How to Avoid a Fake Crypto Exchange

Irene L. Joffman

Crypto has evolved out to be something that is all set to alter the prevalent financial system. Although the currency has rolled out a decade ago now it has reached heights that seemed to be unattainable before. Out of all the Cryptocurrencies, Bitcoin and Ethereum are two which have caught a lot of attention of investors lately. These two offer a higher degree of anonymity and are largely unregulated but people continue showing interest because of their potential to bring quick benefits. Crypto works on a blockchain which is all about solving complex mathematical equations. These equations are too hard to be solved using calculators and require powerful computers. 

This is what sets these two apart from the rest of cryptos. Blockchain is what makes the currency more stable. It is also sometimes regarded as an online ledger that is immune to any attacks. 

Crypto seems like offering a golden opportunity but it can also drag you to darkness if an inappropriate crypto exchange is picked. Crypto Exchanges are largely unregulated these days and hence the imposters are robbing both experienced and inexperienced ones day and night. These fake firms come into being only to steal your hard-earned money so it is the responsibility of traders to ensure that the firm they are trusting with their future should be safe and trustworthy. 

The Investment Center Broker Mr. Dennis Bierman says that the only way to avoid being scammed at the hands of such imposters is to take the lead yourself and look for small signs that are clear indications regarding the firm being fake. 

Support Mainstream Currencies

It should be kept in mind that although it is Bitcoin and Ethereum that are more talked about, in reality, there are more than four thousand cryptos. These two are famous because of their blockchains. Not all cryptos hold blockchain access and this is why they aren’t considered to be as safe and adaptable as these two. If a firm offers you currencies apart from the mainstream ones that have access to the blockchain, then you need to reconsider joining it. Such firms are either scams entirely or wish you to buy tokens that are too new and underdeveloped to be bought. 

Messing Up with Commas and Decimals

This is another way which the tricksters have adopted largely. Let’s say you want to buy 1.1 ETH and you hit the buy key but when the order is executed, it becomes 11.0. You only realize this when the deal has been made and cannot be reversed. Later such errors are attributed to the customers by calling these tactics something like human errors. In order to avoid this, you should always talk to any current users or try making deals with accounts that hold smaller balances. It is always a great idea to make deals with small amounts of money first. 

We cannot deny the presence of a large number of imposters in the market and how they have made the choice way too hard, but remember if you get your hands on a reliable crypto exchange, you can reach unprecedented heights of success. 

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