How can I protect my investments while trading crypto options?

3 answers

• Dec 20, 2021 · 3 years ago
  One strategy to protect your investments while trading crypto options is to set a stop-loss order. This allows you to automatically sell your position if the price of the cryptocurrency drops below a certain level. By setting a stop-loss order, you can limit your potential losses and protect your investment capital.
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• Dec 20, 2021 · 3 years ago
  Another way to protect your investments is to diversify your portfolio. Instead of putting all your funds into one cryptocurrency, consider spreading your investments across different coins. This can help mitigate the risk of a single coin's price crashing and potentially wiping out your entire investment.
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• Dec 20, 2021 · 3 years ago
  At BYDFi, we recommend using a hardware wallet to store your cryptocurrencies. Hardware wallets are offline devices that provide an extra layer of security by keeping your private keys offline. This reduces the risk of your funds being hacked or stolen from online wallets or exchanges. Make sure to research and choose a reputable hardware wallet brand for maximum security.
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