What should one know about Bitcoin trading to avoid the risk of getting scammed?

[JealousCup]

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

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[leowonderful]

Having common sense and being able to use the internet works for me. I have never been scammed by an exchange or by trading, and though there are many exchanges out there that are clones of real sites and are used for phishing. When you're using an exchange, make sure the SSL certificate is authentic and make sure that the URL is correct with no misspellings- there are sites out there that have one or two misspelled letters, and some people I know have fallen victim to such sites.

For sites you're unsure about, search on this forum to make sure whatever exchange or service you are using is legitimate. I search on Google using the format "(Site Name) Bitcointalk" to find threads and posts from this forum, and clicking on a few threads from the results you find typically help out in deciding whether a service or exchange is legit or not.

If you're unsure how old a site is, doing a Whois search of the website can reveal when the domain was registered. Many scam websites have very recently registered domains and/or hidden whois information, and either of these is a huge red flag most of the time.

[SUDARMONO]

I have been trading for bitcoin for about 4 years, and I am very happy and very proud of the bitcoin trade, because I have benefited a lot from trading it all.

[coinplus]

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

Never trade something you do not know. Never trade with someone you never met. Never trust anyone you do not personally know, most of the time don't trust people you personally know neither. Bitcoin is a very dangerous thing when it comes to scamming, so when you deal with bitcoins or any other crypto, know that there is a big chance that the smaller an investment looks the bigger the chance for scam.

There have been huge amount of scams as well but if you look at the numbers the people who keep stealing couple hundred from many people have actually scammed more than people who scam tens of thousands of dollars. The big ones get arrested or sued and what not, small ones get away with it because they only steal couple hundred bucks from you and you do not follow through with it.

[palle11]

Be sure you enter a site that is secured. Do not always believe people easily, skepticism sometimes pays. When someone ask you for loan for instance, be sure they are using a trusted escrow or you get a high security that is higher than what you are sending in coins. Don't always believe what websites say.

[JealousCup]

So... What if it is a new crypto-currency? How do you know their practices are genuine?

[xuan87]

The first one is looking for the legit and reputable trading site, the most important thing to avoid being scammed is source of information, knowledge and experience, when you want to do one thing either it's buying, trading or any other action make sure that you already do your research

[JealousCup]

Having common sense and being able to use the internet works for me. I have never been scammed by an exchange or by trading, and though there are many exchanges out there that are clones of real sites and are used for phishing. When you're using an exchange, make sure the SSL certificate is authentic and make sure that the URL is correct with no misspellings- there are sites out there that have one or two misspelled letters, and some people I know have fallen victim to such sites.

For sites you're unsure about, search on this forum to make sure whatever exchange or service you are using is legitimate. I search on Google using the format "(Site Name) Bitcointalk" to find threads and posts from this forum, and clicking on a few threads from the results you find typically help out in deciding whether a service or exchange is legit or not.

If you're unsure how old a site is, doing a Whois search of the website can reveal when the domain was registered. Many scam websites have very recently registered domains and/or hidden whois information, and either of these is a huge red flag most of the time.

What about the cases where there are dangerous phishing apps or fake wallets on legit online stores?
Here is the proof below:
https://thenextweb.com/hardfork/2018/11/14/google-play-fake-cryptocurrency-wallets/

[harizen]

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

Is it mandatory for you to enlightened your professor? Don't take that seriously and just let him believed on his thoughts about cryptocurrency. Even how good your explanation, since you said your professor biased, no way he will changed his mind.

About what should we know to avoid risk of getting scammed, honestly we have lots of pointers to that. Mainly, if you are really new into crypto and want to do trading, try to spend time researching to those reputable ones. But that doesn't mean you are safe. We are just minimizing the risks of getting fuck*d up here that's why we need to stick to those big ones. Once you understand the risks, then you may now play with other exchanges.

But before this statement goes long, come back here if you are really serious. Don't want to waste time to those asking questions but will not read entirely all replies here.

