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Mistakes to Avoid as you Buy Crypto Instantly

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People want to be able to buy crypto instantly for all kinds of reasons. Some of the reasons people may want to buy crypto instantly include:

  • For immediate transactions – you could want to buy crypto such as Bitcoin instantly because you need it for specific transactions such as sending money internationally or paying for some online purchases
  • To take advantage of shortterm price changes – because cryptocurrencies are known for their rapid price fluctuations, you may buy them instantly to get into the digital currency trade, at what you may consider a favorable price.
  • For technological interest – you may decide to buy crypto instantly to see how blockchain technology works and learn about crypto

Top Mistakes to Avoid when Buying Crypto Instantly

No matter why you want to buy crypto instantly, you need to understand a few potential mistakes to avoid so you have a smooth and secure deal.

Failure to Research Properly

Before you buy cryptocurrency instantly or choose a platform for an instant purchase you need to conduct thorough research. Some of the things you need to find out about the coins you want to buy include their technology, community support, use cases, and so on.

When it comes to choosing the platform through which you will buy your crypto instantly, you need to ensure they are registered in your country, and have a good customer support system, etc.

When you want to buy crypto instantly in Turkey, you can use NakitCoins, one of the leading Turkish exchanges, for convenient and hassle-free transactions.

Not Setting up a Secure Wallet

It is advisable to set up a secure crypto wallet where you will store your crypto after buying it. This means you do not lodge the coins on the exchange.

If you do so, they are prone to more risks because the platforms could be hacked. It would be a grave mistake not to have a secure wallet, especially when you have a significant amount of crypto.

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Ignoring Fees

Crypto trading platforms and other means of trading digital currencies charge different fees for the services they render.

The fees can significantly affect the profits you make from your transactions so, it is vital to consider the charges that each platform charges and use the one that has the most reasonable fees.

In addition, seek to understand the fee structure because some exchanges may have hidden charges.

Not considering Taxes

Before you buy crypto instantly, you need to know the tax implications of your transactions. Different jurisdictions have different tax implications on crypto trading, especially where you make gains.

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You need to understand the tax laws to avoid any problems with the taxman. It would be best to consult a tax consultant as you get into crypto trading so they can guide you through the necessary steps to take.

Not Diversifying your Portfolio

Since digital currencies are prone to erratic price fluctuations, it is vital as you buy crypto instantly to avoid putting all your money in one coin. When you buy different coins, you reduce the risk of losing significant amounts if the price of one coin dips. While some coins may be dropping in price others may be doing well, thus cushioning you from losses.

Conclusion

As you buy crypto instantly, you should try to avoid common mistakes to have a smooth transaction and the best returns from your investment. Some mistakes to avoid include not conducting proper research, failing to set up a secure wallet, and not thinking about the fees charged by the various platforms.

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Paschal Okafor is NaijaTechGuide Team Lead. The article Mistakes to Avoid as you Buy Crypto Instantly was written by NaijaTechGuide Team. The article was last modified: August 15th, 2023
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NaijaTechGuide Team
NaijaTechGuide Team
NaijaTechGuide Team is made up of Experienced Tech Enthusiasts and Professionals led my Paschal Okafor, a graduate of Electrical and Electronics Engineering with over 17 years of Experience writing about Technology. Some of us were writing about Mobile Phones before the first Android Phones and iPhones were launched.

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