For new users in the crypto ecosystem, it is essential to understand that while a bull market can create great opportunities, it is also a period where scams increase due to widespread enthusiasm. Here’s a list of key warnings to protect yourself:

  1. Beware of promises of quick wealth

• If something sounds too good to be true, it probably is. Common scams include “crypto duplication” schemes or guarantees of fixed returns, which are impossible in a volatile market.

2. Research projects thoroughly

• Check the team behind the project: Do they have experience in blockchain? Are they public and transparent?

• Check their whitepaper: It should be clear, detailed, and explain the problem they seek to solve.

• Examine the community: Legitimate projects often have an active community on social media and forums like Reddit or Discord.

3. Use reliable exchanges and wallets

• Use recognized and reliable platforms like #Binance to buy and store cryptocurrencies.

• If you use external wallets, make sure they are trustworthy.

4. Do not share your private keys

• Private keys are like the password to your bank account. Never share them, not even with someone claiming to be technical support.

5. Avoid falling for Ponzi or pyramid schemes

• Fraudulent schemes offer high returns in exchange for recruiting more people. Famous examples include Bitconnect and PlusToken or the latest one that made headlines, Solesbot.

6. Be skeptical of “airdrops” and suspicious emails

• Do not click on links from unsolicited emails or messages promising gifts or free cryptocurrencies.

7. Review security audits

• Before investing in tokens, check if they have been audited by trusted companies.

8. Be cautious with new altcoins

• In a bull market, many cryptocurrencies with empty promises emerge. Many are “rug pulls”, where developers disappear with the funds.

9. Use strong passwords and enable two-factor authentication (2FA)

• Protect your accounts with unique passwords and 2FA to prevent them from being hacked.

10. Stay informed constantly

• The crypto ecosystem evolves rapidly. Learn about topics such as #blockchain technology, smart contracts, and #DeFi to make informed decisions.

Final advice: Do not invest more than you are willing to lose

Cryptocurrencies are high-risk investments. Start with a small amount and diversify your portfolio to mitigate risks.