1. Do your due diligence: Research the product, company, and team before investing in a cryptocurrency. Be sure to check out online reviews, the team LinkedIn profiles, the product website, and any other resources you have access to.
2. Check for red flags: Watch out for signs that something might be a scam. These can include unrealistic promises of guaranteed returns, “too good to be true” deals, or requests for personal information.
3. Keep your funds secure: Never store your coins on an exchange, as this increases the risk of a hack. Use cold wallets to store the majority of your funds offline.
4. Don’t invest more than you can afford to lose: Crypto markets are volatile and often unpredictable; it’s important to only invest what you can afford to lose.
5. Stay informed: Keep up to date with the latest industry news, research reports, and community discussions to better understand the market.