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Exchanging with Crypto: The Good, The Bad, and The Ugly

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Have you ever heard about Bitcoin? Maybe a scam related to it, such as the recent Twitter hack that resulted in thousands of Bitcoins being stolen. Or even listened to the news and watched it rise and fall? Well, Bitcoin is just one of many cryptocurrencies, also known as “cryptos” or “coins”, that are growing ever more popular online with each passing day.

As with every market, there are winners, and there are losers. Continue reading to find out how you can best maximize your chances to become a winner.

Reputable Source to Begin Trading

Cryptocurrencies are taking the world by storm, and it is time that you get involved and begin trading, making sure to stay informed and secure. There are many bad actors out there looking to take your money and run, as Bitcoin is not traceable.

In order to get involved in Bitcoin, one must first purchase some, typically via their conventional bank account (such as Wells Fargo, JP Morgan, Citigroup, etc.), and then they will receive that much worth in Bitcoin.

However, a word of warning before you begin buying cryptocurrencies. The conversion rate of many of them, particularly Bitcoin, fluctuates massively. This means that there are a lot of risks involved when investing in cryptos, and there is never a certainty that you will make money, or even retain your initial investment.

Even if you are suspicious of online Bitcoin exchange but are willing to take the leap, then you have come to the right place! 3commas.io is Binance’s first partner in exchanging cryptocurrency, meaning we are verified by one of the most trusted and established brands in the crypto exchange business.

As dedicated professionals who share a deep passion for what we do, you can trust that the safety of your wallet, and more importantly, your personal information, is secure. Rest easy,  learn how to trade on Binance and know that you are dealing solely with experts. So, you can easily  begin trading, investing, and profiting in cryptocurrency today!

Bitcoin
Photo by Aleksi Räisä on Unsplash

Dodging Huge Conversion Rates

Many online exchange platforms charge enormous fees for minuscule exchanges and transactions. Staying savvy about keeping costs down is a critical skill to master so that you can cut costs (and therefore maximize your own profit) wherever possible. Many of the popular exchange platforms such as Blockchain.com will charge you upwards of 10% of your transaction amount, just to have it be a speedy payment. These platforms are to be avoided at all costs, due to their ability to snatch your profits out of your very hands with high fees and “service charges”.

Another way that you can lose your money is by having faulty security and thus having your account breached and balance stolen, never to be seen again. Therefore, by keeping a close eye on any and all sensitive data that may help unlock your account is a wise thing to do.

Obviously, if a website gets hacked, there is nothing they can do about it other than apologies, and pledge to do better next time and improve. But not every website. In fact, Binance is an exchange platform that offers up to $100,000 in compensation if their site is breached. Now, this may not just be you who receives this, and the compensation may be spread out among many, many people. However, just knowing that you will get something back helps to ease minds.

Avoiding Scams and Fake Websites

Phishing is a new word that is making an impact on the global cybersecurity scene as we speak. According to Kaspersky security, the number of phishing attacks in the second quarter of 2019 was over 129 million. That is a gigantic number for just 3 months’ time. Phishing websites often attempt to either impersonate a well-known vendor (such as Binance), or be completely fake while attempting to look legitimate.

Oftentimes, grammar mistakes, fake-sounding reviews, and other shoddy work can be dead giveaways that you are indeed visiting a phishing website. Constantly staying on your toes, and making sure to double-check the browser endpoint (the website’s domain name, and domain ending) can be the difference between staying safe and losing your personal information.

Additionally, some websites will offer you free crypto if you just sign up and complete a few tasks (such as verifying your profile, and in the process handing over sensitive information), although this is typically a lie.

However, if you do end up receiving cryptocurrency to your account, there is a large chance that it will be unusable without either paying a high fee (another way to scam innocent investors) or just be entirely fake. This would result in a complete waste of your time, and a brutal dashing of your hopes when you realize that your earnings and balance are really just scams designed to keep you hooked.