crypto, and most importantly, we know what coins to avoid. If you wanted to make money on the stock market without finance expertise, you wouldn’t be able to build your own profile alone competently. It’s no different with crypto. Fortunately, utilizing a cryptocurrency advisor can jumpstart your investing career and ensure that your money is in the right hands.

 

Changpeng Zhao

Beware of the ICOs

A common theme when you talk to any seasoned cryptocurrency investor or advisor is to beware of ICOs, or Initial Coin Offerings. ICOs are a unique and creative way for new ventures to raise capital. Unfortunately, many ICOs are backing an underlying project or idea that simply isn’t good and will fail quickly. It really isn’t a good sign when a company is refused funding everywhere it pitches, exhausts all other options, and turns to an ICO to raise money with the public as a last resort. As a result, it’s very difficult to tell whether an ICO is a good investment for the most experienced crypto advisors. For newcomers, it’s nearly impossible. In turn, the best advice available when it comes to ICOs and new investors is to stay away. There are stronger, more trustworthy, less volatile coins available and they often represent the best investments for any level of expertise.

Leave a comment

This website uses cookies to improve your web experience.