WAYS TO WATCH OUT FOR EXCHANGE SCAMS IN CRYPTOCURRENCY

Hello to everyone in this wonderful community today and on this great platform at large today. I greet you all in good spirit and I want to believe that we all are doing just great today and if so we give God the praise for the sustenance of life and good health.

I welcome you all to yet another beautiful day in this lovely month of July and I want to say a happy new month to you all. I hope this month brings luck and good fortune to us all.

Today, as we have discussed earlier, I will be talking about an important topic regarding our discussion the last time I was here and today's teaching is titled WAYS TO WATCH OUT FOR EXCHANGE SCAMS IN CRYPTOCURRENCY.

We will be looking at certain factor that should be considered when selecting an exchange platform and these factors will open our eyes to see if actually the exchange is such that we can make use of. I urge you all to sit tight and relax while I begin the discussion for today. I wish you all a happy reading as I begin!

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Previously we talked about exchange scams and how it has been affecting the individuals who are making use of the said exchanges. This is not a new issue as we have been hearing about how certain exchanges are making use of investors portfolios and not giving them a good reason or proper information regarding how the assets are being used.

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Although there are ways in which we can detect whether an exchange platform is a scam or not and a few ways in which we as users can detect is through the several activities that are seen on the exchanges. A few are as follows.

THE EXCHANGE DOESN'T HAVE A CUSTOMER CARE DEPARTMENT

A big red flag regarding an exchange is that the exchange do not have a customer service department in which issues can be sort out. If an exchange does not have a customer service unit, then solving problems will eventually become difficult and impossible.

In any organization where customer support is neglected or not seen, that said organization is not fit to run effectively hence there will be no one to talk to or held responsible especially when things are not working as they are supposed to and as such, it is indeed a bad omen on the part of the organization.

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This is a key feature that we as cryptocurrency enthusiasts should consider when selecting an exchange platform for ourselves. Knowing whether or not an exchange platform is having a customer service unit is very vital for the safety of your assets should incase things are not working out well as they ought to.

You should not patronize any exchange platform that do not have a complaint unit otherwise your assets might be at great risk. The chances of losing your assets is on the high side if an exchange platform does not have a customer support system.

THE EXCHANGE HAS PREVIOUSLY FROZEN CUSTOMER WITHDRAWALS

This is another thing one has to checkmate. If an exchange has previously frozen customer withdrawals, it is a sign that there are more to such an activity.

It could be that there are less liquidity on the exchange platform. Liquidity is the act of converting an asset into fiat currency and if this becomes a problem regarding an exchange platform, we then begin to notice the interruption of funds withdrawal on the exchange and this is a red flag as well.

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So when users are been restricted by an exchange platform from withdrawing their assets as at when they pleases, then that should be considered to be a bad sign regarding such exchange platform as though it has proven to be incompetence.

THE EXCHANGE HAS LESS PRESENCE ON SOCIAL MEDIA

Any good and competent exchange platform would love to show themselves on every social media platforms and will always stay online to prove that they are transparent and legitimate.

In any case whereby the exchange you make use of is not visible online or can not be searched online is a thing to talk about and be worried about. If the presence of the said exchange platform is not noticed online then that is indeed a red flag.

It is not advisable to make use of such an exchange platform that hides it presence especially on social media as that could give an interpretation that the exchange platform might turn out to be a scam platform.

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CONCLUSION

Knowing if an exchange platform is a scam or not might be hard to detect but with these few points that I have just listed out will give you an edge over certain exchanges that are out there to scam investors and to do away with their assets. It is expedient that we pat attention to all the details that are relevant, no matter how little they are. Read in between the lines and give attention to all the details.

Thank you all for having me today. I look forward to seeing you when next I am here, but for now, do have a lovely week ahead.