Security is one of the main concerns when trading cryptocurrency, which the ones on this list do offer; however, there are more perks that come with these four cryptocurrency exchanges.

Best Low Fees and Best For Experienced Traders – Kraken

Kraken allows you to trade the most common cryptocurrencies on the platform, with over 240 different coins that you can buy and sell. Another benefit is that it doesn’t overcharge for exchange fees either. Kraken is good for both experienced and inexperienced traders in the stock market.

With its simple-to-use interface and high liquidity exchange, there is no surprise why Kraken is so popular, as you are capable of trading Bitcoin, Ethereum, Tether and much more. However, there are some issues with this exchange platform and one of those is that you are charged more if you don’t use the pro version.

There have been some issues of security with Kraken, with some of its users reporting losses due to hacking; however, that has not been confirmed.

Best For The Beginners – Coinbase

Coinbase is one of the best exchanges, especially for those new to trading cryptocurrency. Again, this platform offers a variety of cryptocurrencies to trade, which is why it is so popular. It also allows rapid transactions when trading, meaning the price won’t change much when you have put your transaction in.

Due to its simplicity, it makes it very easy for crypto and NFT beginners. Additionally, if you have an account on Coinbase, it has an in-exchange marketplace where users can trade, or collect digital collectables.

There are a couple of negatives with Coinbase, as there are high transaction fees. Coinbase doesn’t have great customer service to deal with any issues you may have while trading. Finally, Coinbase has access to all private keys, which are essentially passwords for your digital wallet. It means they have full access to your digital currency.

Best Mobile App – Crypto.com

For simple investments, Crypto.com is the best app for mobile transactions. There is a wide range of digital assets that you can access with just a few clicks on your mobile phone. Plus, there are several benefits to using Crypto.com.

One of the positives to using crypto.com is that there are a lot of cryptocurrencies available. Another great positive is that they offer discounts for competitive fees and unlike Coinbase, they offer great support, unlike other stock exchanges. They also have hardware wallets that protect their investment even more.

Like all crypto exchanges, there are a couple of issues with crypto.com. Crypto.com can have really high fees unless you hold and use CRO. If you have a CRO currency, then you will have a discount on your trading fees. Additionally, their customer support doesn’t have the best reviews. Although you can have a trading fee discount, it can be quite confusing as there are multiple tiers to this.

If you want a simple-to-use app that has access to a large number of cryptocurrencies, then this is a great app to use.

The Best For Security – Gemini

One of the main issues with these crypto exchanges is that they don’t offer good security. However, that is not the case with Gemini. Gemini seems to be pretty secure in comparison to its competitors. It offers hot wallet insurance, which means that if the wallet is breached or hacked, it is covered by digital asset insurance.

Although their level of security is good, there is a lack of cryptocurrencies available on the platform. Trading fees can be high, especially if you are only making small crypto transactions of crypto.

If you want to trade with crypto but are worried about the security of other exchanges, Gemini is the one for you. Yes, you have to pay more expensive transaction fees but if you pay for Gemini, you can be sure your crypto is safe.

Summary

There are a variety of crypto exchanges that you can use. It all depends on your circumstances. Some people prefer more security with their investments to avoid things like Binance fraud and other crypto scams. Other people want to diversify their portfolios and invest in a variety of crypto coins. If you trade with small amounts, then look for platforms with small transactional fees.

Trading crypto is a great way to grow wealth and it is a different method of investing compared to stocks. The market is very different in comparison to the stock market, which is why people invest in crypto. However, it can be volatile so you have to invest wisely.

The post Top 4 Crypto Exchanges for Secure and Efficient Trading appeared first on Being Crypto.

What Are Pump and Dump Scams?

A pump-and-dump scam involves a group of scammers, usually a large group, who artificially inflate the price of a particular cryptocurrency by investing at a similar time. From here, they either spread information on social media about a new hot crypto that everyone should invest in, or they may approach people directly about it.

Once a number of people have then invested in the crypto (the number will depend on the extent of the scheme) and the value is inflated even further, which is the end of the pump phase, the scammers will all “dump” and sell their stock, leaving the remaining investors with a likely worthless investment. They make a lot of money, the innocent investors lose a lot of money, and then they go on to repeat the process.

Unfortunately, this scam is very prevalent in the world of cryptocurrency, usually targeting micro and small-cap stocks that are easier to manipulate quickly. Although, this isn’t always the case, as shown by the high-profile example of the X Token Dump and Pump rumours. This is all about using misinformation to shift natural supply and demand.

Are Pump and Dump Scams Illegal?

Yes, pump and dump scams are illegal in the UK and the US. If people are caught and face criminal charges, they will be imposed with heavy financial penalties and/or imprisonment. Investors can complain to the SEC, which then goes through a tracing process to find the people responsible.

Signs Of A Pump and Dump Scam

There are a few signs that you can look out for to identify when something might be a pump-and-dump scam:

• Usually, these scammers will find victims through social media or anonymized messaging apps like Discord or Telegram
• Hype will be built around the token; it will be framed as “the next big thing,” promising a good return on investment
• The token won’t be very well known, and when you read the white paper, the objectives and person behind it may be questionable
• The investment will likely seem too good to be true
• Abrupt increases in price and trading activity is another big warning sign
• Usually, there will be mentions of “guaranteed returns” or pressure to buy quickly before you miss the opportunity

How To Avoid Pump and Dump Scams

• Do your own research before making any investment, rather than relying on hype you see on social media or investment information that you’re approached with
• Based on your research, if anything about the investment doesn’t seem quite right, then avoid it at all costs
• Don’t listen to influencers on social media, whether they are specifically crypto influencers or fashion influencers who are dipping a toe
• Make sure you regularly read up on common cryptocurrency scams so you know how they are evolving, as they do get increasingly complex and hard to spot over time

What To Do If You Think You’re A Victim Of A Pump and Dump Scam

If you think you’re a victim of a pump-and-dump scam, you must report it to the SEC (Securities and Exchange Commission) if you’re based in the US or the FCA (Financial Conduct Authority) if you’re in the UK. These organisations are designed to protect consumers in terms of financial services and to keep the industry well-regulated and stable. Call either organisation as soon as possible after you think you’ve been scammed, and then they will be able to help you take the right course of action from there. It’s key that you report this to help catch the people responsible and prevent them from taking action again.

In terms of recovering the money you lost through the scam, if you’re working with a regulated broker or advisor and they steer you towards the scam, you may be able to file a claim against them and recover your losses.

You should also contact investment fraud lawyers who can utilise tracing technology and try to help you recover your lost funds. The sooner, the better when you think you’re a victim of a scam, as the tracing process is usually more accurate, although it’s always worth getting in touch, no matter how long it’s been.

The post Everything You Need To Know About The Pump and Dump Scam appeared first on Being Crypto.