How to Start Safely Investing in Cryptocurrency

For third party and hardware wallets, write your passphrases in a secure physical document and never put them on the internet. When buying hard wallets, do not use a wallet that has signs that it has been used already. It is important to note that passphrases for hardware wallets are generated on first use.

For exchange wallets, or the wallets you use for trading, they can be kept safe by activating a two-factor authentication. Using security apps like Google Authentication or Authy, can go a long way in protecting your wallets used for trading. 

In the case of exchange wallets, it may also be worthwhile to seek out a reputable virtual asset provider licensed by the Bangko Sentral ng Pilipinas (BSP) to ensure that you have total control of your wallet’s security. At present, there are currently 17 digital asset exchanges in the country including the homegrown crypto trading platform, Philippine Digital Asset Exchange (PDAX). 

As with all risky investments, it’s never a good idea to put all your eggs in one basket. Investing in a variety of digital assets will not only protect your money but also expose you to different use cases of crypto. 

Aside from trading on actual tokens, you can also use crypto as a cheap and faster way to do remittances in and out of the country. You can tap the power of stablecoins, or digital versions of the US Dollar, to explore yield opportunities that can offer significantly higher returns as opposed to local options. 

Crypto also allows easy access to gold and other digital resources. You can access fund-like structures through token sets that give exposure to various tokens of a particular industry or sector of cryptocurrencies, such as the metaverse, DeFi, and NFTs. PDAX Prime, the newest service from PDAX, can offer you dedicated guidance on crypto's many use cases with the help of a passionate and knowledgeable team.

See also: What Is NFT And Why Is It Revolutionising The Filipino Digital Art Community?

It’s crucial to do your due diligence and research your cryptocurrencies before investing, as these transactions are generally non-reversible. Make sure to read each crypto’s whitepaper, the standard document detailing its use cases and scalability as well as the creator’s plans for the future. Look at the projects that are being built around the token and its ecosystem. At the end of the day, it’s always a good idea to seek advice from experts and other investors, as you will never be done with learning in such a scalable market. PDAX Prime offers priority access to crypto learning opportunities that help you stay ahead of the curve and propel you to the fore of the industry. 

The principle of “if it’s too good to be true, it probably isn’t” is still applicable in crypto. Although the returns are significantly higher than the average returns of your usual asset classes like stocks, bonds, and cash, the scale and risk are shifted up. A good rule of thumb is sticking to relatively safe yield products with 12 to 18 per cent return. Anything above a hundred per cent return or multiples (2x, 5x, 10x, 100x) already deserves a dose of curious scepticism.

Still unsure about how to get started on your crypto journey? Do all these tips and more with PDAX Prime from the country's homegrown cryptocurrency trading platform. Regulated and licensed by the BSP, PDAX is a virtual asset provider that serves a marketplace for selling, buying, and trading cryptocurrencies. At present, PDAX has a client base of over 600,000. 

Its new Prime offering caters specifically to clientele who need a more personal touch with their high volume transactions. If you subscribe to the service, you are afforded access to over-the-counter service, where you can trade more than 50 kinds of digital assets at competitive pricing with the assistance of the PDAX Treasury Team. You will also have direct access to the expert team through your preferred chat service, so you can enjoy quick learning sessions on the crypto market.

If you feel like taking a deeper exploration of crypto world, the PDAX Prime Team can assist you with educational materials including a basic overview of digital assets, an in-depth discussion on trading and staking (such as getting crypto yield), and roundtables with thriving crypto personalities. You can participate in these events via Zoom or watch the recorded versions exclusively on the PDAX Prime Youtube channel. 

Join PDAX Prime today by applying here. You can also get in touch with the PDAX Prime team through email at prime@pdax.ph.

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