Important Things to Know for Crypto Owners
The internal BFG token of the BetFury platform has already been a liquid asset for a while and all of you got the opportunity to start trading BFG on top exchanges Biswap DEX, Hotbit, and Arken Finance. So being a part of the BetFury community is not only about gaming and hitting Big Wins but also managing your cryptos safely and profitably. Let’s outline the vital aspects for all successful crypto traders.
Security of your crypto is above all
Once you find yourself a happy crypto owner, first and foremost, you should take care of storing your assets securely. There isn’t the one and only safest way to keep crypto that would be a panacea for phishing attacks, hacking, malware, or ransomware. Thus, it’s always a row of well-concerted and consistent activities.
Choose a reliable crypto wallet
The great variety of crypto wallets nowadays gives you the freedom to choose but sometimes puzzles a lot. So you hear about cold and hot, hardware, software and paper, web, desktop, mobile, or exchange wallets, and your head explodes of such a vast diversity? Read more about Crypto Wallets and choose the one that perfectly suits your needs and preferences.
Adjust two-factor authentication (2FA)
There is no need to remind you once again that setting up 2FA isn’t additional or optional but an obligatory measure to protect your BetFury account and keep cryptos on game balance safe.
Also, 2FA is a great security measure to protect your crypto wallet and exchange accounts. Google Authenticator or Authy are highly recommended for this purpose. Plus, you may use YubiKey – a USB hardware authentication key that can be plugged into a device and believed to be “the gold standard for two-factor authentication.”
Protect private keys, seed phrases, logins, and passwords
Your seed phrases, private keys, logins, and passwords should be kept completely private and in a secure location offline or online.
Do not delete emails, send them to the archive. Some old letters may be needed at the most unexpected moment for account recovery.
Password managers are great for saving this information: 1password, Dashlane, or Lastpass. They can store not only passwords but also various files/data.
Use trustworthy cryptocurrency platforms and apps
When choosing the best crypto exchange for your needs, it’s essential to look at supported currencies, pricing, withdrawal options, and security.
You can check the authority and rating of cryptocurrency exchanges on CoinGecko, Cer.live, and CoinMarketCap.
For novice investors and cryptocurrency experts alike, there are a handful of apps that can enhance your crypto experience and even add crypto to your portfolio for free. From lending platforms to exchanges and portfolio managers, every trader should have plenty of applications on their home screen.
Having combed through the top-rated exchange offerings and reams of data to determine the best crypto exchange, you can observe Binance, Kraken, Gemini, Coinbase, and Biswap holding the leading positions.
When it comes to mobile applications, you can find the one matching your requirements:
- eToro – best for global users
- Gemini – best for trading
- Coinbase – best for beginners
- Voyager – best for mobile users
Be aware of hazards and risks on the crypto market
Successfully investing or trading cryptocurrencies requires technical skill and at least a basic knowledge of how Blockchain works. Below we set out some of the most significant issues that investors should be aware of in this new and rapidly changing industry.
Suspicious airdrops and spam tokens
Suppose you use wallets with support for Ethereum, Binance Smart Chain, Polygon, and similar blockchains. In that case, you probably can notice unfamiliar tokens on your balance sheet, which should not be there. These airdrops are often a scam.
First, fraudsters create fake tokens and send them massively to random active wallets. Then, you add tokens longing to sell them and find a decentralized exchange trading these unfamiliar tokens. Authorization on the exchange provides access to funds on the wallet so that fraudsters can steal all cryptocurrencies from your wallet without the possibility of recovery.
Be attentive and ignore unfamiliar airdrops and wallet deposits, even if they cost tens or hundreds of dollars. Many wallets have the ability to hide spam tokens from the balance.
Fake ICOs
Fake Initial Coin Offering (ICO) is an issue that is still prevalent and worries out crypto investors. The year 2017 had witnessed an explosion of ICO scams when the rate of fake ICOs touched 80%. Fortunately, the number had degraded in the following years. Fake ICOs remain to be a matter of concern to investors even today. Big Coin stole $6 million from customers.
Non-fungible Tokens Scams
Non-fungible Tokens or NFT are popular in the current times. NFT runs the risk of being duplicated. It contains specific hashtag codes and the one who is in charge of the hashtag codes holds the power. There are reported cases that NFT hack recovery is difficult as deciphering hashtag codes is not a layman’s job.
Pumps and Dumps of Altcoin
An Altcoin is often counted as one of the cheapest and illiquid penny stocks with small market caps. The crypto pump and dump are characteristics of penny stocks and Altcoin to join the flow. However, Altcoins being volatile often fall into the hands of scammers and criminals.
Choose the strategy that works for you
Do not invest more than you are ready to lose
The first thing an investor or trader should think about is not profit, but what you will do in case of a wrong decision. A simple example: if your portfolio drops by 50%, then you have to wait for 100% growth to break even. But the crypto market usually does not stop at a 50% correction ...
Have you ever seen large investors or companies invest all their funds in one asset? They usually invest only a small fraction of the capital, for example, 5-10% or less. If Tesla's investment in Bitcoin turns out to be a failure, then they will not lose anything from this, since they risk a few percent of their capital.
Take your losses under control
Choosing a stop loss is not a random activity. The most important thing to note here is that your emotions shouldn’t carry you away – a great point to set your stop loss is at the cost of your coin. For instance, if you acquired crypto at $1 000, set that as the minimum point you’re willing to trade your coin. This will ensure that if the worst comes to pass, you can walk away with what you invested in the first place. The same applies to profit levels if you target to get out of the market after hitting a certain minimum profit – stick to that.
Welcome to FOMO
FOMO is an abbreviation for fear of missing out. It's one of the most notorious reasons why many traders fail. Beware of that moment when the green candles seem to be screaming at you and telling you to invest more and more. At this point, the whales will be smiling and watching you buy the coins they bought earlier at very low prices. Guess what follows typically? These coins usually end up in the hands of small traders, and the next thing that happens is for the red candles to start popping up due to an oversupply, and, voila, losses start trickling in.
Stay updated with latest crypto insights
Being aware and familiar with everything happening in the crypto market is a vital aspect, upon which your profit ratio depends. It is your obligation as a crypto investor to keep yourself updated with the latest amendments, news, and policies in the crypto industry. With no doubt, Elon Musk and Warren Buffett should be the first for you to follow on social media. In addition, we have something for you.
Enjoy the selections of info sources that every crypto owner should track:
Adhere to these simple guidelines and start trading cryptos successfully!
