How to NOT get scammed when investing in crypto – Safety tips!

by Glenn Maxwell

Investing in cryptocurrencies can provide life-changing profits if you know how to time the market cycles, pick solid projects and identify the ideal opportunities for selling/re-buying. It has happened over and over again with projects such as Bitcoin, Ethereum, Solana and even meme-coins like $SHIB and $DOGE… but the crypto world isn’t free from danger. And that includes spot trading, options trading at Bitlevex, and of course, futures trading.

Therefore, we invite you to read our guide. We are going to teach you how to not get scammed when investing in crypto, so you can keep your capital and profits away from hackers and other dangers that inhabit the crypto world.

Keep your OS and Antivirus up to date

The first step is to ensure that your OS and antivirus are up to date, in order to protect it from viruses, malware, spyware, and crypto miners. This is the foundation for the rest, because if you have a vulnerable computer, then everything else will fall apart on its own, since it will be easier to hack and/or infect your PC, laptop or phone.

Furthermore, always buy the official OS, so you can protect your computer against exploits and breaches. If you cannot buy the official OS, you can always look at free options such as Linux, which is one of the safest operating systems when it comes to crypto activities.

If possible use a crypto-exclusive PC, laptop and/or phone

If you can afford it, then you should definitely use a PC, laptop or phone that’s exclusive for crypto purposes. This way, you will prevent yourself from filtering your keys or exposing your crypto wallets to attacks. When it comes to protecting your profits, every single measure will come in handy.

This will prove to be one of the best investments you can make, especially if you plan to trade for a living. This way you will be able to fully focus on your trading business, and hence, you will boost your productivity and obtain better results in the long run.

Never install suspicious contracts on DEX such as Pancakeswap

Especially when chasing memecoins, it’s easy to get your wallet “hacked” and emptied by hackers if you happen to install a malicious contract. Pancakeswap is home to lots of cryptocurrencies, including plenty of memecoins. Hackers know it, and hence, they share malicious contracts on the official and unofficial channels on telegram of these memecoins. Whenever someone installs it, they empty their wallet. As simple and malicious as that.

If you want to add a new coin to your wallet or DEX in order to buy/sell it, then look for the official contract address on Coingecko, Coinmarketcap or the official website of the project. This easy tip will protect your funds from hackers.

Always research the project before investing your money

We’ve talked about how you can protect your assets from external attacks, but the truth is that you can get rug-pulled if you buy every project that comes your way. It has happened plenty of time, leading to millions of dollars in losses. You can prevent yourself from being another victim by following these tips.

Research before investing

You should always research before buying a specific coin, especially if it’s new. You should read the whitepaper, check the team behind the project, analyze the tokenomics and consider the catalysts that might boost the price of the cryptocurrency, and hence, make the project successful.

Only invest what you can afford to lose

Investing an amount that you can afford to lose will free you from the worry and stress of risking more money than necessary. This way, you will make rational decisions, which will impact your portfolio in a positive manner.

Look out for bottomed projects

You will have to learn the basics of Technical Analysis in order to identify bottomed projects, but trust us that it will pay off. This way you will be able to obtain the most profits from the cryptocurrency you invest in.

For example, buying $KDA when it was bottomed, at approximately $0.80-$1.00 USD, would have yielded you an amazing profit of x27 if you managed to sell at the peak. Such a ROI is possible when investing in solid AND bottomed projects. Go find them whenever there’s a downtrend in the crypto markets – just like now.

Final Words

Now you have in your hands the power to invest in cryptocurrencies like a professional. You will be able to protect your profits, and hence, build a solid portfolio that will stand the passing of time. If you want us to answer your questions, feel free to leave a comment below. We are ready to help you!

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