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When the first cryptocurrency, Bitcoin (BTC), was introduced, many people were skeptical about it. However, as the years went by, the digital coin became quite popular. Today, many of the earliest BTC buyers have reaped significant amounts of profits from their investment.
As BTC continued gaining traction, several other cryptocurrencies were introduced, each coin promising to be better than the others. For this reason, it’s believed that there are thousands of digital currencies today, including Ethereum, Litecoin, Dogecoin, Tether, and Stellar, to name but a few.
What to refrain from as a cryptocurrency trading beginner
Regardless of the coin you invest in, cryptocurrency trading may be quite profitable. However, it would help if you went about it with extreme caution. In the same way, many people have gained huge profits, many have also lost their life savings by investing in digital coins.
If you’re interested in cryptocurrency trading, this article could be helpful. Here, you’ll find four mistakes you should refrain from as a beginner. This way, you could increase your chances of benefiting from the trade.
1 – Using an unsafe cryptocurrency exchange
Before you start trading in virtual coins, sufficient research is essential. A common mistake many beginners make is failing to search for a secure cryptocurrency exchange – a platform for converting fiat money into digital coins and buying and selling virtual cash.
Since cryptocurrency trading has…