14 September, 2020 

What You Should Know While Choosing A Cryptocurrency Exchanger

Digital money transactions are always associated with certain risks. Of course, this area is moving forward by leaps and bounds and is developing very quickly, and the security of cryptocurrency operations today is much higher than, say, 10 years ago. Nevertheless, just as viruses mutate and adapt to the means of fighting them, so the scammers breathe technology in the back. Even now the chances of running into them are quite high
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What You Should Know While Choosing A Cryptocurrency Exchanger

If you make transactions with a cryptocurrency, no matter if it's a sale, purchase, or exchanging procedure, it is important to choose a reliable crypto exchanger, so as not to grieve after the lost money. This is what should alert you when choosing a crypto exchange.

Slow-Working And Outdated Website

Several pages of the site with minimal functionality should alert you, especially if the only available operation on the website is selling cryptocurrencies. A serious company will make a normal informative site, even if it is minimalistic, and fake exchangers often use such "imperfections". These websites periodically add to the blacklists on the forums, yet they constantly change their domains, so be careful.

Important Info Is Hidden Or Is Not Valid

It is not profitable for a serious organization to hide information from its users, because it understands how important it is to have their trust, so on its website, you can find the address of the company and see who is on the team. These people can be found on social media and their profiles will contain information about the connection with this company. If the company does not open such info for public users, or people are indicated as completely outsiders (or worse — fake ones), you should be alerted.

Reviews On Forums And In Social Media

The main thing here is to learn to distinguish real reviews from winding ones, both positive and negative. Naturally, comments from some old-timers of the forum from personal experience are the most reliable. The fake comments appear in large numbers with a short period of time, sound illogical and give out non-professionals. Attempts to argue with negative reviews are also often written as paid ones.

Read also How China deals with cryptocurrencies.

How You Can Protect Yourself From Scam While Working With A Crypto Exchanger

To exchange cryptocurrency without issues, the main recommendation is to follow these rules.

Check the company and domain registration date.

Contact the cryptocurrency exchanger through several different messengers and pay attention to the response speed.

Check the details several times during the transaction (some scammers replace them while exchanging fiat money into crypto ones).

The better the platform is automated, the more reliable it is and the less chance of error.

Obviously overvalued exchange rate should alert — the greedy user pays twice.

One of the most powerful arguments in favor of reliability is the ability to withdraw funds to a bank card.

Pay attention to hosting of the exchanger's website. If it's cheap or generally free, this is a reason to think. The domain must be at least the second level.

Certificates and licenses do not provide an opportunity to verify their authenticity, or the exchange itself directly violates the conditions of the organizations that allegedly certified it.

The minimum exchange amount or fee is too high.

If you are working with any crypto exchange for the first time, start your operations with small amounts — it will not be so scary to lose them as a payment for a negative experience. BTC-Alpha team recommends reading our guide about avoiding scammers.

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