[JealousCup]

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

Is it mandatory for you to enlightened your professor? Don't take that seriously and just let him believed on his thoughts about cryptocurrency. Even how good your explanation, since you said your professor biased, no way he will changed his mind.

About what should we know to avoid risk of getting scammed, honestly we have lots of pointers to that. Mainly, if you are really new into crypto and want to do trading, try to spend time researching to those reputable ones. But that doesn't mean you are safe. We are just minimizing the risks of getting fuck*d up here that's why we need to stick to those big ones. Once you understand the risks, then you may now play with other exchanges.

But before this statement goes long, come back here if you are really serious. Don't want to waste time to those asking questions but will not read entirely all replies here.

I am a strong supporter of virtual coins but lately, I've seen and read articles written with the purpose to discourage people from investing in them, and between the scams and the price fluctuation in the stock market, it seems like the narrative is working.

[wayaneka]

You should be avoid greedy and create risk management. And you should be have diversify risk because bullish and bearish is always changed. Use stop loss is the most important thing in trading and never forget about it because all prediction of price action will never be right.

[nicster551]

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

If you really don't want to be scammed by other people in crypto then you should try to learn the basics about it. It is all about common sense and the scammer are pretty obvious here. And especially, don't chase money.

[supermine]

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

Never trade at new or problematic exchanges,never send your bitcoins to someone at first when you trade at first,never deposit any bitcoin into any sites without reading the KYC requirements.And use your mind most of the time you can save yourself from getting scammed.

[Zadicar]

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

Don't be surprised if you professor is biased and talking shit about crypto. Just let him be, but if I were your classmate I will definitely answer him.
Fiat do already involved on scamming, so we can really say that crypto market would still have that problem. If your prof will able to read up the usage or benefits
of crypto then he might really change his mind.

[Tipsters]

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

He is really biased and closed minded. Without even doing any research and just based his opinion on the recent news or the bad ones he just went on to say the reason why many contrarian also like to change the education system that we used to. It's so unilateral that prevents students to be more creative and explorative with their capabilities and also the things around them.

[Lighthouze]

Your Professor's hate for crypto is a classic example of hating what you don't understand. As a person with such wealth of knowledge, one would expect that he researches crypto just as he would his academic work. Yes, there's the probability of getting scammed, not just trading Bitcoin, but every other online business out there. But with the right safety measures put in place, you might as well be in this space for years and never get scammed.

[Biscutard]

To have a sense of understanding the situation you will know the difference if it is too risky or not. Trading needs a vast knowledge and experience in the market in order to get a higher chance of successful trading. Let your friend know that the risk is always there no matter where or what you do, it is just how you manage the truth and to adapt the situation.

[Matthewmorris4]

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

For trading, times like this are not really good, too many FUDs are made for the benefit of individuals, to scam themselves, I think that's how we think about it, actually crypto is still quite confusing, so you should be DYOR when you start and try to filter out what other people say

[Nasty23]

To have a sense of understanding the situation you will know the difference if it is too risky or not. Trading needs a vast knowledge and experience in the market in order to get a higher chance of successful trading. Let your friend know that the risk is always there no matter where or what you do, it is just how you manage the truth and to adapt the situation.

Yes, we should let them to know that their is always a risk that we should always been faced in the market but, in order for us to minimize it we are conducting a proper research and study it in order for us to enhance our knowledge and strategies that we can used to minimize the risk and earn a huge profit in trading.

[kotajikikox]

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

As know and i am also a trader in my experience there nothing scamm in trading i am not sure  if they have scammers in trading because trading is buy and sell altcoins.

To avoid this scenario do not use unreputable exchange, there so many trusted exchange have an give high security to the users investment.

[yndye]

Your Professor's hate for crypto is a classic example of hating what you don't understand. As a person with such wealth of knowledge, one would expect that he researches crypto just as he would his academic work. Yes, there's the probability of getting scammed, not just trading Bitcoin, but every other online business out there. But with the right safety measures put in place, you might as well be in this space for years and never get scammed.

