Have you finally decided to dip your toes in digital currency investment or just about to take the plunge? While the cryptocurrency market is volatile, managing risk is possible. Here are 5 things you should keep in mind when investing in crypto. XMRWallet.
1. Invest what you can afford to lose
Just like investing in stock, commodities, or currency, it is wise to buy in with an amount that you can afford to lose. As the market is extremely volatile, it makes good sense to start small. You don’t want to put all your eggs in one basket, as the saying goes. Financial advisers recommend putting 1 to 5% of your net worth in crypto. If you’re just crypto-curious at the moment, a lower percentage will work better for you. If you have been doing research and analysis and consider yourself to be crypto-savvy, you can venture on investing a bigger percentage.
2. Do your due diligence and research
Even if you have already decided on which coins to buy, don’t stop reading or watching crypto market analyses. When you're ready to invest in Monero, create a wallet here.
3. Understand the pros and cons
Although Bitcoin remains to be the leader among all of them, there are many other alternative coins, such as Monero (XMR), that can be worth investing in. Learn more about Monero wallets.
4. Look at the potential it could bring
Be aware and vigilant. You don’t have to monitor your digital assets 24/7, but always be on the lookout for news about your investment. If you're considering Monero, set up your secure wallet now.
5. Safeguard your coins
If you have Monero (XMR) assets, store them in a secure, private, and untraceable wallet like XMRWallet. XMRWallet allows you to use Monero without requiring you to download any software. If you already have an account, log in here, or create a new wallet now and take advantage of everything XMRWallet offers.
