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The bull is returning and that means lots of newbies are being attracted. Here's some tips so that you dont make fatal mistakes and lose your money. Please feel free to contribute more!

  1. Trust nothing and verifying everything. Everything is trying to scam you. Any DM, random tweet, text message, email..etc. They all need to be double and triple checked. When in doubt, dont interact. Check directly on said platform.
  2. "If it sounds too good to be true, it probably is". You didn't win anything, nothing is free, they are not gonna "double your money"..etc. Its all a scam. Refer back to #1.
  3. Never click random links. Refer back to #1.
  4. Never EVER share your seed phrase. Refer back to #1.
  5. Add 2FA to all your accounts. I like google authenticator.
  6. DEFI/self custody is NOT beginner friendly and you can easily lose your money. Permanently. There is no customer support.
  7. If you choose to do self custody/defi - Make sure you save your seed phrases somewhere safe, go slow and refer back to #1.
  8. It's okay to use mainstream platforms like Robinhood and coinbase. Just make sure you have all security functions turned on.
  9. When using a mainstream CEX like coinbase, always use "advanced trading" and set limit orders. Exchanges make a ton of money off beginners using the basic "buy crypto" function.
  10. When performing functions, never "assume" anything. For example: Always verify the network and wallet address you are sending and receiving money on. If you send money to wrong wallet or using wrong network - that money is GONE. Everything must be in alignment.
  11. Beware of high APY offerings. "150%APY..etc". Its never sustainable and often serves as bait for exit liquidity. Refer to #1 and #2.
  12. Profit is nothing until its realized. Selling and re-entering at the next dip is a tremendous play.
submitted by /u/Calibased
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