How To Spot A Crypto Exchange That Is A Counterfeit

Crypto exchanges are platforms used to buy or sell digital assets. Even though in recent years the crypto industry has adopted various regulations and made progress in ensuring higher security for users, it has not been able to completely eliminate malicious individuals who only aim to deceive others.

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Exchanges that cheat users are usually unregulated, trade volumes are manipulated and made to appear similar to those of reputable exchanges, delay or prevent fund withdrawals, charge very high fees and sometimes even disappear with customer funds.

To protect yourself from such scams, experts recommend using only exchanges with an impeccable reputation. They also point out that you should become able to spot the telltale signs of an exchange being a counterfeit before you even open an account there.

Here are some signs that should make you avoid such places:

• Exceptional and guaranteed earnings. If someone promises something that sounds too good to be true, it usually is. Anyone who promises big earnings, especially in the first days or weeks after registration, is only trying to deceive users;

• Someone calls you or offers you to invest through them or their company. As a rule, these calls come from individuals who pretend to be financial consultants or brokers and offer their services for unregulated exchanges or dubious companies;

• You are required to pay a fee right from the registration, which is usually a large one;

• I put pressure to deposit funds or make a larger investment than the user intended;

• The appearance of fake exchanges is usually different from legitimate ones. Pay attention to the details of the site, because they make the difference;

• Excessive communication, which degenerates into spam;

In conclusion, if you want to avoid falling victim to such a scam, in addition to your own research, filter the places where you want to register above.