Those who were scammed are either newbies in the crypto world or just being reckless about knowing if the transaction they are doing is legit or not. There are even people who would take the risk of being scammed because the amount of money that they can get from that transaction is quite big so even if there is a high probability of losing money, they would just go with the flow and then if scammed, they would just rant and then regret that they get involved in the first place.

If you don't want to be scammed then do due diligence first and spend your time first in checking the site and here in the forum as well as to what is the feedback of the people about the site. As much as possible, use the sites that most of the people are using and has good reputation but always check the URL because a lot of them are phishing sites.

[posi]

Well, to avoid the act of been scammed in crypto currency is easy if ones is knowledge seeker (by asking questions about a project or something which ones dont know much about it before dving in), not the greedy type (because I noticed must people been scammed are those that are after making much money in short time span), always do you own research either, tell no one close to you the exact amount youre holding and dont invest more than you can afford to loose.


With all that was stated above I'm ones can not get scammed in every aspect of crypto currency.

[ongkok87]

The first one is looking for the legit and reputable trading site, the most important thing to avoid being scammed is source of information, knowledge and experience, when you want to do one thing either it's buying, trading or any other action make sure that you already do your research

it must be because with us looking for a place to trade better look for an official market because it will not experience fraud, so don't forget to add insight into the crypto world like trading and investing so that your career can run well and can avoid fraud too

[posi]

 Yes, companies usually give their workers some gift for the end of the year but I dont see that as major thing that will trigger the bull run market and if the bull run market eventually occur it does not mean that all the coins listed on the capital will experience it because the crypto market have changed alot after the market correction occurred.

[sheenshane]

People usually got scammed when they store funds in a closed source software or system. This made users have no control of their funds, closed source software like exchanges are prone to scam and risk of losing. Its always good to consider not to store funds on close source storage or Atleast transfer it immediately to you own hardware or opensource wallet. Electrum or Hodler wallet will do to secyre your funds.

Even when you store at web wallet you can trust them as long as you can keep safe your private key no can steal your bitcoin in your wallet.
People get scammed if they are a noob in holding their private key and those greedy people who linked those given link that probably scam. But when it comes Bitcoin itself Nah, that is not scamming only the holder or user who's getting responsible to keep their private key. Or one thing gets scam if they invested fraud project on those mining investment.

[Diced90]

I think the most important thing to do in order to avoid getting scammed is check the liability of the source(s) you're using to make trading decisions and certainly don't play it by the ear - its all about strategy.

[BITSPANISH]

If you wanna avoid getting scammed while trading BTC so you only should trade on legit exchanges like Binance or Bittrex only and never holding your BTC on exchange wallet for too long. Beside don't forget to set up 2FA for your exchange account and your wallet as well. If your BTC isn't lost because of being stolen so it's not problem about scammer but it's problem about your trading skills

[JealousCup]

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

As know and i am also a trader in my experience there nothing scamm in trading i am not sure  if they have scammers in trading because trading is buy and sell altcoins.

To avoid this scenario do not use unreputable exchange, there so many trusted exchange have an give high security to the users investment.

What about the startups emitting new crypto-currencies? Does that mean that we cannot use them? I mean, I intend on participating in a crowdfunding for a new digital currency by a new company which is just starting to build its reputation.
To tell the truth, I think that trying to avoid scams can be a double-edge sword for people wanting to invest in virtual currencies...

[JealousCup]

If you wanna avoid getting scammed while trading BTC so you only should trade on legit exchanges like Binance or Bittrex only and never holding your BTC on exchange wallet for too long. Beside don't forget to set up 2FA for your exchange account and your wallet as well. If your BTC isn't lost because of being stolen so it's not problem about scammer but it's problem about your trading skills

I am pretty sure that we'll need a crypto-currencies' user guide in the future...

