Top 4 Security Tips That Every New Crypto Investor Must Know

Investing in crypto can be one of the most crucial decisions of your life. But before you jump on the wagon and invest all your money in crypto, you need to hold your horses. Trading or investing your money in crypto can be tricky, especially when you are still new to the world of crypto.

It's best to take it slow and test the water before you jump into it. A Swyftx demo account, for instance, would be a great solution to understand how investing in crypto works without taking any financial risks. This way, you can try buying, selling, and trading hundreds of crypto coins without risking your money.

Such safety precautions can make the crypto investing experience safe and fruitful. If you are still new to crypto investing, here are four security tips that will help you invest safely and with confidence.

Top 4 Security Tips That Every New Crypto Investor Must Know

1.  Regularly Audit Your Accounts

It's easier to get overwhelmed with all the new crypto investing information as a beginner. Your inbox would get lots of emails from the crypto exchanges, and many of them would contain essential information about your account. If an unauthorized individual gains illegitimate access to your account, they can make unwanted changes to your account. 

That is why regularly checking your account for any suspicious activity is essential. When you thoroughly know where your account stands from security perspectives, you can immediately take preventive actions to secure your account. Whether it's changing the password or alerting the security representative of the crypto exchanges, you would be able to secure your account before it's too late.

2.  Remain Wary of Phishing Emails

Phishing is a widely used attack by hackers and scammers to con people through fake websites and emails. Many fake exchanges use phishing emails to convince people to use identical links that look just like legitimate website URLs but are fake. 

Even the email content provokes the users to click on the external links or ask for classified personal information like passwords, birthdate, address, etc. That is why it is vital to stay alert and avoid clicking any suspicious links from emails. Double-check the users for the authentic names of the changes. 

3.  Stay Away from Fake ICOs

Many initial coin offerings (ICO) are focused on new and less experienced investors, and they get naturally tempted towards the promising tech or higher ROI promised by many ICOs. As starting an ICO is relatively easy, many scammers are faking ICOs to receive money from the investors and con them. That is why it is essential to identify fake ICOs and stay away from them.

There are some telltale signs when it comes to identifying fake ICOs. Try to check the credibility of the founders and team members who are frontrunners of the ICO. Check their social media activity and whether it looks natural or not. For example, if they have hundreds of thousands of followers but only a few likes or comments on their posts, it likely means that they have bought fake followers to portray themselves as popular and authentic.

Look for the whitepapers published by the founders about the underlying technology and how it solves the problem. Check whether they have a robust business model that can earn a lot of profit over the years.

4.  Try Demo Crypto Trading Accounts

When it comes to crypto trading, it's best to learn the nitty-gritty before you actively start investing. Many first-time crypto investors in Australia use the Swyftx demo account to learn investing techniques and the exchange features to reduce the financial risk and understand the market depth.

Crypto trading doesn't have to be complicated. Once you learn your way around the exchanges and understand the project behind various cryptocurrencies, you can confidently invest in crypto.