Some cryptocurrency scam to avoid.

[aysg76]

I would also prefer not to deposit your coins on any of the centralised exchanges also as not your keys not your funds.The exchange held your private keys and moreover they are prone to hack easily as we have seen in the past and latest incident also suggest the same  Hacker's stole crypto currency from coinbase of 6000 users.

That's why it is advisable to use hardware wallets as keys don't leave the device and anyone won't have access to them unless you are careless similar to other cases.Use them for security and leave these exchanges if you are aware of some situations.

[passwordnow]

I think fake applications also lands as a phishing. Like those fake apps that are copying the known wallets and exchanges and they tend to make it really look alike leaving with few positive reviews which obviously made by them. One thing to look at is the number of downloads and OP is right about looking at the official app because if it's not on the official website and they didn't announced anything about their app then whatever you've found through the playstore is an obvious fake app.

Whatever it is everyone should know that there are no free in this world or making an easy money out of nowhere. Most people knows already how the hard work pays off and not by scamming people. One thing that I could tell is if a newbies is not as informative when dealing with people and money they for sure would get scammed eventually and that would be their hardest lesson in life.

It's better to read and do more research first how people would scam someone than to research how to make money. It's not that all people would scam you but the more information you have the more you will be vigilant to these kind of people making schemes just to make money from someone. Knowledge is the key to your success.

It should be part of their research to have some preventive measures on how to be not scammed. If being done with how to make money then they also should know what are the types of scams and how they should protect themselves from those.
There are newbies that can't protect themselves because whenever they see something too good to be true, they're rushing on it without questioning the deal and just throws their money into that scam or downloads the apps as quickly as they can. They just don't want to ask anyone about it.

[Oshosondy]

I would also prefer not to deposit your coins on any of the centralised exchanges also as not your keys not your funds.The exchange held your private keys and moreover they are prone to hack easily as we have seen in the past and latest incident also suggest the same  Hacker's stole crypto currency from coinbase of 6000 users.

This is exactly what I saw yesterday too, the hackers were able to have access to the users password, email and means of authentication which I guess will be sms authentication, but the users are more to be blamed for this.

It is not good to store coins on centralized exchanges, it is good to have a wallet we have its private key, there are many people that have lost their coins on centralized exchanges just because they do not have the private key, the exchanges will have to coins, the user will lose it, just like to mistakenly sent bitcoin to bitcoin cash address and many like that.

[AakZaki]

This is exactly what I saw yesterday too, the hackers were able to have access to the users password, email and means of authentication which I guess will be sms authentication, but the users are more to be blamed for this.

It is not good to store coins on centralized exchanges, it is good to have a wallet we have its private key, there are many people that have lost their coins on centralized exchanges just because they do not have the private key, the exchanges will have to coins, the user will lose it, just like to mistakenly sent bitcoin to bitcoin cash address and many like that.

Storing all assets in a centralized exchange is not good, we must have a personal wallet, especially a hardware wallet which is certainly more secure such as safepal, ledger, trezor etc.
We hold our own private keys and have full access. But if you have to store on a centralized exchange, choose a centralized exchange that is trusted and has many users like Binance which has the best level of security today.

As individuals, we must maintain device security and must be clean from malware and avoid phishing etc.

[Oshosondy]

Storing all assets in a centralized exchange is not good, we must have a personal wallet, especially a hardware wallet which is certainly more secure such as safepal, ledger, trezor etc.

Storing on centralized exchanges gives no complete control, the best are noncustodial wallets, preferably hardware or any other offline wallets for amount that are huge. But the exchange was not blammed for the email, password and authenticator used by the affected users were all hacked, this makes it possible that their noncustodial wallet can also be hacked. The best advice in this is for people to avoid malware and protect their login details.

But if you have to store on a centralized exchange, choose a centralized exchange that is trusted and has many users like Binance which has the best level of security today.

Aside from trading, no one should think of storing coins on exchanges be it legit or not legit, noncustodial wallet is the best and making users to have complete control over own coins.