Stop swapping coins, if you are new to cryptos.

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Stop swapping coins, if you are new to cryptos.

It‘s been a few months since I started investing in cryptos and if I can give just one advice to people who recently joined this community, then it would be to not swap around coins looking for your moonshot until you are familiar and comfortable with how everything works.

Do some research, pick 2-3 of the coins that stand out to you and split the amount you are able to invest up between them.

I got into some really good coins right at the start, but as most of you I initially got into Cryptos for a fast profit. For that reason I kept swapping them trying to land a moonshot without really knowing what I do. All based on some videos I saw on Youtube.

I did make some money of those but after doing the math, I had to realize that if I just held my first investments my gains where almost twice as what they are rn. Not only because of the coins and tokens not performing as I hoped but also because of transaction fees.

HODL your coins and keep an eye on News about cryptos and react accordingly and stop eyeing on coins you can’t get excited about yourself, just because they are temporarily performing better than yours.

In addition, here are some websites and apps I really like:

Coingecko: https://www.coingecko.com/

Everybody knows about coingecko but maybe someone doesn’t. It’s great to get a quick overview of a coin or token.

Koinly: https://app.koinly.io/login

Koinly markets itself as helping you with you crypto taxes. It does that very well and supports a lot of countries and their differences in taxing your profits correctly. It’s also really helpful for having all your wallets and exchanges in one place. Giving you an overview on the performance of your individual coins across all the platforms you store your assets on.

Edit: There are many options out there that do the same but Koinly is the only one where I found the free tier also being useful.

Rainbow Wallet: https://rainbow.me

Rainbow Wallet is an open source wallet and in my opinion the easiest way for accessing Uniswap. All the exchanges you do there are made directly via Uniswap making it easy to trade ERC-20 tokens on the go and without using Metamask or something like that.

Hope this helps someone!

submitted by /u/Snooket
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