How to choose the right cryptocurrency before investing?
So finally you have made your mind to invest in cryptocurrencies. In this post you will find the complete guide on how to invest in the right cryptocurrency for maximum returns in a smart way.
1. Whitepaper
Whitepaper is the most effective tool for evaluating a cryptocurrency. This is a techical document which consits the information about the project's goals, roadmap, use case, vision and most importantly Tokenomics of coin.
2. Project Website
Before investing in any cryptocurrency, must visit their website and check the following information
2.1- Professional website designing
2.2 - Disclose the information about team members
2.3 - check the spellings and grammer
2.4 Mention the whitepaper details
2.5 Mission statement
if any information is missing then this is the big question mark of the project authencity.
3. Check the Social Media Channels
Almost every cryptocurrency project must have X ( Twitter ), Youtube, Telegram, Reddit and discord channels. Check their social media platforms and enguagment level.
4. Team and Partnerships
Strong Team build strong project and strong project bring maximum profit. check out their team members and their experience in the specific field. Check the section of partnerships with different companies.
5. Trading Volume
Must observe the cryptocurrency trading volume on exchanges A high trading volume means a lot of traders and investors are buying and selling within the specific time frames
6. Market capitalization.
Always choose the cryptocurrency which have high market cap. Generally high cap crypto coins considered to be safe but always do your own research before invest.
7. USE CASE
Invest in those crypto projects which have utility and serve a practical purpose
Binance is the best crypto exchange for cryptocurrency trading. Create an account: Binance sign up Link
Find the best cryptocurrencies here Binance Exchange overview
