Either way, fiat transactions were being held up leading to potential losses for many customers. The company admitted it was struggling to pay customers but refuted scam allegations. This exchange was reportedly running some shady operations when users complained that they could not make withdrawals. Probably the worst cases are when the people behind the exchanges have negative intentions from the outset. Here are some example situations in which people have lost money through coin exchanges. It’s therefore difficult to know who to trust based on reputation alone.Įven with the most reputable exchanges, bad things happen and people lose a lot of money, often the exchanges themselves. Since the cryptocurrency field is so new, all exchanges can pretty much be considered relative newcomers. Some of the most popular exchanges include Bitstamp, Bitfinex, and Coinbase. Let’s jump in! Coin exchangesĬoin exchanges offer a place for people to buy bitcoin and other cryptocurrencies in exchange for fiat currencies or altcoins. We’ll then provide some additional tips to help you stay safe and secure in the cryptocurrency market. This way you’ll know what to look out for to avoid falling into similar traps yourself. In this post, we’ll delve into the types of scams we’ve been seeing, including plenty of real examples. With a little savvy and a lot of common sense, you can navigate the cryptocurrency field as safely and securely as possible. Similarly, you shouldn’t hand over money to an exchange that just happened to pop up in your Facebook feed. For example, you wouldn’t open up a bank account with an institution you’ve never heard of. Combined, these factors can lead to some poor decision-making and people falling for scams more easily.Īs such, it’s hugely important to keep your wits about you when dealing with any bitcoin transactions. With crazy volatility in the markets, promises of large returns don’t seem that far-fetched. What’s more, users are extra keen to get in on the action so they don’t miss out on the next big thing. Scammers and hackers see the cryptocurrency market as ripe for the picking and we’re seeing lots of bitcoin scams pop up. And wherever there’s lots of money, there are plenty of criminals ready to pounce. With dozens of coins surpassing $1 billion in market cap and bitcoin in the hundreds of billions, there’s a lot of money flying around. The cryptocurrency craze has grown exponentially over the past few years.
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