What is the very first thing I should do before buying any crypto?

[uptrendfinancialsignal]

I’ve been scrolling Twitter and everybody was shouting "DYOR" like it's a mantra. I just want to buy small crypto but I am afraid of being scammed. I'm just confused and tired of these complicated steps. What can I do?

 

[Kennysplash]

DYOR means Do Your Own Research. That means before you buy any coin you should research well on it to make sure that it has potential and it’s not scam. Everyone that is giving financial advice in this regard make sure they use it to avoid misleading others to make mistakes.

 

[Henry]

DYOR means Do Your Own Research. That means before you buy any coin you should research well on it to make sure that it has potential and it’s not scam. Everyone that is giving financial advice in this regard make sure they use it to avoid misleading others to make mistakes.

Doing your own research is very important. Check the basics about the coin that you want to invest in to see how they've performed in the past. That can give you a clue on what to do about it going forward.

 

[Maya]

Analyze your risk tolerance levels, use your own money (savings) and do not invest with a loan. You also need to invest in multiple coins to minimise the risk of losses

 

[uptrendfinancialsignal]

All that “analyze risk” advice is good but beginners are still very confused. One of my guy entered the market without knowing the basics, next he panicked and started to sell when the price dips a little. So, having the education first is not optional. Even when sending a small amount of crypto, you can still make mistakes.

 

[Nomad]

One many reason why people lose money on crypto is they end up selling their assets when the market is down. Some people do panic selling, but a lot of people are forced to sell because they need money badly. If you cannot hold your investment for a long time, probably crypto isn't for you. Therefore, the first think you need to do is check if you can hold your investment

 

[Henry]

One of the many reason why people lose money on crypto is they end up selling their assets when the market is down. Some people do panic selling, but a lot of people are forced to sell because they need money badly. If you can not hold your investment for a long time, probably crypto isn't for you. Therefore, the first thing you need to do is check if you can hold your investment

This is the reason it is always important for anyone planning to invest on crypto to do proper research about the coin that they have plan to buy before it would result in wasting their money on scam coins.

For some solid projects like Solana and the rest, I am not willing to sell my bags anytime soon.

 

[Nomad]

Prices in the crypto world are always unstable, even when you invest in well known coins like BTC or ETH, they might go down and it might take months or even years before they recover. When investing, you need to have strong financials so that you can wait for the market to return.

 

[Bawse]

When choosing a wallet, look for one with low transfer fees. Coinbase is the most popular option, but I personally use Trust Wallet because it has lower fees.