How to Participate in Initial Coin Offerings (ICOs) Safely

Initial coin offerings, or ICOs, have become a well-liked means of raising money in the blockchain industry

Initial coin offerings, or ICOs, have become a well-liked means of raising money in the blockchain industry as the cryptocurrency environment continues to change. However, with ICOs becoming more and more popular, there is also a greater chance of fraud and dishonest behavior. Being a part of an initial coin offering (ICO) can be very profitable, but you should go cautiously and with prudence. You can securely navigate the ICO landscape and make more educated investment decisions in the ever-changing world of cryptocurrencies by doing extensive research, understanding the fundamentals, and being informed. We provide a few steps to partake in ICOs safely.

Step 1: Enter through the ICO website every time.

Always visit the ICO website to learn more about how to participate. Right now, there are a number of scams on the Telegraph where individuals pose as the creators of initial coin offerings (ICOs) and occasionally say they can accept fiat or any other type of currency in return for donations to the ICO. Continue to do so, and never use the ICO website's Telegram channel twice. Visit the ICO website to log in or register.

Step 2: If you don't already have cryptocurrency, register with the Cryptocurrency Exchange (ETH or BTC)

You need cryptocurrencies like Ether or Bitcoin to be able to take part in an initial coin offering (ICO). Generally speaking, fiat money cannot be used to participate in an ICO. You can purchase the required ICO coin from one of the exchanges if you don't already have it. In order to take part in the token sale, you must possess Ethereum (ETH).

Step 3: Move your coins to the Blockchain Wallet you are in charge of from the Exchange.

To pay for the ICO, avoid using exchange wallets if you do not own the private key. You have control over your money when you keep it in a wallet.

Step 4: Make your wallet ready

Prior to purchasing tokens, you must first establish an ERC20 wallet and supply cash for it. View previous details.

Step 5: Purchase ICO Tokens.

You must transmit the ETH to an address the team specifies when the token sale starts. The right gas limit, which is managed by the MetaMask interface or the wallet you transfer, must be established.

Step6: Purchase tokens using a wallet

To purchase tokens, just move Ethers (ETH) from your wallet to the smart contract that has been declared or share it on the website of the initial coin offering (ICO). Once more, confirm that the wallet address or smart contract you are transferring to is the one listed on the ICO website and nowhere else.

Step7: Keep your tokens safe

Make careful to move your tokens to a more safe wallet as soon as you receive them to your Parity address in MetaMask or MyEtherWallet. To pay for transactions and move money from wallet to wallet, you'll need to have a small quantity of additional Ethereum (ETH) in your wallet. You should be aware of this for the time being, however it will change when you update to Ethereum Metropolis.