If you have ever traded, you were probably informed that you can charge back the credit card transaction or recall a wire transfer. When it comes to crypto investing, you don’t have this possibility. That’s why you ought to be careful.
Cryptocurrencies are classified as virtual or digital currencies, and there’s no easy way to recover the funds. Once invested, crypto coins change many different wallets before the digital currency is transferred to a fiat currency.
The Crypto Market Size
The cryptocurrency market is currently worth $1.08T. While this amount was as high as $2T, there was a bit of a decline. Yet, this is still one of the world’s largest markets.
Such a big amount of capital is quite attractive to fraudsters. That’s how we got a number of fake investments, exchanges, ICOs, trading firms, social media scammers, and more.
Bitcoin rose over 25,000% since its initial release in 2009. With such large growth, we’ve got those who want to take a share on account of innocent investors.
Once Bitcoin reached its peak, we’ve got several other cryptos, such as Ethereum and Litecoin, in the Initial Coin Offering. People were prompted to invest funds and help the market grow and were rewarded as shareholders.
While ICO itself is legit and one of the best ways to invest in crypto, you have to do the research and ensure that you’re participating in the legitimate process.
Another way to buy and hold crypto is through an exchange. You are changing fiat currency (EUR, USD, GBP, and other currencies) to digital currency (BTC, ETH, XRP, etc.).
Before making any purchases, ensure to check the reputation of the exchange. The best would be using a regulated exchange that follows some basic government rules. While the whole point of cryptocurrencies is to be free of government oversight; sometimes, it's safer to deal with a reputable financial service provider that plays by the book and can keep your funds safe.
Lastly, if you want to profit from the crypto market volatility, you can trade cryptocurrencies. There are plenty of trading platforms specialized in the crypto market, offering even small coins.
Again, make sure to check the brokerage and ensure to deal with a regulated financial service provider. Since cryptocurrencies are not subject to chargeback or a recall, you can never be overcautious.
Got scammed online ?
Thanks to our past experience and panel of experts, backed by a database of known online scams, we are able to provide our services in order to help our customers retrieve their lost funds. We are here for each and everyone of you who have fallen victim to any sort of online scam. Our team is ready to track down your money, no matter how dire the situation may seem, and get you back what is rightfully yours.