Things you should know about the Crypto exchange
These days, cryptocurrencies are very noisy and investors are ready to take advantage of these NFTs. As more and more people invest in cryptocurrencies, cryptocurrencies are quickly becoming something to make a profit on. And like common currency, there are scammers waiting to infiltrate people’s greed and scam them with their valuables.
So, when you are ready to start trading cryptocurrencies, there are a few scams to look out for. In a market like India, where the government has not enforced anti-money laundering and terrorist financing regulations, careful work has to be done in these early years of cryptocurrencies.
Crypto Exchange: You should pay attention to this
Since there are no official laws dictating cryptocurrencies yet, only caution and vigilance are required. Scammers are always after someone’s greed in the process of trying to find some of the most attractive exchange offers you will see online.
Speaking to The Mint, Shashi Prakash Ja, Head of Legal and Compliance at WazirX, urged crypto investors to beware of unrealistic plans and offers. Crypto, like all money, doesn’t replicate overnight, and if a system promises unmatched profits within hours as a goodwill gesture, you should ideally stay away from it.
Sometimes investors often see a tempting offer from a celebrity or celebgram. It is important to research the validity of publications because hackers often pretend to double the value of crypto with a small investment.
Jha added, “Another way to identify a scammer is a scammer who promises a crypto reward to ask investors to send them some coins to verify the address. Another option is to hack or fake the social media handles of famous people, who promise to instantly double the sent crypto…
It is also recommended that investors study the white paper, dealer biographies, and their feedback from others if any.