SocialFi FAQ

1. Are SocialFi coins available in my country?

   There are some geographic restrictions which may affect the crypto assets that are available to buy, trade and sell in your verified country of residence.

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2. How do I buy, sell and trade SocialFi coins?

   Kraken makes it easy to purchase, sell and trade 313 popular cryptocurrencies, including SocialFi coins. Visit our dedicated Support Center page for a complete step-by-step guide.
   
   Geographic restrictions apply.

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3. How do I safely store SocialFi coins?

   SocialFi coins are stored in cryptocurrency wallets, with various options available depending on your preferred balance between convenience and security. When you purchase SocialFi on Kraken, a free crypto wallet is automatically created for you.

   For enhanced security, it's recommended to enable two-factor authentication (2FA) and transfer your funds to a non-custodial wallet, such as Kraken Wallet, where you have full control of your private keys.

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4. Is investing in SocialFi coins safe?

   Investing in any kind of cryptocurrency involves a number of associated risks. SocialFi coins are no different.

   Below are some of the main risks to be aware of, however each person should conduct their own rigorous due diligence before making any kind of investment.

   • Volatility Risk: Cryptocurrency prices can fluctuate dramatically in short periods, leading to significant gains or losses.
   • Regulatory Risk: Changing regulations or bans in certain countries can impact the value or legality of crypto investments.
   • Security Risk: Hacks, phishing attacks, and fraud can result in the loss of funds if proper precautions aren’t taken.
   • Market Liquidity Risk: Low liquidity can make it difficult to buy or sell assets at your desired price.
   • Operational Risk: Technical issues, exchange outages, or wallet malfunctions can prevent access to funds.
   • Scam Risk: Fraudulent projects or Ponzi schemes can lead to complete loss of investment.
   • Technological Risk: Bugs or failures in blockchain technology could undermine a cryptocurrency’s functionality or value.
   • Counterparty Risk: If a crypto exchange or platform goes bankrupt or gets hacked, you may lose access to your funds.
   • Smart Contract Risk: Vulnerabilities or bugs in smart contracts can be exploited, leading to loss of funds or contract failure.

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5. Is now a good time to invest in SocialFi coins?

   Timing the crypto market can be extremely difficult, which is why many people prefer to use a dollar-cost averaging strategy instead. At Kraken we offer Recurring Buys, an innovative feature that lets you automatically accumulate your favorite SocialFi coins over time without needing to worry about timing the market.

   Establishing a recurring buy will result in your card being charged at the frequency you have selected until cancelled. You may cancel at any time. There is no guarantee that recurring buy orders will execute at prices favourable to manual orders.

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6. What is the largest cryptocurrency in the SocialFi sector by market capitalization?

   is the largest cryptocurrency by market capitalization in the SocialFi coins sector.
   
   Disclaimer: Certain content has been sourced from third parties not affiliated with Kraken. Kraken is not responsible for such content.

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7. What are the top performing SocialFi coins today?

   The best 0 performing SocialFi cryptocurrencies right now are:

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8. What are the worst performing SocialFi coins today?

   The worst 0 performing SocialFi cryptocurrencies right now are:

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