Three Lessons for Crypto Trader

When we think of life hacks, Khaby Lame may well come to mind. Known for debunking viral hacks, the silent superstar hands out much wisdom without uttering a single word. But did you know you can apply his light-hearted TikTok takeaways to your crypto best practices, too? Here are three Khaby lessons we feel could benefit any trader.

1. Ditch the Complicated Hacks

If there’s one thing we’ve learned from Khaby, complicated hacks do not make for effective shortcuts. Instead of trying to wade through a complex platform interface or an ocean of resources, it’s better to start with the basics. Binance Academy is one such place that many crypto beginners have found helpful for their crypto journey.

Established in 2018, Binance Academy is home to hundreds of free blockchain and crypto articles. Hosted online, the resources span a variety of topics, from blockchain mechanics to crypto trading for crypto enthusiasts at all levels. To view relevant articles, choose the Beginner, Intermediate, or Advanced difficulty level and click [Apply filters]

If you’re just starting your crypto journey, consider platforms with an easily navigable interface like Binance

2. If It’s Too Good to Be True, It Probably Is

Not all that glitters is gold. Khaby Lame delivers this wise advice in almost every hack-debunking TikTok. This rings true even in the blockchain space, which is no stranger to unsavory actors trying to take advantage of unsuspecting token holders. 

From project rug pulls to account scams, users are exposed to a variety of risks and need to be cautious at all times. Always be on the lookout for potential risks and learn to identify scams to avoid falling prey to them.

If you’ve managed to sniff out suspicious activity on Binance, you can report it via Binance Support. Read this guide to learn how to report scams on Binance Support.

3. Do Your Own Research

If everyone blindly followed online life hacks expecting them to always work, the world wouldn’t be so enamored of Khaby Lame.

Similarly, practice caution when you encounter self-proclaimed ‘financial gurus’. To be a responsible trader, do ample research and come to your own conclusions about whether a financial opportunity is worth the risk. 

Want to learn how to do your own research (DYOR)? Read the Why and How to Do Your Own Research (DYOR) When Investing in Crypto blog, which lists six reliable ways to conduct due diligence before making investment decisions.

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