Study reveals the most common mistakes made by cryptocurrency investors

Cryptocurrencies mostly stored on exchanges

The study comes from the Cryptovantage news platform, and it surveyed more than 1,000 people located in the United States. We first learn that the vast majority of investors keep their cryptocurrencies on exchange platforms, and not personal wallets:

walllets used wallets investors

Source: Cryptovantage

34% of the people questioned thus reveal to keep their cryptocurrencies on Coinbase, 26% chose Robinhood, then Binance follows with 24% of them. Coinbase and Binance also represent the largest average investments: each respondent stores an average of $ 2,742 and $ 2,813 respectively.

👉 Find out more about exchange platforms

The most common mistakes made by investors

The survey also shows what are the most common mistakes made by US investors. Unsurprisingly, 38% of those surveyed regret having panicked and sold their cryptocurrency instead of waiting until prices rise. 32% also regret having “invested everything in a single type of corner”.

The third most common mistake is the lack of understanding of the cryptocurrency markets: it concerns 27% of respondents. Finally, in the fourth place of the most common errors are investors who have sent their cryptocurrency before being sure of receiving a payment in return. The fifth place is occupied by those who bought at the highest … To sell at the lowest:

common investment mistakes

Source: Cryptovantage

👉 Also read – 7 tips to follow to get started in cryptocurrencies in 2021

Forgotten password

Forgotten password is only the seventh place among common mistakes, but it affects a significant number of respondents. 39% of investors have revealed that they have already lost their password. Of these, 95% were still able to regain access to funds, through recovery services. The remaining 5% lost an average of $ 2,000.

The predisposition of investors for online platforms is undoubtedly one of the reasons why forgotten passwords are so frequent. It is indeed much easier to regain access to an account linked to an email address or a telephone number.
This lack of caution is also seen in another statistic. 32% of those surveyed confirm they’ve been the victims of a crypto scam, losing an average of $ 538.

To summarize this study, we will therefore quote the eternal one: “Not your keys, not your coins! », And it will be recalled that the greatest quality of a cryptocurrency investor is often his patience …

👉 More info – Security and storage of cryptocurrencies

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About the author: Marine Debelloir

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Deputy Editor-in-Chief on Cryptoast, I fell into the pot of cryptocurrencies a few years ago. I am passionate about the innovative technologies that arise from the blockchain and I like to find the most delicious information to share with you.
All articles by Marine Debelloir.

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