The rising numbers of crypto frauds have made the traders very anxious and careful. The news of traders being scammed has become more prevalent than ever and unfortunately, the government and law enforcement agencies are not doing anything near enough. Seems like there is no one around to curb the crime. Experts say that till the regulatory authorities get to work, it is the traders who will have to figure it out themselves. This is right to a large extent, most of the well established and experienced traders say that they have always relied on nobody and nothing but on themselves and their ability to research. This is where the young and immature traders seem to lag. If we all take up the charge ourselves and out in all the efforts to avoid fake firms then there is no way we get scammed and plundered.
The Investment Center Broker, Mr Andy Klein has seen tons of crypto exchangers work hard to and meet success and has seen even more go back home empty-handed. He says that all the traders who fail have a common flaw which is that they do not go the extra mile to see if the exchange firms they trusted were worth it or not. Working in this one habit can change things greatly. We have Mr Klein with us today who will be telling us about some important things that we should consider while searching for the right crypto exchange firm. He says and believes that all fake firms leave a few hints that you can use to avoid them.
- Never share your password or any other sensitive information
We can’t number the fake firms that work this way. Some of the firms are created with the purpose of stealing data and then manipulating innocent exchangers. Fake firms reach out to you through their skilled representatives who have been well trained to get information that is not easily shared and obtainable such as your credit card details, login information, passwords, etc. If anyone ever tries to gain any such information then you should immediately report to the respective authority and step away. A good exchange is least interested in your private and sensitive information and would always encourage you to guard it well instead of forcing you to share it.
- Access to blockchain
Make sure whatever exchange you are joining provides you with the cryptos that have access to the blockchain. After the emergence of Bitcoin as the next big thing, many new digital tokens mushroomed around. Not all of them reached the heights bitcoin did because they had no access to the blockchain which only makes the currency more reliable and adds to its value. Fake companies try to steal money by adding currencies that don’t take a lot to be introduced and once you are tricked they are nowhere to be found. Some currencies that have blockchain access are Bitcoin and Ethereum.