8 Time Management Tips When You’re Buying and Selling Cryptocurrencies
Cryptocurrencies are a new, innovative form of currency that is quickly becoming the preferred way to purchase online. As with any investment, it’s important to take time and do your research before buying anything. As the value of Bitcoin, Ethereum, and other cryptos continue to rise exponentially, it can be challenging to keep up with all of your cryptocurrency transactions. Here are 8 time management tips when you’re buying and selling cryptos.
Secure Your Coins First
Before you start purchasing or selling cryptos, it’s important to have a backup plan in case something goes wrong. If your wallet gets lost, hacked, or stolen, you could lose everything you have invested. We would recommend buying a hardware wallet if your cryptocurrency is worth over $1,000. This will ensure that even if you get hacked, your cryptocurrency will be protected.
Make Sure You Are Buying or Selling Using the Right Cryptocurrency
You need to make sure you are buy Bitcoin if you want to buy BTC. Sometimes ATMs are set up to offer Bitcoin in exchange for U.S Dollars, but you can’t cash out of any cryptocurrency using this method. Once you buy cryptocurrencies, you can also use them for buying gift cards from reputable stores around. Get the accepted currencies.
Keep Track of the Exchange Rate for Each Cryptocurrency
Cryptocurrency is traded on different exchanges, but it’s important to keep track of the exchange rates for each one separately. Since each value often fluctuates, make sure you are buying or selling at the right time. One way to do this is by using reputable exchange rate apps or platforms. This will provide you with real-time exchange rates of all crypto currently being traded when you want to buy cryptocurrencies.
Don’t Open New Accounts Unless You Have To
As more cryptocurrency exchanges go live, it can be difficult to keep track of them all. There is nothing wrong with opening multiple accounts, but it’s important to do so in the same account when you’re selling or buying cryptos. If you are an avid cryptocurrency trader that has multiple accounts, make sure you keep track of all your “sell” orders and don’t sell at the same time if one order has not been completed yet. Those who have the currency in excess and want to spend it can buy gift cards with cryptocurrencies. The card’s validity varies from one to the other, and you might use it over the whole year.
Keep Track of the Order Book for Each Exchange You Trade On
Since cryptocurrency has a lot of different exchanges and markets, it’s important to keep track of your order book for each one. This will make it easier to sell or buy cryptos when you want to do so. Whenever you buy and sell cryptocurrency, ensure that you keep track of your orders on all exchanges.
Don’t Reuse Passwords for New Accounts
It might sound counterproductive, but one good way to secure your accounts is only to use a password once. Even if you have all of your passwords saved in a password manager, this doesn’t mean they are safe. Hackers can hack into your password manager and find all the passwords you have saved, so keep them separate.
Make Sure Your Email Address is Secure and Locked Down to the Very Last Character
We’ve all had that friend that has shared their email password with people before, but this is not a good idea when it comes to cryptocurrency. If someone gets access to your inbox, they can reset passwords to all your cryptocurrency accounts and drain all of the funds from them.
Use Two-Factor Authentication for Additional Protection and Keep Your Phone Number Private
Two-factor authentication is a great way to keep hackers away, but only if you lock everything down too. Make sure your two-factor authentication is not the same as your mobile number and keep it private.
Buying and selling crypto does not have to be a daunting experience as long as you have the best tips. Make sure you keep track of cryptocurrency exchange rates by using the right platforms so that you don’t lose your money. It is no stress at all.
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