Over the year, I have heard much news that investors are losing cryptos and becoming victims of frauds and scammers. And since crypto is quite new and investors don’t possess that much knowledge about metaverse, they are becoming victims easily. But I have some guidelines that they should consider so that they won’t learn the hard way.
Possess Good Knowledge
The single best thing that you can do to stay safe from crypto scams is to know what crypto scam is and how people can be the victims of crypto scams. It also includes the research of the asset that you are going to buy. I mean, it’s highly possible that fraud or scammer is putting a trap with an insane crypto offer so that you can put your money and become a victim. To stay protected from that, you need to research any type of asset before buying. Make sure to know the history and potential of the asset, the reputation of the seller and the track record as well. If you are buying crypto from a certain platform, make sure to check the reviews of that platform, and don’t just stop there. Ask experts who are your mentor about them.
Don’t trust Easily
Everyone has jumped into the crypto market so that they can make a profit. When you are competing in the market, everyone is your competitor; make a mindset like this. No one is your friend, especially fraud and scammers. Your loss and failure would be their (fraud and Scammer’s) profit. So, don’t trust anyone easily with crypto. That’s because cryptos cost an insane amount, and anyone can lose their mind with that money. That’s why first do a background check and do good research, then trust, but not blindly.
Secure Crypto Wallet
When buying cryptocurrency, the most important thing that matters, in my opinion, is the crypto wallet. That is because that’s the place where you are going to keep all the cryptos so that no one can’t access or steal them from you. But many people don’t like the thing they have to pay attention to a good wallet, and they just use the default wallet of the crypto exchange platform, which is a big mistake. And number one reason is the security is not that strong, and another one is the wallet is connected to the internet, so any hacker can steal your holdings. That’s why crypto experts always advise investing in a cold wallet that provides 100% security.
I Use Multi-level Authentication
Let’s imagine a scenario where a hacker has obtained your wallet login info, and now he can easily access your cryptos. But it wouldn’t happen if you use some additional security features like multi-level authentication where a password and key phrase are not enough to access your cryptocurrencies. You need to insert a code that will be sent to your phone or Email. This way hacker may have access to your password, but he won’t have access to your phone and mail, and that’s the beauty of multi-level authentication, which boosts the security of your wallet.