Don’t just use any wallet or exchange you see online or hear about.

[Supreme Donvic]

One of the reasons why people get into problem of lost coin or hacked wallet is because they use exchanges or wallets without conducting a very good research about that exchange or wallet, as a newbie when ever you see wallet or exchange online or someone told you about it, before you proceed to use it conduct a very good research about it.
Some exchange or wallet has rules and regulations and some are even created just to scam people so just do a proper research before using.

[BitMaxz]

Actually, the best and first thing they should do is to go on any crypto community like this forum because sometimes doing your own research isn't enough to verify if the wallet or exchange is legit or not.
If newbies can go directly here on the forum and make a thread to ask if the wallet or the exchange is legit or not, they can get a better answer than doing their own research. Sometimes these scammers and hackers can manipulate the search engine, like having ads on Google Search with phishing links that lead to the fake wallet or exchange.

So to avoid that, they should go directly to the forum, like our current forum.

[EL MOHA]

The first thing is why will someone be actually trusting the information they get from online without proper verification. One of the most common ways to actually detect scam exchanges is the lack of popularity. In personally believe that the users number of an exchange actually Turns it away from been a scam exchange that’s why popular exchanges with huge liquidity are actually advice for use. The only thing is that you shouldn’t just trust any of them to actually leave off your funds on them because their popularity actually doesn’t saves them from external hackers trying to break and they’ve actually got into top and bigger exchanges in the past.

So the thing is use reputable exchanges to trade, treat exchanges as marketplace and have a very good cold wallet storage. This is pattern that works for most people

[Kavelj22]

Actually, the best and first thing they should do is to go on any crypto community like this forum because sometimes doing your own research isn't enough to verify if the wallet or exchange is legit or not.
If newbies can go directly here on the forum and make a thread to ask if the wallet or the exchange is legit or not, they can get a better answer than doing their own research. Sometimes these scammers and hackers can manipulate the search engine, like having ads on Google Search with phishing links that lead to the fake wallet or exchange.

So to avoid that, they should go directly to the forum, like our current forum.

This is a good point. But unfortunetly not everybody is aware about the existence of this forum or other online communities since those networks don't run ads like other social media big companies. And in many cases, users are redirected to scam applications through recommendations from other victims whom thought to be wiser and trusted.

There is no other community better than bitcointalk. But I would like to also suggest Reddit and Quora. In Reddit many Subs are dedicated for crypto community, and in Quora a lot of small communities sharing advice about everything in the tech space.

[Fara Chan]

One of the reasons why people get into problem of lost coin or hacked wallet is because they use exchanges or wallets without conducting a very good research about that exchange or wallet, as a newbie when ever you see wallet or exchange online or someone told you about it, before you proceed to use it conduct a very good research about it.
Some exchange or wallet has rules and regulations and some are even created just to scam people so just do a proper research before using.

Part of your advice is good, urging individual wallet and exchange users to research before deciding to use them. However, as the person offering the advice and also as the OP who created this topic, I'd also like to know what wallets and exchanges you've researched and used personally. Because if you also provide the advice you have given with one of the examples you have researched, it will look much better and most beginners will probably not feel confused even though the goal they need to understand from this topic is about wanting to do research before using anything and in this case it is about wallets and exchanges.

[Peanutswar]

Even when you try with the social media there's a lot of exchange promotion but they arent legit instead, they are just sponsored banner run advertisements so better make look and take a research what are the best and ideal wallet, even if you tried you in the web browser tons of information gives to you and of course there's some link arent legitimate instead ideal with the help of the forum because most of the recommendation of the users too are reliable. Now, if you are already in-depth with the crypto space you will discover more and possibly might change your preferences soon such as the number of supported coins, events, perks, and etc.

[sleepfirefly]

Some exchange or wallet has rules and regulations and some are even created just to scam people so just do a proper research before using.

we will see newly opened wallets/exchanges marketing their platform in a way that gives the impression that they will be giving away free btcs or free tokens but usually this is a red flag because most likely they are just trying to lure people in and the platform isn’t really functional

[hd49728]

One of the reasons why people get into problem of lost coin or hacked wallet is because they use exchanges or wallets without conducting a very good research about that exchange or wallet, as a newbie when ever you see wallet or exchange online or someone told you about it, before you proceed to use it conduct a very good research about it.
Some exchange or wallet has rules and regulations and some are even created just to scam people so just do a proper research before using.

Exchanges and wallets have good and bad ones so if you know about one exchange or one wallet, it's not safe to start immediately with it and your money. It's recommended to check it further with other resources like exchange reviews, wallet reviews before making your decision.

