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Topic: What should one know about Bitcoin trading to avoid the risk of getting scammed? - page 3. (Read 666 times)

newbie
Activity: 28
Merit: 1
Having common sense and being able to use the internet works for me. I have never been scammed by an exchange or by trading, and though there are many exchanges out there that are clones of real sites and are used for phishing. When you're using an exchange, make sure the SSL certificate is authentic and make sure that the URL is correct with no misspellings- there are sites out there that have one or two misspelled letters, and some people I know have fallen victim to such sites.

For sites you're unsure about, search on this forum to make sure whatever exchange or service you are using is legitimate. I search on Google using the format "(Site Name) Bitcointalk" to find threads and posts from this forum, and clicking on a few threads from the results you find typically help out in deciding whether a service or exchange is legit or not.

If you're unsure how old a site is, doing a Whois search of the website can reveal when the domain was registered. Many scam websites have very recently registered domains and/or hidden whois information, and either of these is a huge red flag most of the time.

What about the cases where there are dangerous phishing apps or fake wallets on legit online stores?
Here is the proof below:
https://thenextweb.com/hardfork/2018/11/14/google-play-fake-cryptocurrency-wallets/
legendary
Activity: 1666
Merit: 1001
The first one is looking for the legit and reputable trading site, the most important thing to avoid being scammed is source of information, knowledge and experience, when you want to do one thing either it's buying, trading or any other action make sure that you already do your research
newbie
Activity: 28
Merit: 1
So... What if it is a new crypto-currency? How do you know their practices are genuine?
sr. member
Activity: 2366
Merit: 332
Be sure you enter a site that is secured. Do not always believe people easily, skepticism sometimes pays. When someone ask you for loan for instance, be sure they are using a trusted escrow or you get a high security that is higher than what you are sending in coins. Don't always believe what websites say.
legendary
Activity: 1386
Merit: 1058
My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...
Never trade something you do not know. Never trade with someone you never met. Never trust anyone you do not personally know, most of the time don't trust people you personally know neither. Bitcoin is a very dangerous thing when it comes to scamming, so when you deal with bitcoins or any other crypto, know that there is a big chance that the smaller an investment looks the bigger the chance for scam.

There have been huge amount of scams as well but if you look at the numbers the people who keep stealing couple hundred from many people have actually scammed more than people who scam tens of thousands of dollars. The big ones get arrested or sued and what not, small ones get away with it because they only steal couple hundred bucks from you and you do not follow through with it.
full member
Activity: 504
Merit: 100
I have been trading for bitcoin for about 4 years, and I am very happy and very proud of the bitcoin trade, because I have benefited a lot from trading it all.
legendary
Activity: 1624
Merit: 1130
Bitcoin FTW!
Having common sense and being able to use the internet works for me. I have never been scammed by an exchange or by trading, and though there are many exchanges out there that are clones of real sites and are used for phishing. When you're using an exchange, make sure the SSL certificate is authentic and make sure that the URL is correct with no misspellings- there are sites out there that have one or two misspelled letters, and some people I know have fallen victim to such sites.

For sites you're unsure about, search on this forum to make sure whatever exchange or service you are using is legitimate. I search on Google using the format "(Site Name) Bitcointalk" to find threads and posts from this forum, and clicking on a few threads from the results you find typically help out in deciding whether a service or exchange is legit or not.

If you're unsure how old a site is, doing a Whois search of the website can reveal when the domain was registered. Many scam websites have very recently registered domains and/or hidden whois information, and either of these is a huge red flag most of the time.
newbie
Activity: 28
Merit: 1
My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...
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