Hi everyone! I have a question about the risks involved in exchanging cryptocurrency. As a newbie, I've only recently started actively using cryptocurrencies, and to be honest, I'm a bit lost on how to exchange safely, especially on third-party platforms. After all, with many exchanges not being reputable, you can fall for scammers. Everything seems to be ok, but once I came across a strange site, and then I hardly realized that it was a scam. So now I'm worried: what are the main risks when exchanging cryptocurrency, and how to avoid fraud or loss of funds? Thanks!
I understand your worries, when I was just starting out, I also faced similar problems. According to https://www.blockchain-council.org/cryptocurrency/risks-in-exchanging-cryptocurrency-and-how-to-avoid-them/, the risks when exchanging cryptocurrency can really be quite high, especially if you don't follow basic safety rules. I will highlight a few of the main points that you should pay attention to. Fraud through fake exchangers. This is one of the most common risks. It is easy to get to a fake site that looks almost like a real exchanger. Everything seems to match, but they just end up taking your funds. It could be a phishing site or just a fraudulent scheme where you send crypto and get nothing in return. To avoid this, always check the domain of the site, read reviews, especially on trusted forums and sites. Good exchangers always have a public reputation and positive user reviews. Account security issues. Often people ignore the need to set up two-factor authentication (2FA) on their exchange accounts, and this is a huge mistake. If the account gets hacked and you don't have protection, not only can your funds be stolen, but your personal information as well. Make sure you use strong passwords and activate 2FA wherever possible. Poor customer support. When making an exchange on a platform, it's important to know that there's always somewhere to turn in case of a problem. Sometimes exchangers don't respond to customer inquiries or simply delay solving the problem.
Yes, totally agree with what you are saying. One of the most important aspects is to check the reviews and reputation of exchangers. I personally faced a problem when I exchanged crypto on an unfamiliar platform and it turned out to be a real nightmare. Not that they cheated me, but the exchange rate was not as promised, plus the exchange was very slow.