Your money matters and it's all you have to care about, so before thinking of using an exchange or a wallet, you must do enough searching for information like it is a good one to use.

Centralized exchanges are not safe places for storing cryptocurrency funds but if you need a CEX for that purpose, you must pick a best one, and similarly approach with cryptocurrency wallets.
Walletscrutiny.com
Cryptocurrency exchange list with taker, maker, withdrawal fees and others. With exchanges, you can use other sites like coinmarketcap.com, coingecko.com for checking.
Reminder: do not keep your money in online accounts.

[Outhue]

Around 2019 and 2020 people are creating fake exchange like where they will ask you to sign up on the platform and trade so that you can earn some big welcome bonuses, what saved me was the name of those exchanges, nobody knows them after asking around and also I have never seen any exchange in those names before, that's when I knew something was off.

I could have fallen for that trick is I was very new in crypto space and don't want to ask questions from solid source, I hope that people who are looking forward to start this crypto investment will find this forum and use it to their own advantages by asking questions before they do something they are been told to do online, most of the time by strangers.

[Charles-Tim]

One of the reasons why people get into problem of lost coin or hacked wallet is because they use exchanges or wallets without conducting a very good research about that exchange or wallet, as a newbie when ever you see wallet or exchange online or someone told you about it, before you proceed to use it conduct a very good research about it.
Some exchange or wallet has rules and regulations and some are even created just to scam people so just do a proper research before using.

This scam was very common before, but most of it started from someone online telling someone that might become the victim to access an exchange or a wallet  (but mostly an exchange), telling the person that the exchange is very good. Also luring the victims to refer people and earn money. The money showing on the exchange are just numbers set by the attacker but the victims will think it is money. The victims will realize that it is not money when they want to withdraw but not able to withdraw.

[Lakai01]

This scam was very common before, but most of it started from someone online telling someone that might become the victim to access an exchange or a wallet  (but mostly an exchange), telling the person that the exchange is very good. Also luring the victims to refer people and earn money. The money showing on the exchange are just numbers set by the attacker but the victims will think it is money. The victims will realize that it is not money when they want to withdraw but not able to withdraw.

That was actually quite common in the past. But I'm talking about 2019/2020, when the last Bitcoin bull run attracted a relatively high level of attention from average consumers to Bitcoin and co.

However, I am no longer aware of any such cases, and you no longer read about such scamming incidents on Reddit or here in the forum.

What does happen, of course, is that someone falls for a mirror site and deposits money there. This applies to online gambling as well as, for example, larger exchanges when someone uses a mirror link that points to a scam site (e.g., binance-scam.com instead of binance.com). However, you can easily protect yourself against this by double-checking the URL and/or only using URLs from your favorites.

AI can also be used very effectively here to check a URL.

[rdluffy]

The tricky part is when people don't know where to look or find bad information and tips on which wallets or exchanges to use from influencers who are making money from affiliates or who post without knowing much about it

Speaking more specifically about wallets, when someone asks me for help, I recommend the basics: Electrum for BTC, Metamask for EVM networks, and Phantom for Solana

These are the wallets I consider to be the most secure, especially for someone just starting
After some time and with more knowledge, users can try something different that better fits their needs, but I like to use and recommend wallets that are older and more reliable

[Patikno]

One of the reasons why people get into problem of lost coin or hacked wallet is because they use exchanges or wallets without conducting a very good research about that exchange or wallet, as a newbie when ever you see wallet or exchange online or someone told you about it, before you proceed to use it conduct a very good research about it.
Some exchange or wallet has rules and regulations and some are even created just to scam people so just do a proper research before using.

Your advice may seem trivial, but it is actually incredibly important, especially for beginners. Beginners are often gullible when it comes to new information they hear online, and many simply accept it without filtering it. They should verify its authenticity, and seek out more references, or sources to ensure clarity. That is why communities are so important, especially those discussing crypto. I have probably told beginners many times to remain skeptical of any information they receive, but I feel it is worth repeating as a reminder to everyone. Don't fall victim to crypto scams. Always be vigilant. Preventive action is better than corrective action

[tech30338]

One of the reasons why people get into problem of lost coin or hacked wallet is because they use exchanges or wallets without conducting a very good research about that exchange or wallet, as a newbie when ever you see wallet or exchange online or someone told you about it, before you proceed to use it conduct a very good research about it.
Some exchange or wallet has rules and regulations and some are even created just to scam people so just do a proper research before using.

