How to prepare yourself for investing in ICO
Make A Decision
With so many ICOs happening it’s good to be aware of how to invest in them and whether it is really worth it. Initially, you should learn if the project brings something new and interesting. To find it out you should carry out your own survey of the whole ICO sphere and see what are the competitive advantages of the ICO you want to participate in. Of course, that will take some time, but it is better than regretting lost money afterward.
For example. the competitive advantage of DUCATUR is that it is a unique project. It is the first MultiChain Oracles Framework that is a ready-made, self-sufficient multi-chain ecosystem. DUCATUR unites data sources based on rating and provides tools for high-quality data exchange as well as dispute resolution. Such a unique solution is highly demanded in implementation the blockchain technology in business processes.
To help you save a little time we suggest asking yourself these questions:
- Is the coin just doing the same thing another coin is doing?
- Does this project solve a current problem within a specific industry that needs disruption?
- Are there any identical projects? If yes, why this project is better?
- How detailed is the information given in the Whitepaper and does it cover all the aspects? Are the time frames of the roadmap reasonable?
- Do the team members have real experience in the field they are attempting to coinify?
- Why do they need to raise exactly this amount of money? How much am I ready to lose/What benefit do I expect to get?
If after all these questions answered you have no (or very little) doubt in investing your money, then you should start preparing for it correctly.
Follow The Steps
Step 1: You should open a fiat-accepting cryptocurrency exchange account to convert your fiat currency into popular cryptocurrency, for example, of Bitcoin (BTC) or Ether (ETH).
Step 2: Then, it is absolutely essential that you have your own wallets. Unless your exchange offers the explicit possibility to participate in a specific ICO with your online wallet, the general rule is not to send funds from an exchange wallet since you won’t have access to the new token with most online wallets. This means that if you use a random online wallet to participate in an ICO, you will send money to the ICO address, but not be able to receive the tokens you buy, which is the equal to losing your investment.
Step 3: Before investing make sure to read the general terms of the ICO and the token purchase agreement. Most start-ups provide step-by-step guides for the token sale participation including screenshots for each step. Also, you can join the official channel of your project and find some guide information there. Reading such accounts is also useful because sometimes token sales experience technical problems and change the date of the sale. At times, people miss ICOs because of a number of reasons. If you have found yourself in the same situation, do not be discouraged – there’s always a chance to find the coins at an exchange.
Step 4: As soon as the token sale starts, you have to send your cryptocurrency to the address specified by the project team. You will need to set a proper Gas limit which corresponds to the complexity of the transaction. Remember, a low Gas limit may lead to the failure of processing the transaction.
Step 5: After you send the transaction there are a couple of scenarios:
- You receive your tokens right after the token sale ends
- You need to wait for a couple of days for your tokens
- You will need to manually redeem you tokens
Then, you receive your tokens and become their happy owner. But it is too early to lose your head – think about the security and make sure to transfer these to a more secure wallet. You will need to have some extra cryptocurrency store in your wallets to pay for transaction costs of sending money from wallet to wallet.
After all the steps are completed and money is invested wisely, you can start to reap the fruits of your labor. But don’t give up monitoring the market and looking for new promising projects. And remember that our Pre-Sale starts on 1 May 2018, 12:00 pm GMT – so be prepared and don’t miss it! Join Whitelist and get a 15% bonus!