After the boom of cryptocurrency at the end of last year, everyone wanted a piece of the action. It seemed as though everyone was suddenly interested in trading digital currency, and there were a lot of new traders entering the market. This sudden surge in demand created a massive price hike—from around $19,000 per Bitcoin on December 20th, 2017 to over $100,000 by early January 2018.
Now that the hype has dissipated, it’s important to remember that most of crypto exchanges out there are fraudulent. The vast majority are scams or Ponzi schemes that will rob you of your money and leave you feeling empty inside. As a result, it can be difficult finding a reliable place to buy Cryptocurrencies safely. Here’s how to identify a safe cryptocurrency exchange so you can start trading securely no matter where you live.
Look for an exchange with a good reputation
Like any other type of business, you can learn a lot about the reputation of exchange like the BitQT App just by looking around and seeing how others are reacting to it. You can start by searching for reviews or comments about the company online. If you don’t have a computer or smartphone, you can also try talking to your local community or university.
There are several resources online that can help you find these types of things. For example, you can use a site like RipOff Report or Just Dial to search for reviews and complaints about a company. You can also look on social media to see what your friends and family are saying about a business.
Join a chat group to gather information
When you’re looking for an exchange to use, you can also try joining a chat group or Reddit forum to ask questions and get advice from other members. Most chat groups are open to anyone who wants to participate, so you don’t have to be a member of the specific cryptocurrency community.
Several online communities allow people to discuss their favorite Cryptocurrencies and share advice. For example, you can join a Bitcoin or cryptocurrency forum on Reddit or a cryptocurrency Discord channel. These forums and channels allow members to share information about which exchanges are safe and where to find the best deals.
Read reviews and check the site’s authenticity
The best way to determine if an exchange is safe is to read online reviews and check the site’s authenticity. If you start reading reviews online and cry out of delight, you’ve found the right place to buy your first cryptocurrency. Reading reviews is one of the best ways to determine if an exchange is safe.
If you start reading online reviews and cry out of delight, you’ve found the right place to buy your first cryptocurrency. Reading reviews is one of the best ways to determine if an exchange is safe. When you find a site that has a lot of positive reviews, you can be more confident in using that platform.
Staff-written FAQs and transparency report
If an exchange’s website has any information about its business, you can check it by visiting the FAQs section or getting a hold of the transparency report. Both of these pieces of information will paint a clear picture of the exchange’s business practices and help you decide if the site is safe for you to use. If an exchange has a clear FAQ section or transparency report, it shows that it is transparent about its business. This information can help you determine if the site is safe for you to use.
Avoid exchanges that trade ICO tokens
If you’ve read this far, then you’ve hopefully learned about how to identify a safe exchange. However, there are still a few things you can do to protect yourself. One of the best ways to protect yourself from exchange hacks is to avoid trading on exchanges that trade ICO tokens. These types of exchanges are often the first to get shut down or hacked. The CEO of Binance, the world’s largest cryptocurrency exchange, recently warned against ICO tokens trading.
Cryptocurrency trading is a very popular investment opportunity, but it’s important to remember that not all exchanges are trustworthy. There are a few signs that will help you identify a legitimate exchange. If an exchange has a good reputation, a staff-written FAQs section, and transparency report, and a low volume of trading for ICO tokens, then it’s probably safe for you to use. The best thing you can do is to start researching exchanges before you decide to buy your first cryptocurrency.