Choose a reliable exchange
Most of the problems start with the exchange you are using, as it is the exchange that gives you the crypto in exchange for your fiat money. Opting for a fraudulent exchange or on the edge of the failure and you will never receive a single token in your wallet again. Therefore, you should carefully choose the best exchange for you.
Start by checking if it’s regulated by the authorities, as that’s a guarantee of approval, then look for customer reviews online. The regulation was initially frowned upon by crypto enthusiasts but unfortunately there is a trend towards regulation of the industry due to the many accidents of 2022.
Ok so a reliable source tells me that the MFA mandates to transmit the identity and personal information of cryptobros depositing and withdrawing PSAN-approved Monero or Zcash to TRACFIN.
Some exchanges have removed these coins in France for this reason.
— Slashbin.eth 🦇🔊 (@slashbin_FR) June 21, 2022
Reputation is not everything, consider other factors, such as supported fiat currencies, transaction fees, etc.
Store your cryptocurrencies in a secure wallet
An exchange will provide you with an online wallet once you buy cryptocurrency, but these so-called wallets hot wallets they are not completely sure. Exchanges are constantly targeted by hackers looking to steal cryptocurrencies. However, top cryptocurrency exchanges keep most of their clients’ assets in offline wallets (cold wallets). But we are never 100% sure.
Binance Reveals the Value of All Its Wallets!
— The ₿log (@Theblog44) November 15, 2022
If you have large amounts of cryptocurrencies, what you need is your own secure wallet, in the form of a mobile application or cold wallet. Mobile apps are more suitable for beginners as they are easy to use and you can recover your password if you forget it, but offline wallet devices like Ledger The Nano Xs are the safest as they are offline most of the time.
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Only access trusted DeFi services
The world of cryptocurrencies is vast and diverse, with projects ranging from DeFi to NFTs, trading bots, DApps and more. Many of them claim to offer huge returns from a minimal investment and some can be a lot convincing and inviting.
However, keep in mind that this is how most victims get tricked in cryptocurrency scams. The platforms of agricultural production reliable ones offer moderate returns, about 5 to 7% per year. It’s not about getting rich in a few months with a small investment!
So whenever you want to interact with a cryptographic service, make sure you do your due diligence to make sure it’s trustworthy.