Fake crypto exchanges have made the survival of young and inexperienced traders even hard. Many fake firms have been blocked and banned but despite the efforts, the crime seems to grow. This reflects only one thing which is that we are still in dire need of stricter regulation. Traders need to understand the intricacies of the present crypto era and then work accordingly. Many of the young lot think they are exchanging in the era right after the currency came in and there was a small chance of being trapped. This isn’t the case, over the passage of time the tricksters have mastered the art of fooling both, the young and the experienced ones. They know very well how each segment of traders thinks and then design traps and working methodologies accordingly. Such are their tactics that traders never think of authenticating them with the respective authorities. Around 4 years back, in 2017, a South Korean was shut down by the financial authorities because they were caught cheating red-handed. 

The Investment Center Broker Mr David Keller says that the South African BitKRK fooled thousands of traders in a short time and while it was operational no one could imagine it was involved in the dirty game. This shows that catching firms is not an easy job and one has to be as vigilant as possible. Mr Keller is an expert who has studied crypto exchanges from all around the globe. He has a very good understanding of how fake firms work. We have him on board today to ask him for ways we all can keep ourselves safe from the lethal attacks of these firms. Let’s see what Mr Keller has to guide us about today.

Malware

A very small fraction of people are ready and willing to invest in Anti Virus Software. Some think they are useless while others find them overpriced. A crypto exchanger should not think along these lines because a click can make you lose all that you’ve earned over years. These days we have a lot of clickbait that become a source of virus which can steal all that we have kept secret and close to our heart for years. Many fake cryptos exchanges, when opened, lead to downloading of multiple files that introduce viruses which help the developers gain login information, passwords and latch onto the user accounts. Once they succeed, they can do anything from draining your balance to replacing or altering your authenticated address. This is why it is recommended that you invest in reliable and well-reputed anti-virus software and do not let your computer download files unless you permit it. 

17,819 Antivirus Software Illustrations & Clip Art - iStock
  • Don’t fall for cheaper alternatives

Many traders still remember how they expressed mistrust in bitcoin and they don’t want to miss out on any opportunity. This is why they rush to buy coins that are cheap with the hope that they will become bitcoin one day. This isn’t the right approach all the time. Many fake firms offer you cheap coins to make you think this way and buy the unworthy currency as a result of FOMO. So never trust what the firm tells you unless that is what your research tells you too. 

By Zigong