- Reminder for crypto newbies, traders. Be cautious with new exchanges
- Beware of "Pay original fine" - a scam method
- When you use an exchange, scam is fearful but withdrawal or trading fee is fundamental factors to consider as well.
Topic: Beware of Scam Exchanges !! (Read 186 times)
I wrote some topics about exchanges with insider reminders. Let me share them with you. Be cautious with new exchanges that are too easily with listing new coins and never accept offers to do double deposit for any reason, it's double scam.
3) Later with experience you can use small amount to test out exchanges.
This is a very good point to note, even if it has been said for the umpteenth time on the forum, people still fall for fake exchanges by depositing a huge amount of money into the exchange, and immediately their account is locked. The point is, for whatever it is worth, you're advised not to use new exchanges that lacks quality ratings and you do not really know about, but then if you've decided that you want to actually try it out notwithstanding the risk, then the best thing for you to do is to start with a really small amount of money, that way if the exchange locks and steals the money, then you've only lost a very small sum which is more than recoverable. hero member
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To check the lists of reputed exchanges, Coinmarketcap can be used for it to check the exchanges listed on the site, but not all exchanges there can be said to be 100 transparent, reputed and not shady, but it is a good first step to take before making further research.
Hear this fun fact. no cryptocurrency exchange that's totally honest and not into shady activities at some point before they later change. The last time I checked 99.5% of all cryptocurrency exchanges are guilty of fake trading volume before they later change after gaining the needed traffic.Nevertheless, an exchange being listed on CMC doesn't mean it is not a scam exchange.
Scammers all after us now and they are just looking for ways just to steal from us which is very bad, I believe before investing in any coin or before sending money to any exchange you should make sure you do your research first about d exchange and make sure after buying a coin always transfer the coin to your custodial wallet and never leave a coin In a exchange wallet address.
The primary reason why this problem will persist is because, not a lot of people who are into cryptocurrency are opportune to know about forums that teach the secrets of knowing about a legitimate exchange. Another reason that contributed to this problem is the shillers who do not research about the project they are promoting before getting paid to get their job done. Alot of groups on telegram are filled with shillers and what they care mostly about is their funds only.
Moreover, Shillers are advised to make research of any project before promoting them. This will really go a long way to reduce scam on newbies and beginners.
Moreover, Shillers are advised to make research of any project before promoting them. This will really go a long way to reduce scam on newbies and beginners.
1) How old it is?
2) Only deal in top 3 reputable exchanges during your starting days use Coin Market Cap to search it.
3) Later with experience you can use small amount to test out exchanges.
4) Always remember that your coins with exchanges are not yours on the blockchain, if it is not your key, it is not your coin. [Charles-Tim]
2. Maybe now these coin tracking websites are showing legit exchanges but they are not completely accurate so you need to make your own research about the exchange and concentrate on some factors like it is having the trading pairs you trade more often, their trading fee and last but no least their withdrawal fee and minimum withdrawal amount.
3. Agreed.
4. Every cryptocurrency is stored in the blockchain whether its an exchange or an actual wallet but in exchange they have the keys whearas with wallet you will have the keys.
How to find a Trusted and Reputable exchange?
If you hear about a new exchange and you would want to know whether it is good for you then please create a thread here and ask the members. There are many members here who will go to the extent of tracing the origin of an exchange. I prefer asking my doubts with a knowledgeable crowd rather than searching on Google for an answer.
If you hear about a new exchange and you would want to know whether it is good for you then please create a thread here and ask the members. There are many members here who will go to the extent of tracing the origin of an exchange. I prefer asking my doubts with a knowledgeable crowd rather than searching on Google for an answer.
As a newbie, you shouldn't be faster than your shadow, don't become what is described in my locale as -"I too know", that is someone who thinks they know or can know everything on their own. Always ask people who know better you in crypto questions like "which exchange is best for me to start with?", be careful where you seek & take recommendations and download applications only from trusted app or playstore.
In general, we should not put ourselves like a newbie all the time as it was easy to make searches online and find who is legit or not. Pishing sites is most of our enemy, we sometimes got caught especially when we are in the hurry and that is why we should carefully check the site first before depositing just to be sure that we are right.
https://sectigostore.com/blog/how-to-tell-if-a-website-is-legit-in-10-easy-steps/
Well, I think that could help...
And, it all depends on how we assess the site as well.
https://sectigostore.com/blog/how-to-tell-if-a-website-is-legit-in-10-easy-steps/
Well, I think that could help...
And, it all depends on how we assess the site as well.
Local exchanges are not safe. We have seen them disappear over time, maybe they are just waiting for someone to deposit bigger and then reveal themselves as a scam.
The more popular the exchange, the more it becomes reputable as it's almost like the immutable law.
Newbies aren't totally newbies when it comes to trusting where the information comes from so when they are given the list of exchanges recommended by forbes.com or investopedia.com, they seem to find it good information already. If they believe links from some unknown recommendation, that's when there end up signing up in the wrong ones.
If you want to check projects or exchanges, two trusted websites to use
At least so far, we always use these sites to check whether the exchanges are recommended or not. But you must also not only search based on this site.You can use Cryptowisser.com to have reviews.
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You need also to search their reviews, and also prefer to choose the top exchanges, or some local exchanges that have been regulated or legalized in your own countries. Never make big deposit to new exchanges because it is too risky.
This step is very important if you have interests to use medium or small exchanges. However, let's ask yourself that why do you want to use medium or small exchanges. They are less safe than big and top exchanges. 
@OP You're missing the point, which exchanges you think it's Reputable Trusted Exchange or at least how we differentiate the fake exchanges and the legit exchanges? you didn't gave suggestion about the good exchanges, other users might continue to use fake exchanges until he got scammed.
