Frauds And Scams In Cryptocurrency

1
Frauds And Scams In Cryptocurrency
2
A Cryptocurrency is a digital currency. They are
not physical or printed out, they are digital
currencies which are independent of banks. This
cash can be held electronically on a website or
in a wallet and you can cash it out and turn it
into real money. Bitcoin is one of the major
cryptocurrency. Some of the Cryptocurrency
Scams One should always look out for
Cryptocurrency Scams. The fundraising mechanisms
like ICO have a high chance of being a scam as
most of the investors start their business with
no real plan or investment behind them. There are
so many Cryptocurrency brokerage firms out there
that might be fake. Once they get your money,
they may charge high commissions that may cause
huge loss to you.
3
There is also a chance of them stealing your
money. Some promoters may give fake promises to
traders that they can beat the market with
bitcoin exchanges. Dont blindly trust them. The
withdrawal process and trading bitcoins with
other currencies are so expensive. It is also
very time-consuming. There are also companies
without authorization that claim to have a right
and fools the investors.
4
How to be Safe from these Scams To be safe from
these Cryptocurrency Frauds, you must always
invest expecting to lose everything. That is you
must only invest a small amount. The investors
must research deeply about brokerages and recent
exchanges before investing. You can use CDF or
Contract for the difference that helps you to
know about price movements. There are CDF brokers
who can help you manage your financial
transactions to minimize the amount that you will
probably lose. You have to work with a regulated
CDF broker to get guided in your transaction
instead of an unregulated broker. You can
minimize frauds and scams by being careful,
following these steps and understanding the
market.