Sometimes we are thinking very hard to make a decision to choose Altcoins to invest or trade. Here, I will give you a few tips to choose the right Altcoins for your investment or for trading.
1. Check out their websites
A website like an office for altcoins projects. All information about projects, news updates will be released on the official website. Another way, you can check how UI and UX of their websites. if there look unprofessional, you can skip those altcoins.
2. Coinmarketcap
I would not share about newborn altcoins or tokens because it's too risky for newbies. So, I suggest you checked Coinmarketcap.com sites. Then, check a few factors below:
2.1. Volume trade
How many traders buy your target altcoin on 24 hours. Don't buy any coin with low volume or under USD1.000. Because you are very new in crypto, I think it's not good for your money. In the best way, you can start to invest in altcoins with a minimum of 1 BTC volume.
2.2. Coin Supply
How much current supply of your target altcoins today? if the current supply too low, if very possible to lose their value someday because of inflation.
2.3. Market
Where your target altcoins can be traded, on small exchanges or big exchanges.
3. White paper
The white paper is a complete document of your target altcoins. From implementation technology or even their plan.
4. Road map
Check their road map and make sure they follow their road map plan.
5. Teams behind projects
Who manages your target altcoins, check them on social media or another resource like news portal, forums, etc.
6. Social media activity
All projects have a social media account, you can follow them or stalk them. Check out their update, if you think they using bots, you can skip this altcoin.
7. Telegram
Mostly blockchain projects using telegram to connect with their investors or community. you can check their activity if too many spam chat, it's mean that projects will die soon.
this is not investment advice, you need to research carefully before makes a decision, DYOR