Prices in crypto go up and down quickly, making it feel like a thrill ride. Investors grab the nearest meme to deal with it. But becoming successful in this area isn’t only a matter of chance. It’s about avoiding mistakes that cost you money and slowly chip away at your profits. Here are five mistakes that all Malaysian crypto investors should stay away from. Click here for helpful resources!
1. Not following local rules
The crypto market in Malaysia is hardly a lawless playground. The Securities Commission Malaysia (SC) is in charge of some digital assets and licensed exchanges. But too many new people use dubious programs to get in, thinking it’s safe. A brief look at the SC’s website will help you avoid scams, fines, or worse.
2. Following Hype Without Doing Your Homework
The biggest temptation is still FOMO, or fear of missing out. That “moonshot” coin your friend swears by? It will probably fall as swiftly as it soared. Putting money into something without knowing what it is is like throwing ringgit out the window of a car on the PLUS expressway. Do your work. You probably shouldn’t keep a coin if you can’t explain why you got it in simple terms.
3. Keeping assets on exchanges
It’s easy to want to use exchanges, but they aren’t banks. There have been many platforms in the past that went down overnight and took people’s money with them. Use hardware wallets or private wallets to keep your money safe. Instead of hiding your money under your pillow, think of it as putting it in a safe.
4. Getting scammed
Scammers are everywhere, from bogus Telegram groups to phishing websites. Their assurances of assured returns are only a way to get you to invest. Never give out your private keys, stay away from URLs that look fishy, and keep your login information safe like a family recipe.
5. Not paying attention to fees and timing
The fees for trading may not seem like much, but they add up quickly. Add in buying things on a whim when prices go up, and you’ll end up with regrets instead of profits. Be patient. Learn how to read charts, know how the market works, and plan your entries carefully.
In the end, winning in crypto Malaysia isn’t only about buying the appropriate coin; it’s also about not getting into bad habits. If you want to stay in the game long enough to enjoy the rewards, protect your money and think about the long term.