Lessons after FTX collapse
By Axon Trade’s CEO Serg Gulko
With FTX collapse, you might notice a growing number of voices that DEFI is a solution. It is not. You’ll replace one risk with another.
A balanced approach – that’s the answer.
- Never put all eggs into a single basket.
- Rule of thumb on reducing risks with crypto – check for interconnections. By trading on FTX using the money you borrow on BlockFi you expose yourself to potential chain effects.
- If you don’t have the time/money/willpower to do proper due diligence, one of the solutions is to use brokers (I never thought I’d say something like that…) instead of direct market access.
- But if you do have time, resources, and willpower to invest in robust trading infrastructure that helps you to diversify and manage risks – consider using Axon Trade OEMS.
Do not lock yourself with other FTXs.