It seems the cryptocurrency market is ready for a new rally after 2 years of hibernation. So, what should a trader do to prepare to welcome the bull back?
Always withdraw money from an exchange after the close of a trade
The exchange is notoriously insecure because it can be hacked, misused user's money, exit scam or abruptly perform AML / KYC manipulations to confiscate your money at any time. In general, money is always in a state of ‘thousands of pounds hanging from a hair’ if left on an exchange. There are many very good reasons why "the key holder is Bitcoin owner" is considered a mantra among traders and holders. Many traders are 'empty handed' due to hacks, unethical exchanges, and scams.
With the unexpected AML / KYC seizure order, you can get your money back if you are not afraid to disclose your personal identity but some platforms are simply given asking for information out of the box makes you never get your coin back.
Do not talk about coins or transactions on social media
Opsec (active security) is the king in the land of cryptocurrencies. In the last bull market, there have been many kidnappings, looting, theft, and $ 5 attacks happening. All because they boasted on social media. Please don't do this, it's like drawing a path for bad guys to knock on your door.
On social media channels, people can find out where you are, where you live, your friends and family, etc. It's definitely not the type of information you want criminals to have. , especially when they see you posting about the money you just made. Github has established list people who have been hacked to hijack coins.
Keep coins in hardware wallets offline
As a trader, you need to think about the other side of opsec. It is recommended to store coins offline in hardware wallets. You can keep the hardware wallet and seed restored in different but secure locations. Hacking and ransomware are an online epidemic, so don't save coins on your laptop. Keeping coins in hardware wallets is an easy way to avoid losing coins this way.
Thieves can still hack or steal coins with a $ 5 attack, so you must also consider a safe way to store a hardware wallet. Doing so is safer than using a device connected to the web.
Don't allow yourself to be the victim of trading signal scammers or paid groups
During the last price hike, we saw a range of services offering tutorial courses and people claiming to be masters or trading experience. If the trader pays these people, they will help indicate the trading signal. In essence, they are scammers, if they make money from trading signals, they will not sell signals or offer courses.
You can learn how to trade by taking a course or reading a free ebook on trading, then practice on a demo account. Do not pay fraudsters to take advantage of the gullible, gullible trader.
Do your own research on the projects that cryptocurrencies are investing
Crypto is a world full of scams. It is a largely unregulated market, containing valuable assets and a lucrative place for the most immoral people on earth. In the 2017 ICO rush, there were so many incredible scams and investments.
Crypto scammers essentially forced the world's regulatory agencies to step in and immediately stop those illegal appropriations. Exit scams, fake projects, affinity scams, theft, unregistered securities, ponzi plans, pyramid schemes are not uncommon stories in this world. There are even ICOs that use the image of actor Ryan Gosling to claim to be their "graphic designer".
Make sure you are fully aware of where you invest in and the trading platform you use shows signs of fraud. Be careful if you want to earn money!
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Bitcoin Magazine | Bitcoinist
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