The latest research from UK regulator the Financial Conduct Authority showed that about 2.3m Brits own cryptocurrency in one form or another.

It’s very easy to get caught up in the hype of news headlines. Crypto mistakes are startlingly common, and below we list some of them.

1. Buying because the Price is low

Low prices do not always represent bargains. Sometimes prices are low for a reason! Watch out for cryptocurrencies with falling user rates.

Often, too, developers leave a project and it stops getting properly updated, making the cryptocurrency insecure.

2.Going ‘all-in’

Some of the more suspect trading platforms suggest you should maximise your money by betting as much as possible. This is a quick way to the poor house.

Better crypto investment tips would be to only use a certain proportion of your investing capital — say 5% — and always keep an emergency cash fund in an easy access savings account that never gets invested in the market.

3 Thinking crypto is ‘easy money’

There’s nothing easy about making money through trading any kind of financial asset, whether stocks and shares or commodities like silver and gold. The same can be said for cryptocurrency.

Anyone who says different is probably trying to trick you into making crypto mistakes.

4. Forgetting your crypto keyphrase

If you have a hardware wallet for storing your crypto offline, forgetting your keyphrase is like losing the keys to a bank vault.

Without your keyphrase, all your cryptos will be irretrievable.

5. Falling for scams
Be very wary of crypto deals that sound too good to be true.Don’t just use any crypto trading platform, it’s always best to do your own research first.Yellow Card, Binance and Coinbase are some of the most secure platforms. Yellow Card takes the security of your money seriously. With multi-sig wallets, One Time Pins and Authenticators, as well as robust KYC, they ensure your funds are safe at all times. Binance and Coinbase also have secured wallets.

It is important for all Crypto traders and beginners to take note of these Five common mistakes.

Nice thread. That number 5 can only be a problem for greedy people

2.3 represents a small number for the UK tbh. I though they’re a first world country. OP, what do your reckon would be the number in Nigeria? I’m sure more 5m Nigerians own a crypto of some sort

Yellowcard UI is really simple, but I can't trade since I've not been able to verify my account.

That number 4 is scary. If you forget your crypto key phrase that’s the end.

enoch273:
Yellowcard UI is really simple, but I can't trade since I've not been able to verify my account.

Well sometimes it might be network or they had issues. That was how i tried to login to my yellow card account one time and couldn’t remember the password. Then I used forgot password but for a day I didn’t get the mail to reset password. That’s why I stopped using the platform. Then I sent a DM on twitter before it was rectified. They apologized for that though. Send them a DM on twitter and they should be able to solve the issue.

Thanks for this content. Reasons why I stick with just 3 platforms.

Binance, Luno and Yellowcard

Thank you for this wonderful information. Yellow Card caught my attention and I think I will need to give it a try again now that their app has been updated

Thank you for pointing these common Mistakes. I have used Binance and Coinbase. I think I will need to try out Yellow Card as well.

enoch273:
Yellowcard UI is really simple, but I can't trade since I've not been able to verify my account.

Have you tried sending them a mail to resolve it?

OladapoF:
Thank you for pointing these common Mistakes. I have used Binance and Coinbase. I think I will need to try out Yellow Card as well.

You should
They've been very reliable

Thanks for these salient points, My experience with Coinbase and yellow card has been seamless, what do you think of coin pocket?