How To Identifying Real And Fake Exchanges

[Sammysmart001]

I great you all my people, as Bitcoin stay strong above 90 million naira , allot of new exchanges are coming up in our country . Which only few comes out to be real and the remaining ones are design specially just to steal from users hard earn coins and lot more. Now with Tax Act abd Sec licensing helping out here are tips to help in other known the real gamer's and the fake one. As listed out as follow:

The SEC Identity Card

Presently now in Nigerian any serious exchange must be registered that is they will have a license

* Real Platforms: Quidax and Busha are list of real gamers. They are among the first platforms that got licensed by Sec Accelerated Regulatory incubation (ARIP) nod, they have being the real ones to  the extend of having physical offices, all this shows they are operating legally in Nigerian.

* Fakes: Any platforms that claim to be Global but at the long line have no Sec Nigeria registration it at high risk, this because if the governments decide to shot them down ur money is gone for life no access to it again.

The NIN/TIN Litmus Test

* Real Ones: With the effect of current Tax Act, the real exchanges are going to ask you about ur personal details that your NIN or TIN, all this things are required in other to report sincerely.

* Fakes: In any way you find out about any exchange not asking about details like ur NIN, No KYC for big trades just pack ur load and run, they likely to leave at any given time.

Withdrawal Fee Trap

This one of the most common used to get allot of individuals

* Real: When Bitcoin transactions are made a standard network fee (sats) is going to be deducted from ur balance.

* Fake: You come to realize that when u are about to run transactions u are going to be ask to pay a sum of money for either it being tax or verification before ur money is going to send out that pure scam. The real exchanges will never ask his users for extra cash before transactions are going to be made.

Apple/Play Stores

Before one downloads any app you are expected to check out the developer 

* Real: How long the app has being on the store is to be considered, checking back through reviews of which thousands of people has made abd a reputable developer name all this helps to avoid fake ones.

* Fake : spotting of fake apps Which are trying to copy cat others real apps. You come to see a similar names like that Binance with Bi nannce u see what they are playing right there bah. You notice low reviews and mostly has a tag saying I made the sum of 20 million in just 2 to 3 days all scam take note.All this are red flag to download an app

 My Advice

Let all stick to our currently know site and apps . If eventually new ones comes out offering more than what others are offering, that are not being nice let be vigilant pls. When we all are choosing exchange do well to check in the security,fees, regulator compliance and payment methods.

Here we have some real and trustworthy crypto exchanges currently operating in Nigeria:

1.Quidax
2.Busha
3.Luno
4.Breet
5.Yellow card
6.Bybit
7.NairaEx
8.Kucoin
9.Binance

https://whatismyipaddress.com/fake-crypto-exchanges

[Ambatman]

I don't know
I nor really see why person go choose to use new exchange wen old ones dey
Binance na legend until dey disable P2P
And on centralized exchange the ones I only know and fit take risk with na Bitget and Bybit as well as Binance
The others own nor concern me.

[Charles-Tim]

Here we have some real and trustworthy crypto exchanges currently operating in Nigeria:

1.Quidax
2.Busha
3.Luno
4.Breet
5.Yellow card
6.Bybit
7.NairaEx
8.Kucoin
9.Binance

https://whatismyipaddress.com/fake-crypto-exchanges

Bybit, Kucoin and Binance have no license in Nigeria, but many Nigeriana are using the exchanges. I do not think Yellow Card is licensed in Nigeria.

NairaEx has shutdown and no more providing exchange service anymore.

And on centralized exchange the ones I only know and fit take risk with na Bitget and Bybit as well as Binance
The others own nor concern me.

But that does not mean the other ones are not good. Also there are many exchanges that OP has not mentioned that are Binance, Bitget and Bybit competitors.

[Tongley]

One of the easiest ways to find a reliable and trustworthy exchange is to do your research first and then try it out with a small amount of money. For example:
* If it is through some kind of website, then you need to note some things about that website. Like the URL, etc.
* Whether there is an app with the same name as the website.

Try to collect information from all places. For example, if there is a person near you who uses this exchanger, then you can get accurate information from him. If you find someone like that, then it will be the easiest and best for you.

[Ishicryptic]

I don't know
I nor really see why person go choose to use new exchange wen old ones dey
Binance na legend until dey disable P2P
And on centralized exchange the ones I only know and fit take risk with na Bitget and Bybit as well as Binance
The others own nor concern me.

