How To Spot And Avoid A Fake Crypto Exchange
Crypto isn’t just a currency, these days people look at it as a golden opportunity to make hefty amounts of money in no time. Just recently we have seen Bitcoin detract from the old trajectory but despite the losses, people aren’t fully ready to divest money. It isn’t only Bitcoin that is serving as a source of hope to millions out there, we also have Ethereum and Litecoin in the row. These are some popular digital tokens that have managed to hold on to a lot of attention lately because of their promising nature but there’s more to the story. Where Crypto is a lot about wealth and fortune, it has a lot to do with scams and tricksters putting in all the blood and sweat to trap the immature traders.
Ever since crypto exchanges came into being, we saw a sharp increase in the reports regarding traders being looted at hands of fake Crypto exchange firms. It is obvious how they have worked brilliantly around the weakness of traders and let go of no opportunity to steal their hard-earned money. Crypto firms have adopted highly crafty yet innovative methods to trap traders. If you learn to spot these fake exchanges, only then you can expect to remain safe from their venomous attacks.
The Investment Center Broker Mr David Bloom has been working on crypto exchanges and has developed a clear understanding regarding the cunning methods employed by these firms. This makes him exceptionally good at spotting imposters. He is here to brief us regarding some important techniques that we can make use of to avoid them.
24/7 login access
If a broker does not give its users 24/7 login access, then there might be something wrong. A good broker would never restrict account access, in fact, it would put in all efforts to make sure no one but only you log into the account. Such brokers have software installed that limit the number of times you log in to your account. This restriction gives time to play with your money and your data while you remain blocked from access.
If you have logged in back to the same balance, it doesn’t make circumstances any better because this is another tactic laid out to ensure you don’t withdraw all money at once and the error seems only a system glitch. After you are convinced and keep adding in more money, one day you’ll log in to zero balance. If you come across any such reviews or have experienced anything similar, you need to quickly leave the broker.
Suspicious URLs
We have seen that many fake crypto exchanges have URLs that appear to be the same as those of other renowned websites. The fake ones copy the website formats and use URLs with slight changes such as replacing the alphabet “o” with “zero”. Most exchangers fail to notice this and end up joining the fake exchanges. You are recommended to type URLs and google company’s name to see if it is duplicate.
Go through Reviews
Reason reviews are another great way but you have to make sure that the review that you have got your hands on, isn’t a fake one. You can go for trusted websites. If true, these reviews will help you discover shortcomings that you would have remained oblivious to.