Bitcoin Fraud: What It Is and What You Should Do About It
If you are offered a forex trading opportunity with a broker in which you will get a significant amount of bitcoin as an upfront commission but later you find out that you are losing it, you are already in a trap. The brokers and platforms fail to ask for any kind of identification in such fraudulent transactions and there are no proper processes in place to refund you once you are left out of your money.
What you need to do is to do a thorough check on the platform, contact customer care service and report the fraudulent trade with the help of local authorities.
Buy bitcoin from reliable and reputable sources
You can find trustworthy and reputable companies which will exchange bitcoins for fiat currency. You can buy bitcoin using bitcoins, cash or credit card.
Bitcoin Forex Scams: What They Are and How They Work
Bitcoin fraud is a part of the high-pressure investments. People lose thousands of dollars every day when investing in forex market. However, the things are slightly different when it comes to bitcoin. There are few advantages and benefits of bitcoin over forex forex investments. However, the same challenges are also faced by the bitcoin traders.
According to Investopedia, bitcoin is a peer-to-peer digital currency that can be sent over the Internet or stored on a computer. The circulation of the bitcoin is made for the reason of payment of its users. The circulation of bitcoin is not regulated by any central authority. The total circulation of bitcoin is 9 million. Bitcoin has also been called the “money of the future” and “digital gold.
Bitcoin Forex Scams: How to Prevent Them
There are many simple steps you can follow to avoid cryptocurrency scams:
Be sure of the amount of money you are making: Before making any transaction, be sure that you have enough money in the account. Also check if you are entering the right platform. Do you have an overdraft facility at your bank?
Before making any transaction, be sure that you have enough money in the account. Also check if you are entering the right platform. Do you have an overdraft facility at your bank? Check the profiles of the platform that you are considering: Read their review or get advice from family and friends. You can also download scam reports and list them on a Google Doc.
Read their review or get advice from family and friends. You can also download scam reports and list them on a Google Doc.