Examples include worldcoin and safemoon.įind out about the alternatives to bitcoin. There are thousands to choose from, so do your research. This means you don’t risk being over-exposed should one of them plummet in value – especially as the market prices of these investments are highly volatile. Or as they say: don’t put all your eggs in one basket.Īs with stocks and shares, spread your money out among different digital currencies. ![]() It doesn’t pay to have too much invested in one single cryptocurrency. We explain the highs and lows of the digital currency. Set limits on how much you invest in a particular digital currency and don’t be tempted to trade with more money than you can afford to lose.Ĭryptocurrency trading is a high-risk business and more traders lose money than don’t. So don’t get stung making the same mistakes as others. Some people offering crypto trading tips might not have your best interests at heart. How many users does it have? What problem does it solve? Avoid coins that promise the Earth but haven’t delivered anything tangible. Try to look critically at the project or platform. ![]() ![]() So when you’re confronted with a lot of information about a cryptocurrency, take a step back from the hype. This was up 30% on the whole of 2020, according to Action Fraud, with the average loss per victim at £20,500. Reports of crypto investment scams surged to 7,118 in the first nine months of 2021. It isn’t easy to separate genuine cryptocurrency recommendations from the scams there are lots of sharks out there waiting to take your money. If you want to invest in cryptocurrencies, here are six tips: 1.
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