I agree with you brother, when it comes to exchanges I don't take chances meaning that I don't go looking for new ones to test whether they are reputable or not, I let other people try them out and give their ratings. I'm not condemning new exchanges because they can be genuine afterall the trusted exchanges that we have now started from scratch before started to build trust and reputation. But personally I can only use A list exchanges that are enabled in Nigeria, and they are Binance which unfortunately disabled their naira p2p, Bybit, Bitget and Kucoin. Aside from exchanges we all need to be very careful about every online transactions because there are lots of scammers that are looking for victims, also knowing how to identify scam platforms is also good.

[FirmWars]

I get serious issue with using a new exchange, even recently when I just start to use one exchange, I tried to do KYC for the exchange, nah so this people tell me say my NIN document was not original, that it was edited, meanwhile nah still this same NIN Card I use upgrade some other exchange account when I use before them start to misbehave and then I left them. So, as they told me that my ID card was edited, I told them that it wasn't, I had to chat with one of the support and they upgraded the account and I was able to withdraw my money that day, when I wanted to trade next the time, I discoverd that my account have again been downgraded, nah so I pack my bag and run away from the exchange oo.  If say the exchange legit well well, them supposed use the National Identity number on my ID card to check on their system and confirm if it's a real document or not but they just accused me which was a red flag already.

I no get strength for any new exchange oh, except say the old ones done stop to they function.

[Jubilee58]

Identifying real and fake cryptocurrency exchanges is very much important for the smooth running of your cryptocurrency investment.The good exchanges will ensure the security of your cryptocurrency and make sure your identity is well protected.
When looking for legitimate exchange, consider exchanges with good social media presence, good reviews and rating. Website security is also important. Another thing you should also consider in finding good cryptocurrency exchange is good trading fees, as high trading fee is a red flag.
Other factors like exchange white paper, contact information, exchange regulatory system should also be considered. Exchanges without this qualities should be avoided.

There are some exchanges that lack good customer support , and lacks transparency. Which means, when you encounter any  challenge, you will hardly get support from the exchange support team, and is a sign that such exchange is fake and unreliable.

[Salahmu]

I don't know
I nor really see why person go choose to use new exchange wen old ones dey
Binance na legend until dey disable P2P
And on centralized exchange the ones I only know and fit take risk with na Bitget and Bybit as well as Binance
The others own nor concern me.

Some names way op mentioned na something way be say if them ask me to call the names of the exchange way we get I no fit mentioned them because I no no say e get some way they like that. I remember Luno in those days but I don't no if people still they use am, although I no fit call am a complete exchange because no be all the coins way we go fit see there and besides them too they charge high for that place so instead person to go Luno e better say na exchange way you they, Quidax no suppose follow as exchange because is not internationally use.

[Mr Reporter]

I think I see you your points and I they are kinda of needed..well how is not a bad idea to understand some fack and real exchange this are literally little things that should mostly looked into as a newbie…and I guess you did made mention of some usedful exchange which and which also made see as som useful one to make use of any time even though most of them is not working here…

[SatoPrincess]

Here we have some real and trustworthy crypto exchanges currently operating in Nigeria:

1.Quidax
2.Busha
3.Luno
4.Breet
5.Yellow card
6.Bybit
7.NairaEx
8.Kucoin
9.Binance

https://whatismyipaddress.com/fake-crypto-exchanges

Who still dey use Busha, Luno, and Breet? If you get one p2p platform way dey work well for you, Abeg stick to am. All this waka waka for higher rates dey purge sometimes.

[Obim34]

~snip

I want you to pocket what Ambatman responded, don't settle for exchanges you are not sure about.

The advice here is to avoid new exchanges, that hasn't build any solid reputation.

Use the popular, up till now, there are many exchanges i haven't tried yet, doesn't mean i haven't heard of them.

[Odogwu-Blockchain]

Exchange that are very real no matter how new they may look like, how smart the interface looks like and many other features similar to Binance, Kucoin and others, what traders should look out for is trade execution.

There are always fake volumes on many centralized exchange, where order are slow to be executed especially when trading on spot, on the surface you could see movement of many traders showing on trade history, successful buys and sells just moving but your own execution is not happening, that's a fake exchange, quit immediately after observing this.

Volumes on these exchange are all fake, trade history all fake.

[Doan9269]

Since in everything we have today in life, original and also counterfeit at the same time, because we can't do without experiencing piracy in life at this generation, so it's a normal thing to expect that some exchange and not to be trusted the way others are, but one of the things that we have to give to us as he keep Factor in choosing which exchange to use or trust is their acceptability and recognition locally and globally, don't just make use of an exchange that does not have name or reputation, sometimes we also look at their reserve all liquidity pool to know their various capacity.