"My Friend Got Scammed N35m after Investing in Crypto, How Can I Invest Safely? Expert Speaks

"My Friend Got Scammed N35m after Investing in Crypto, How Can I Invest Safely? Expert Speaks

  • A Nigerian crypto investor has narrated how intending investors can safely make money from digital currencies without being scammed
  • He stated that prospective investors should scrap the idea of being scammed and dive deep into research
  • He said that no matter how low cryptocurrencies fall, they will always bounce back stronger

Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.

A reader identified as Job asks:

"I want to invest in cryptocurrencies, but after my friend's account got hacked and robbed of N35 million cryptos, I have been very concerned. How can I invest and stay safe?"
Cryptocurrency expert, crypto investment
A crypto investor advises on the safest way to invest Credit: Maskot
Source: Getty Images

Crypto expert Sam Abu has traded cryptocurrency for over five years. He is an astute business consultant and the CEO of A.Sam Productions based in Lagos, dedicated to helping startups with brand identity and audit.

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Do your own research (DYOR)

Intending investors must properly research before taking the plunge, stating that the terrain is slippery. Investors need to worry less about hackers than they are about price plunges.

Check online to confirm if they are authentic. Most are duplicated sites exploiting the opportunities to set up or lure unsuspecting investors into whatever they are offering, and most times, the offering is outrageously unreal, like investing $100 and getting $1000 in 2 hours or two days.

'Buy the dip, sell the heap'

Also, it is essential that prospective investors consult known investors before taking action, he said.

He, however, said that crypto is very profitable, stating that investors can reap bountifully from little investment.

He said the price of crypto, especially Bitcoin, has steadily climbed since 2023.

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He advised prospective investors not to be scared of price crashes, that those who 'buy the dip end up selling the heap.

According to him, those who bought Bitcoin at $15,000 in 2023 have gained about $10,000 as the price of the coin currently sells for $45,000.

Rules for investing

The truth about crypto is that you can never get injured if you invest wisely.

  • Watch out for fake crypto projects.
  • Invest in coins and exchanges with a reputation that has existed for a long time, although there are some promising new coins. Make sure you're adequately guided.
  • Hold on. No matter how low a coin falls, there are tendencies that it will rise again if you can hold it for as long as it takes

BTC or ETH, which is better?

All the coins have excellent prospects, stating that high investment brings high turnover.

ETH is $2300, and BTC is $48,000. As BTC ascends, so does ETH; if BTC falls, so does ETH. But BTC is the father of them all, being the first crypto.

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What is the best time to invest?

Investors need to understand the highs and lows of each coin.

I recommend:

  • Staking: You put your crypto in a fixed deposit.
  • Launchpad farming - where you farm crypto to be listed on an exchange quickly.

Disclaimer: Advice given in this article is general in nature and is not intended to influence readers' decisions about solving issues of threats. Readers should always seek their own professional advice that takes into account their own personal circumstances before making any decision.

Do you have a story to tell? Want an expert's advice? Please email us at ask.an.expert@corp.legit.ng with 'Ask an expert' in the subject line.

How can I legally register my business name? Expert explains

Legit.ng reported that a reader, simply identified as Folarin, has asked for advice on how to go about registering his business name in Nigeria.

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Firstly, you need to understand that in Nigeria, the Corporate Affairs Commission (CAC) is the official agency with the authority to register businesses legally.

Registering your business name is crucial, particularly if your enterprise is poised for expansion. Doing so safeguards against legal repercussions and potential litigation down the line.

Source: Legit.ng

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