How to stay safe in cryptocurrency as a newcomer
We’re a security-conscious company and we do all we can to ensure we protect the assets and data of customers who use our exchanges, QRYPTOS and QUOINEX. We do our best to educate our community about how to stay safe, but there are many newcomers to the cryptocurrency space who would benefit from some good advice.
We put the question to our community on Reddit: What advice would you give to crypto newcomers to help them stay safe? Here are some of the best answers we received. Some great tips in there!
This may be cliche but please always (literally) DYOR [do your own research] and don’t FOMO [fear of missing out]. Do not chase pumps. ~gio1027
Use 2FA, and make a habit of triple checking any address you send to. Once it’s sent, it’s irreversible. ~SnowZulu
Take it slow, don’t feel pressured to do anything you don’t feel comfortable with, always wear protection. ~Erik2112
Invest only money you can afford to lose, and whatever amount that is, invest not more than half. The other half you can use to buy in later (incase prices go down). ~chongdotcom
~Photoalex, who has also written a piece on advice to beginners
- 2FA
- Check the team
- Check the community
- Dollar cost average
- Read the white paper
- Store safely, know what exchange is best for you and what FIAT on-ramp to use.
~ABoutDeSouffle
- Use 2FA
- Do NOT use your phone number/SMS for 2FA
- Even if you don’t like linux, use Ubuntu for trading/handling wallets. A used laptop is cheaper than lost coins.
- Do your porn surfing/mail checking on a different computer.
- Do not leave your coins on exchanges for too long.
Write down your 2fa codes on paper. ~EvilRedNL
Seems to be a basic and useful summary! Do you have any advice how people really understand those steps - it feels like you can read those notes everywhere, but unfortunately not enough people paying attention to it. Or do you think this is just normal for human beings?