To check the legit trading volume all you need is comparing 3-4 sources, don't rely on single sources only. You can use coingecko, worldcoinindex, nomics, etc... personally I don't like coinmarketcap since they ever listed fake volume exchange on top [AVOID] CoinMarketCap Top100 Fake Volume Exchange Listings
For reputable exchanges you can use google search read the review and accusations, also search on Scam Accusations board
You could also stick with DEX (e.g. bisq, hodlhodl) they won't scam.
To check the legit trading volume all you need is comparing 3-4 sources, don't rely on single sources only. You can use coingecko, worldcoinindex, nomics, etc... personally I don't like coinmarketcap since they ever listed fake volume exchange on top [AVOID] CoinMarketCap Top100 Fake Volume Exchange Listings
For reputable exchanges you can use google search read the review and accusations, also search on Scam Accusations board
You could also stick with DEX (e.g. bisq, hodlhodl) they won't scam.
-snip-
it seems that you may experience a bad thing with some certain exchanges.But yeah, you are right. Many fake exchanges are here around us. Many new exchanges are created, moreover DEX that seems to be very legit but in fact, they are scam or even bad exchanges.
Just see what some member shave told you about this
If you want to check projects or exchanges, two trusted websites to use
At least so far, we always use these sites to check whether the exchanges are recommended or not. But you must also not only search based on this site. You need also to search their reviews, and also prefer to choose the top exchanges, or some local exchanges that have been regulated or legalized in your own countries. Never make big deposit to new exchanges because it is too risky.
This should be a good option to consider.
Yes, good option to first use for researching about best exchanges to use, but not good option for making final conclusion that this or that exchange is good. You can still see some exchanges that are not reputed on this forum on Coinmarketcap while they are shady, some will freeze customer's account demanding for kyc unnecessarily which is still even better to some with 10% daily return profit scam, other high yield investment program and other shady means their customers can lose their coins.
OP, don't shout, people must have noticed it a long time ago. hahaha
Apart from scam exchange then I feel there are many other things you need to pay attention to to keep your crypto assets safe and some of them are wallet, your browsing habit, phishing site. Crypto asset are one of the most sought after by scammers so far so you should pay attention to all of them before resting on your laurels to say they are safe. There are many attempt of scammers, be it via email, telegram and others, all of which are aimed at your assets. So practice good security the right way.
This should be a good option to consider.
Apart from scam exchange then I feel there are many other things you need to pay attention to to keep your crypto assets safe and some of them are wallet, your browsing habit, phishing site. Crypto asset are one of the most sought after by scammers so far so you should pay attention to all of them before resting on your laurels to say they are safe. There are many attempt of scammers, be it via email, telegram and others, all of which are aimed at your assets. So practice good security the right way.
This should be a good option to consider.
If you want to check projects or exchanges, two trusted websites to use
It's not good advice to totally rely on any third party but they are good websites to start with. For exchanges, pay your attention on Exchange score (Coinmarketcap) or Trust score (Coingecko).
Also, from those websites, you can get links to exchange website, and some basic information. The same for coin or token, you can search them with those websites to get legit information. Then, if you want, you can double check with Google search. I offend to start with Google search because you can find phishing links with it.
It's not good advice to totally rely on any third party but they are good websites to start with. For exchanges, pay your attention on Exchange score (Coinmarketcap) or Trust score (Coingecko).
Also, from those websites, you can get links to exchange website, and some basic information. The same for coin or token, you can search them with those websites to get legit information. Then, if you want, you can double check with Google search. I offend to start with Google search because you can find phishing links with it.
To check the lists of reputed exchanges, Coinmarketcap can be used for it to check the exchanges listed on the site, but not all exchanges there can be said to be 100 transparent, reputed and not shady, but it is a good first step to take before making further research.
Also good to check the exchange domain name, if new, likely it is fake, it is not good to deal with new exchanges. Some exchanges are fake and having a name similar to the reputed existing exchanges, and they are usually new exchanges which will later be taken down, checking the domain name carefully is important and also visiting the correct site and not fake one.
Lastly, which is the most important to know. Exchanges even if legit, it is good to know that your coins with them are not yours on the blockchain, if it is not your key, it is not your coin, the reason to use noncustododial wallet if not trading on an exchange.
Also good to check the exchange domain name, if new, likely it is fake, it is not good to deal with new exchanges. Some exchanges are fake and having a name similar to the reputed existing exchanges, and they are usually new exchanges which will later be taken down, checking the domain name carefully is important and also visiting the correct site and not fake one.
Lastly, which is the most important to know. Exchanges even if legit, it is good to know that your coins with them are not yours on the blockchain, if it is not your key, it is not your coin, the reason to use noncustododial wallet if not trading on an exchange.
Crypto is full of Fake exchanges !!
Showing Fake data, trading volumes and everything look's like legit exchanges, To steal your money there are many fake exchanges in cryptomarket.
They can provide you crypto in cheap prices or while doing arbitrage trading they may give you big difference in prices or many have special offers etc.
DON'T GO FOR IT, ALWAYS CHOOSE REPUTABLE TRUSTED EXCHANGES TO REMAIN SAFE AND SUSTAINABLE IN CRYPTOCURRENCIES !!
How to search a good exchange for newbies !
1) How old it is?
2) Only deal in top 3 reputable exchanges during your starting days use Coin Market Cap to search it.
3) Later with experience you can use small amount to test out exchanges.
4) Always remember that your coins with exchanges are not yours on the blockchain, if it is not your key, it is not your coin. [Charles-Tim]
Kind Regard's
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