Should they first check if the exchange is legit or just a bogus exchange?
They should first not transfer money on an unknown exchange, problem sometimes is we explore too much and get excited, if you were new to crypto you should check the most popular exchange the reason is you will know that its safe.
Next is securing the account they created, using same password across account should not be done, using authenticator and notify you via email if someone tries to open it, those are simple ways to avoid any disaster, although nothing is impossible with crypto but at least they have done the basics and most important things.

[Chibit01]

One of the reasons why people get into problem of lost coin or hacked wallet is because they use exchanges or wallets without conducting a very good research about that exchange or wallet, as a newbie when ever you see wallet or exchange online or someone told you about it, before you proceed to use it conduct a very good research about it.
Some exchange or wallet has rules and regulations and some are even created just to scam people so just do a proper research before using.

We have a lot of scam brokers out there which are presenting there self as an exchange when they are basically not an exchange but just some fake investment sites waiting for innocent victims to scam from their hard earned money they are not qualified to be called an exchange, we should always doubt and question every exchange suggestion we get from who we just meet online or some ads.

The popular wallets which we have out there making your own research and seeing the name of the best wallet is not enough always try as much as you can to access wallet from the direct website link and not some phishing site, just as we already know some of the good wallet some scammers have gone as far as cloning some of this wallets to make it hard for newbies to identify.

[Yamane_Keto]

Around 2019 and 2020 people are creating fake exchange like where they will ask you to sign up on the platform and trade so that you can earn some big welcome bonuses, what saved me was the name of those exchanges, nobody knows them after asking around and also I have never seen any exchange in those names before, that's when I knew something was off.

This scam may take different forms. Tokens are sent to your wallet, their value will appear as 10,000$ and they cannot be sold. A URL will appear stating that the token can be sold through a website. If you deposit or click approval transaction, your wallet will be emptied.

[liasbaa]

One of the reasons why people get into problem of lost coin or hacked wallet is because they use exchanges or wallets without conducting a very good research about that exchange or wallet, as a newbie when ever you see wallet or exchange online or someone told you about it, before you proceed to use it conduct a very good research about it.
Some exchange or wallet has rules and regulations and some are even created just to scam people so just do a proper research before using.

Your advice is valuable. It will be useful for newbies. You asked to do research on wallets and exchanges, but you needed to give some ideas about it. Before using wallets/exchanges I took the advice of experienced investors and initially wrote down the seed phrase in multiple places. I increased the level of personal security on the device by doing multiple authentication verifications. It is most important for new investors to have basic knowledge about the security levels of these two wallets/exchanges.

[lovesmayfamilis]

The first thing is why will someone be actually trusting the information they get from online without proper verification.

You ask why? Simply because it's the internet. Not everyone has had bad experiences and heard bad stories about how many scammers there are online. Ask yourself, where do you go with a question? The first thing most people do is Google. But search engines sometimes provide us with links that don't contain accurate information, and through mistakes, we learn where and how to look for real and reliable information. Therefore, as long as there are naive people and newbies who believe the bright and colorful promises of this or that exchange or site promising big bonuses, fraud will continue to thrive. These days, people are lazy about reading, and only a few will take the time to search for the necessary information; most will learn from their own losses and mistakes.

[Ishicryptic]

There are too many scams on social media and fake sites so if a newbie without any knowledge wants to download a wallet they should first ask trusted individuals who are knowledgeable or enter reputable platforms to ask questions. This forum is an excellent place for a newbie in cryptocurrency to be, we have many reputable and experienced members who will not hesitate to give guidance. My strategy to get authentic information on whatever I don't know is that i don't depend on only one source, I will search on related reputable sites to see if they will give me the same results. If information are conflicting it means that I will do further research before I will be convinced that I'm not being scammed.

[Rockstarguy]

One of the reasons why people get into problem of lost coin or hacked wallet is because they use exchanges or wallets without conducting a very good research about that exchange or wallet, as a newbie when ever you see wallet or exchange online or someone told you about it, before you proceed to use it conduct a very good research about it.
Some exchange or wallet has rules and regulations and some are even created just to scam people so just do a proper research before using.

I agree with you. Using the wrong wallet is a major problem for most beginners; it is either a scam wallet or an exchange that prevents one from accessing their funds, or it is a wallet that is so complicated that accessing it is very difficult.

Knowing about wallets is very important for beginners because using the wrong wallet for Bitcoin puts your assets at risk. A wallet is just as important as your assets; without a good wallet, you have no assets. Unfortunately, many Bitcoin newcomers fall prey to this because they are in haste to invest in Bitcoin without considering the need for proper knowledge about it.