Currency⭕Newbie Not Being Scammed Listening Guide for Cryptocurrency Newbies to Quickly Avoid Pitfalls!
When I first entered the crypto world, I naively thought — as long as I chose a "coin that would rise," I could become rich overnight. Later, I realized that what truly determines whether you can make money is how many pitfalls you avoid. Below are five common major pitfalls I personally experienced and summarized as a cryptocurrency newbie👇
⸻ ❌ 1. Listening to "teachers" calling trades, only to end up being "scammed" Many so-called "teachers" in groups appear to help you make money, but in reality, they profit from your trades through commissions or by preemptively cutting you off. You must know that if the "teachers" could make money, they would have already made their families wealthy, why would they need you?! Suggestion: DYOR (Do Your Own Research), don’t blindly follow trades!
⸻ ❌ 2. Jumping straight into contracts and ending up liquidated Newbies are most easily tempted by high returns, using leverage to chase prices and ultimately ending up in chaos. Suggestion: Start with spot trading, understand the basic rules before considering contracts, don’t gamble your life right away.
⸻ ❌ 3. Going for cheap options at unknown exchanges and getting hacked Looking at low fees may seem appealing, but they are often not legitimate. Once you have trouble withdrawing or they run away, you won't even have a place to appeal. Unscrupulous exchanges can cause significant harm! Suggestion: Use only mainstream exchanges like Binance, OKX, etc. (recommended with safe entry points that offer commissions)
⸻ ❌ 4. Listening to rumors and blindly chasing trends Seeing a coin suddenly rise by 10%, everyone on social media is talking about it, rushing in only to buy at the peak. Suggestion: A trend ≠ opportunity, you must have your own judgment, don’t be the last one to buy in.
⸻ ❌ 5. Being fooled by “xx coin will skyrocket soon,” investing in a scam coin Scam coins have no projects, no teams, and no use; they rely solely on a bunch of people calling trades and making empty promises, resulting in chaos. Suggestion: Check the background of coins first, team + white paper + actual application are all essential.
⸻ 💡 Finally, I’d like to give every cryptocurrency newbie a piece of advice: “The money you earn is a realization of your knowledge; the money you lose is the tuition for your ignorance.” You can go slowly, but don’t rush blindly; you can start with small amounts, but you must have safety awareness.