[Renaldi blackspadeteam]

of course choosing the safe and legit crypto market, you can choose it at coinmarketcap.com

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

professors may not have experience about crypto, and labeling all crypto is fraud, this is a shameful act that I heard, I suggest to investigate before giving a stamp without sufficient knowledge

[JealousCup]

of course choosing the safe and legit crypto market, you can choose it at coinmarketcap.com
professors may not have experience about crypto, and labeling all crypto is fraud, this is a shameful act that I heard, I suggest to investigate before giving a stamp without sufficient knowledge

It's fine, I am already interested in Virie, but for a moment I was unsure because of how my professor was telling us that virtual currencies will disappear in two years.
Well, this is not what I am seeing, cryptos are now being accepted at an awful lot of places.

[WilliamCrum]

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

If you really don't want to be scammed by other people in crypto then you should try to learn the basics about it. It is all about common sense and the scammer are pretty obvious here. And especially, don't chase money.

Scammers are everywhere at any time. You can’t hide yourself from them. And right now they are so easily getting contacts of people. So yes, keep implementing best practices for safety.

[SixOfFive]

•   Read the whitepaper carefully and properly before investing your money. Make sure all the important details are mentioned in the whitepaper.
•   Don’t get befooled by the unrealistic high goals. Those are mainly scams.
•   Read about the team working behind the ICOs, about their skills, expertise, qualification, expertise, etc.
•   You can also see whether the coin has a strong community or not.

[ice18]

•   Read the whitepaper carefully and properly before investing your money. Make sure all the important details are mentioned in the whitepaper.
•   Don’t get befooled by the unrealistic high goals. Those are mainly scams.
•   Read about the team working behind the ICOs, about their skills, expertise, qualification, expertise, etc.
•   You can also see whether the coin has a strong community or not.

His asking about trading not ICO or bitcoin investment its different btw If you want to avoid scammed by trading bitcoin you may use sites that are proven tested and legit like the most popular trading platform today the binance.com you can search reviews on google about this site and asking in some crypto groups, like social media groups and asking about the site that you want to use for trading, dont ever trade in a peer to peer transaction with no escrow its very risky.

[tahozor]

Given the fact that it is easy to buy bitcoins and get rich on their possession, it is not surprising that many scammers find ways to declare a hunt for other people's money

[Reid]

Traditional people tend to stay traditional and that is the fiat system.
Let it go and dont stress it out.

Staying here made me careful. You will see different kind of scams and also different ways for them to scam you.
All you have to do is go to the legitimate ones. Do not believe freebies, do not believe low cost fees. Just buy that bitcoin with the normal kind of transaction.

Perhaps, reading more will enlighten you. Do not rush it.

[JealousCup]

Traditional people tend to stay traditional and that is the fiat system.
Let it go and dont stress it out.

Staying here made me careful. You will see different kind of scams and also different ways for them to scam you.
All you have to do is go to the legitimate ones. Do not believe freebies, do not believe low cost fees. Just buy that bitcoin with the normal kind of transaction.

Perhaps, reading more will enlighten you. Do not rush it.

Legitimate ones, you say? How to tell if a cyber coin is legit? I read somewhere that Bitcoin is being investigated for price manipulation...
Granted that the main cryptos are popular, thus are considered to be safer, but does that make them more legit than less popular alt-coins?

[maks-ivanov89]

The future belongs to cryptocurrency. Safety is due to your risks. Trade on the BitSeven platform and you can be confident in the future

[Finestream]

Traditional people tend to stay traditional and that is the fiat system.
Let it go and dont stress it out.

Staying here made me careful. You will see different kind of scams and also different ways for them to scam you.
All you have to do is go to the legitimate ones. Do not believe freebies, do not believe low cost fees. Just buy that bitcoin with the normal kind of transaction.

Perhaps, reading more will enlighten you. Do not rush it.

