How to Spot a Fake Crypto Exchange Platform

Investing in cryptocurrencies can be a lucrative business, provided you do it the right way. Making a drastic miscalculation about how and where you invest your money for crypto can ensure a significant financial loss.

While the Australian government has legalized trading and owning cryptocurrency, you need to be careful about what platform you are using to invest. All exchange platforms that deal with crypto must have permission and a license from the Australian government.

In addition, they also report to the Australian Tax Office. When you do not want to make any mistakes, consider only using trusted exchange platforms like Swyftx Australia.

If you do not know how to spot an authentic and fake crypto exchange platform, here are some tips to help you out.

Check Its Legitimacy

Before creating an account on the first crypto exchange you happen to come across, it is a good idea to check if it is legitimate. The government registers exchange platforms in Australia that deal with crypto.

You should also check whether it is registered on AUSTRAC as a digital currency exchange provider. Many exchange platforms have also been comprehensively covered in various media outlets, so reading through them would also be ideal when you are planning on creating an account.

Read Through Reviews

Any good and trusted crypto exchange platform is bound to have plenty of customers who rave about its services. When you are determined to find an exchange platform that is easy to use and efficient, checking out the customer reviews is a must.

It would be best to read through reviews to find out whether you are signing up for a fraudulent platform. If any of them sound the same, it might be bots at work instead of actual humans.

Reading reviews can also clarify whether any user has ever faced problems buying or selling their crypto through the platform.

See How It Works

When you visit the websites of crypto exchange platforms like Swyftx in Australia, you will be able to see a detailed guide on how the platform works and what fees are associated with it even before you sign up.

Having complete transparency is vital for crypto exchange platforms that want to ensure that their users have a seamless experience when using their service. You should ensure that the platform you end up using follows the same kind of methods when it comes to transparency.

Understand Where You Could Go Wrong

If you have already signed up on several platforms and are using all of them to trade your crypto, you need to understand where it could go wrong. You should know that your confidential information is only added to a few services, not all.

Sharing your private information is no joke, and if you do so, it should be on authentic platforms. Understand where you could go wrong by signing up on a fraudulent platform before it is too late.

Trust in Verified and Authentic Platforms

When you want to ensure that your crypto experience is seamless and does not cause any obstacles in the future, you need to trust only verified platforms. Ensure that you are using a platform vouched for by others and mentioned in various news outlets.

Keep an eye out for any disturbing information about specific crypto platforms to avoid falling into traps that can make you lose money.

 


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