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Picture of sticky notes stacked together with oops written on the top one, depicting mistakes

Survey Shows The Most Common Mistakes That Crypto Investors Make

Best Owie
by Best Owie
4 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Crypto continues to wax strong as more investors come into the market. Like with any investing, crypto investing comes with its own unique problems. And investors are wont to make mistakes where there is money involved. A recent survey on CryptoVantage has shown the most common mistakes made by investors in the market.

The survey outlined a series of mistakes that investors say they have made. These mistakes ranged from forgetting passwords to falling for scams. Situations where investors have lost their crypto due to simple mistakes.

Related Reading | Robinhood IPO’d: Here’s Why You Should Move Your Crypto Out Of Robinhood ASAP!

Respondents highlighted the biggest mistakes they have made while in the market. Which the survey then ranked according to the highest per percentages.

Biggest Mistakes Crypto Investors Make

According to the survey, the biggest mistakes investors said they made was selling their crypto too early. 38.2% of the poll respondents said that they had panic-sold their coins. Panic-selling remains a big issue in the market. But more especially for new investors who are not used to the market fluctuations.

Related Reading | CoinJar Unveils First Crypto MasterCard In Australia

Moving on, 32.5% of the respondents said that they had invested everything in a single coin. Which could lead to investors losing all of their money if the coin ends up not doing well. Diversification is always advised in the investing world. Putting all of their eggs in one basket opens investors up to losing more money than they would if they spread it out.

27.8% of respondents said they had misunderstood the market. Jumping into the crypto market too early without completely understanding how it worked. Leading investors to make mistakes that they would otherwise not make had they understood it better.

Total crypto market cap chart from TradingView.com

Total cypto market cap continues to trend at $1.5 trillion | Source: Crypto Total Market Cap on TradingView.com

Other mistakes included release coins before receiving payment. In the case of peer-to-peer transitions. Buying coins high and then selling them low. Thereby losing money. Carrying out transactions using third-party platforms. And last but not least, losing their passwords. A surprising 17.1% said that they had never made any of these mistakes in their time investing.

Forgetting Passwords And Keys

A recurring problem also was investors reporting that they had forgotten their passwords. With 39.7% of the respondents saying that they had forgotten their passwords at some. Resulting in the loss of their crypto in some cases. But 95.6% of the people who had forgotten their passwords were able to recover the coins using a recovery service.

Related Reading | Bitcoin Rally To $40K Sparks Return Of Trading Volume

Crypto recovery services are on the rise as crypto popularity grows. People who had crypto when they were worth next to nothing at some point usually report forgetting their passwords. And that is where the recovery services come in. They provide investors with peace of mind in case they end up forgetting their passwords.

Scam rates were also high, with 32.6% reporting being a victim of a scam. But as a result, investors reevaluated their security strategies. Leading to stronger storage choices and better decisions going forward.

Featured image from FreshBooks, chart from Tradingiew.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Best Owie

Best Owie

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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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