Every investor who wants to start investing in crypto should know what crypto investing mistakes he/she should avoid. Every beginner in any field when starting commits some mistakes due to ignorance and lack of proper knowledge.
So before stepping into any new field, you should be aware of the do’s and don’ts of it so this article is specifically based on don’ts of crypto investing and makes you aware of crypto investing mistakes that all beginners commit.
First and Worst Crypto Investing Mistakes
The first and foremost mistake that any investor not only in the case of crypto but also the stock market is that the investor tried to seek advice from friends and families. They might suggest you but ultimately they are not financial experts unless they are accountants or financial experts. So you should always seek the help of a financial expert and in the case of crypto, you can seek the advice of a crypto expert.
Sometimes people also try to take pieces of advice from the online community that should be completely avoided. They are not experts and their opinions are just biased or their opinions may be just their own created facts and figures which could be far from truth.
So seeking knowledge is the first step that you should take so you should first do your thorough research and then go for financial advisers to clear your queries.
Correct Way to Seek Advice
- Do your research and have a solid background research of each coin.
- Clear your doubts with financial advisors.
- Half knowledge is more dangerous than zero knowledge so always keep your basic knowledge clear.
Finding the Best Coin Tracking App To Avoid Crypto Investing Mistakes
The crypto market is quite volatile and in just seconds prices of crypto coins could fluctuate a lot. So in that case you should have the best coin-tracking app which is Cryptoreach. Cryptoreach is a feature-stacked app for the crypto enthusiast that offers several features not just limited to coin tracking but also market sentiment analysis and personalized news filters.
So having such an app would help you to keep track of coins so you won’t miss an update. Cryptoreach also has an alert feature that will get you a notification, for that you have to set the price of the crypto and whenever it hits that price you’ll get the notification.
Best Crypto Tracking App
- Cryptoreach is the best app to live track the price of coins.
- Also provides a sentiment analysis feature.
- One of the best user interfaces and is easy to use.
Choosing Crypto Experts and Influencers
A lot of people blindly trust any influencers without having their background checked without knowing what he is. You should always follow those influencers who have a lot of credibility and genuinely belong to a crypto background so you can get valuable information and knowledge.
Crypto influencers such as Vitalik Buterin the creator of the Ethereum blockchain network, Andreas M. Antonopoulos Bitcoin advocate, tech entrepreneur, author, and popular podcaster, and many more influencers should be acknowledged and they always have high credibility.
Best crypto Influencers
- Vitalik Buterin
- Andreas M. Antonopoulos
- Roger Ver
- Elizabeth Stark
- Changpeng Zhao
Crypto Factors One Should Be Aware of
There are a lot of factors that influence the prices of crypto coins such as supply limit, daily trade volume, and utility.
Other than that lot of outside factors such as greed and fear, sentiments, and media buzz. These are the external factors that influence crypto directly so what you can do to avoid crypto investing mistakes is to thoroughly go through the fundamental analysis.
Analyzing SWOT(strength, weakness, opportunity, and threat) can help you a lot, and not analyzing these factors thoroughly is another crypto investing mistake that people commit. So it is important to know the utility for which you can check the whitepaper of the organization that will give you a brief idea of their vision, goal, and working of consensus.
Crypto Prices Factors
- Sentiments
- Trade volume
- Utility
- Economic Factors
Precautions to Avoid Crypto Investing Mistakes
One must be aware of all the scams in the crypto market so you won’t lose your hard-earned money to a scammer. Seeking the advice of a well-renowned influencer would help as mentioned above and following what they are saying.
Always trade with trusted and authentic crypto trading apps and if you want to invest in NFTs you need to buy and sell NFTs with a trusted marketplace. There are a lot of scams that have influenced the value of NFTs so you must take precautions and shouldn’t invest anywhere blindly.
There are a lot of outside factors that as a human you can control but the things we have mentioned above are something one must note down to avoid crypto investing mistakes because ultimately you are investing your money in something that is very volatile.
Everyone should avoid such basic ignorance of crypto investing mistakes and these are the things that destroy the intrinsic value of crypto and ultimately it’s the people’s fault that creates the misconception among the people.
Bottom Line
Crypto investing mistakes are something that happen due to one’s fault and these mistakes can be avoided with the correct knowledge and information. Many people commit these crypto investing mistakes and fall prey to either a scam or end up losing their money due to market shifts.
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Dushyant is an enthusiastic and quick learner in all fields who likes to gain experience, loves to write, and works on his creativity. He loves to explore new things and information and has the potential to spread knowledge across the world. He believes in teamwork and helping others and has a strong belief in learning from our own life experiences and exploring more through our mistakes as everyone has a story to create. His hobbies include sports, drawing, learning new things, and a deep interest in geopolitics.
