Have you determined to start trading on Cryptocurrency?
That’s great news. Around 3.3 million people use Cryptocurrency in the UK. Why would you be left alone? Start trading Crypto. We know that you fear that you might be scammed. Don’t get scammed; you are a fresher.
You are not alone in this group. Hundreds and thousands are reluctant to enter the Cryptocurrency markets. Play safe using Bitcoin Motion.
You have a good trading experience with this app. In this article, we are discussing the ways through which you could save yourself from being scammed in a Cryptocurrency exchange.
Table of Contents
How To Not Get Scammed In A Cryptocurrency Exchange
There are different ways, that is tactics that you can follow to safeguard yourself from scams. As a Cryptocurrency investor, you need to identify them, and then you can act. So we have bifurcated this section into two ways, spotting the scams and saving from the scams.
Spotting The Cryptocurrency Scams
There are different ways through which you could spot Cryptocurrency scams. Get to know about them:
1. High Promises Of Guaranteed Returns
Remember, no financial investment can guarantee you high returns. Therefore when you hear some Crytomoney that promises you some high return on investment, smell the devil there.
2. Non-Existence Of Whitepaper
Remember, every Cryptocurrency should have some whitepaper. This is one of the most critical aspects of Cryptocurrency. Have you spotted some Cryptocurrency with negligible paperwork? You understand there is something wrong there.
3. Excessive Marketing
Every business in this world is highly dependent on marketing. All efforts to reach people. But nothing is good when excess, an old saying. If you see that there is excessive marketing like paid influencers and offline promotions, there is something wrong there. Fraudsters are ready to pounce upon you. They have an intention to draw money fast from the market.
4. Unmanned Team Member
With the Crypto investment business, it is possible that you get to know the people who are behind it. This is because exchanges are run through investment, and someone is investing in it. If you cannot find the person’s identity, think that there is a high chance of earning profits.
Protecting Yourself
There are definitely some ways through which you could protect yourself from being scammed. Let’s discuss them here.
1. Liquid Account Login Credentials
Remember, never share your liquid account login and security credentials with anyone. If you do it, you might be in trouble in a cryptocurrency exchange. Remember, you come across fraudsters in a Cryptocurrency exchange.
2. Watch Out For Spelling And Grammar Mistakes
Watch out for spelling and grammar mistakes in communication. Scammers tend to make errors in their conversations. This is one of the early signs of a scam. Here you will straight away back yourself from any kind of conversation.
3. Only invest in thighs you understand
- Investing in some Cryptocurrency in the exchange?
- Convinced that they are safe?
But you have no idea how Cryptocurrency acts. You are simply working on faith and some new friendships. That’s a sign of great…fall. So know properly before investing in anything new. If you are convinced, then only you invest. Otherwise, don’t do it. It’s a scam.
4. Take Your Time
Scammers are always in a hurry. They will tell you to invest immediately. They will tell you if you don’t invest immediately, you will miss some big opportunity. This is called pressure tactics. Don’t fall in a hurry.
If you don’t take time and act in a hurry, you might be scammed. So take your time, and let the offer be as high as possible. Remember, there is always a second chance, at least with Cryptocurrency.
5. Do Your Research
You know that you need to reach your own on some Cryptocurrency, come what may. Do not fall blindly on the advice of any Tom Dick and Harry. There are fake identities filled around in the exchange. There are emails that are filled with promises.
There Are Others Too
Apart from this, there are some other ways through which you can safeguard yourself, apart from the ones mentioned. These are the ways through which you could safeguard yourself from being scammed in a Cryptocurrency exchange. Frauds and trickery have really increased manifold. Keep yourself out of this.