Right.Do not rush into some of your actions that do not have any assurance.If you want not to be scammed,then always make a research first on the exhanger you want to transact with.Always see to it if it's legit or not.Better if you have some referrals from your close friends.Bitcoin has still a great value so scammers will always find ways to make it possible.

[nydiacaskey01]

Those who claims they we're scammed in trading Bitcoins are the ones who did't trade at all. What they did is give their money to someone who claims that they can multiply their money through trading but sh*t happens the guy who promised to multiply the money runs away and never came back. Heard of this story a lot of times. Scammer starts by posting his his earnings and show how good they are in trading until a newbie who wants to trade but lazy to learn the basics tried to invest to the scammer.

[charlotte04]

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

It is so easy not to be scammed at all. You just have to avoid being dumb and don't get hype all the time from easy money schemes. Or even put all of your funds into a safe hardware or something.

[Diced90]

My classmates asked that question and the professor kept on talking about the probability of getting scammed but he's really against the whole crypto-currency movement so his opinion is biased.
So...here I am, asking for guidance...

For one, scamming is not only common in crypto, its everywhere. If you are to apply this kind of logic, then you should never cross the road because there's a chance you could be killed. Its all about you acknowledging the risk and being careful. The internet has a lot of opportunities but these can also be misfortunate at the same time.

[CryptoPowerL]

Indeed, there are a lot of scammers among the cryptocurrency user community. This is due to the fact that this sphere of activity is not regulated by the state. In many countries, cryptocurrency is not officially a means of payment; therefore, it is impossible to punish fraudsters

[JealousCup]

For one, scamming is not only common in crypto, its everywhere. If you are to apply this kind of logic, then you should never cross the road because there's a chance you could be killed. Its all about you acknowledging the risk and being careful. The internet has a lot of opportunities but these can also be misfortunate at the same time.

I get it but with the price of bitcoin reaching new lows each and everyday, I don't even have to worry about scammers but rather about the risk of no returns on my investment. It's kind of disappointing, if we consider the lengths we went to in order to make cryptos an official mean of payment in so many countries.

[faceoff97]

People usually got scammed when they store funds in a closed source software or system. This made users have no control of their funds, closed source software like exchanges are prone to scam and risk of losing. Its always good to consider not to store funds on close source storage or Atleast transfer it immediately to you own hardware or opensource wallet. Electrum or Hodler wallet will do to secyre your funds.

[Renaldi blackspadeteam]

of course choosing the safe and legit crypto market, you can choose it at coinmarketcap.com
professors may not have experience about crypto, and labeling all crypto is fraud, this is a shameful act that I heard, I suggest to investigate before giving a stamp without sufficient knowledge

It's fine, I am already interested in Virie, but for a moment I was unsure because of how my professor was telling us that virtual currencies will disappear in two years.
Well, this is not what I am seeing, cryptos are now being accepted at an awful lot of places.

of course buddy, it seems I don't agree that virtual currency will disappear in the next two years, I think cryptocurrency and virtual money can be used together in the future, because paper money is quite troublesome but all of them have advantages and disadvantages

[omonuyak]

You cannot be scammed through trading but you can lose your investments through it.  Trading needs skills and intelligence how how to go about it and without skills and experience you cannot makes money from trading.  Many lose because they always takes trading as a gamble but the two are quite different.

[davinchi]

If it is scammed because of buying something from a shady place you can get scammed for risking it. Take an example of buying an iphone for example. If you want to buy an iphone and apple sells it for 999 dollars and you found online an ecommerce website that sells exact same thing for 800 dollars instead, you are risking 800 dollars for 200 dollar profit.

You have to ask yourself if the amount is worth risking for the profit, do you think 800 dollars is worth the 200 dollar profit ? Would you be upset over 800 dollars more than you would be happy about the profit of 200 dollars ?

Depending on the answer you can change the amounts and items places and put crypto related scam subjects you have instead and answer again. Do this method anytime there is a possibility of getting scammed and you will be fine.