Five common crypto mistakes

1. Buying just because the price is low

Low prices do not always represent bargains. Sometimes prices are low for a reason! Watch out for cryptocurrencies with falling user rates. Often, too, developers leave a project and it stops getting properly updated, making the cryptocurrency insecure.

1. Falling for scams

REMEMBER: Offers of free money should always be viewed with great scepticism

1. Going ‘all-in’

Some of the more suspect trading platforms suggest you should maximise your money by betting as much as possible. This is a quick way to the poor house.

1. Thinking crypto is ‘easy money’

There’s nothing easy about making money through trading any kind of financial asset, whether stocks and shares, commodities like silver and gold, or cryptocurrency. Anyone who says different is probably trying to trick you into making crypto mistakes.

1. Forgetting your crypto keyphrase

If you have a hardware wallet for storing your crypto offline, forgetting your keyphrase is like losing the keys to a bank vault. Without your keyphrase, all your cryptos will be irretrievable.