Bitcoin trading, and the whole cryptocurrency market, in general, has become so popular since it first came to birth a decade ago. While many remain skeptical about Bitcoins, there is also no denying the fact that it enjoys so much popularity, with many more wanting to get their hands on this form of trade. Bitcoin, in essence, is a form of digital currency, which allows you to perform almost any kind of transaction online.
However, as effective and popular as Bitcoins may be, you also cannot discount the fact that Bitcoin trading is with very little to no government regulation at all. Hence, you might easily fall into the hands of fraudsters and scammers. If you aren’t prudent enough, you are only going to lose your hard-earned investments rather than enjoy earning from it.
That said, here are some of the telltale signs that can tell you whether or not your Bitcoin trading platform is safe:
- It Doesn’t Ask For Too Many Fees
Here’s the real deal: most Bitcoin trading platforms, such as Bitcoin Rush, offer their services for free. Generally, the only amount that they will be asking from you is one which corresponds to your initial deposit. There are no hidden charges and no add-on fees. Whatever services you want to avail of in Bitcoin trading platforms, you can do so without payment.
Most Bitcoin platforms require only the initial deposit of around 250 US dollars, an amount which will form the starting point of creating your Bitcoin wallet. Part of this amount will be used by trading platforms to generate trade and facilitate exchange. If the Bitcoin platform you encounter constantly asks for fees or payment for services, treat it as a red flag. As much as possible, always choose the trading platform that asks for a lesser amount of fees.
- It Is Permission-Less
Legitimate Bitcoin trading platforms do not require you to click a link to ask for permission from a third party so you can use the platform. If you come across this kind of pop-up, then close it immediately and leave the trading platform. Chances are, this is fake. Or it might only be a scam or virus that is trying to infiltrate your system. Legitimate trading platforms can be used immediately after you install it in your system. There is no need for you to go through a gateway that asks for permission before you can start sending and receiving Bitcoins.
- It Is Free From Malware Downloads
If you have been using your computer for various software and platforms, you would know that many fraudsters take advantage of malware or downloads, which they use to go through your computer. These are referred to as baits, which serve as traps that send a virus to your computer after clicking them. Because Bitcoin trading has little government regulation and security, scammers can trick first-time Bitcoin users into choosing their trading platform, wherein users are exposed to numerous pop-ups and links that bring viruses to their computer.
However, while Bitcoins are new and aren’t yet a formal type of currency, this doesn’t mean that its trading platforms do not look or seem professional at all. Tech-savvy individuals in the computer industry made Bitcoins, so you can expect them to have the same expertise in creating professional-looking trading platforms.
- It Doesn’t Ask For Your Credit Card Details
One of the main reasons why a lot of Internet users use Bitcoins for online or digital transactions is that they do not have to key in their credit card details anymore. After you have purchased Bitcoins, you can put all these in your digital wallet. If the online merchant’s payment portal accepts BTC or Bitcoin payments, then you can use Bitcoins to pay for whatever goods or services it is you want to avail of. You can do this even without your credit card details.
When you sign up for Bitcoin trading platforms, much of the information they generally ask from you involve only your name, email address, and contact number. That is all they need for you to create an account. Anything beyond that, particularly bank and credit card details, should already be a red flag for you. The only time that a trading platform will ask for your bank details is when you are making a withdrawal request for any income or interest that you may have earned from your Bitcoins, which you can change into fiat money.
- It Doesn’t Offer Too-Good-To-Be-True Returns Overnight
If you come across a trading platform that promises to double your investment overnight, you should certainly run away from it. No matter how advanced Bitcoin trading and cryptocurrencies may be, this also doesn’t mean that the returns they promise are guaranteed. No one gets rich with Bitcoins overnight. It also takes a lot of hard work, an understanding of algorithms, and speculation of the current market for Bitcoins to grow.
- Its Testimonials Are Great
In line with the above-mentioned point on returns that are too good to be true, one of the best ways to tell if your Bitcoin trading platform is safe is to read through the testimonials. Legitimate Bitcoin trading platforms are open enough to show you their users’ testimonials and reviews before you sign up. These are open for the public to see. If this information is unavailable on their website, you can quickly check through your best friend, Google, and search to see if that platform comes in highly recommended or not. If there is any information that might sound off to you, then trust your instinct. Go ahead and look for another trading platform instead. This technique is one of the easiest ways you can stay away from major Bitcoin scams.
Putting your Bitcoins in a trading platform is like investing your money in funds or stocks, or your ATM card. If you aren’t careful enough to choose wisely, you are putting your investment in the wrong hands. You have to be wise enough to make the right decision. Because of its popularity, there are currently numerous Bitcoin trading platforms for you to choose from, and with the help of these parameters, you can now be more guided as to which option might be the safest.