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.