How Do You Know If The Online Platform is Legit?

Similar to online brokerage services, cryptocurrency exchanges give you the means to purchase and sell digital currencies and tokens like Bitcoin, Ethereum, and Dogecoin.

Security, fees, and the cryptocurrencies provided are a few factors to take into account while selecting a cryptocurrency exchange. Additionally, it’s critical to comprehend how your bitcoin is kept secure and whether you have the option of taking control of it by transferring it to your personal digital wallet.

Digital Wallet

Both controlled and decentralized cryptocurrency exchanges exist. Centralized exchanges adhere closely to governmental authorities’ financial restrictions (such as the U.S. Securities and Exchange Commission). Many will demand identity verification and insure deposits made in dollars.

Decentralized exchanges lack a centralized regulating body and are unregulated online exchanges hosted on user-owned distributed nodes. Decentralized exchanges provide direct peer-to-peer cryptocurrency exchange in addition to transparent transactions and fees, despite the fact that this may sound frightening. When compiling this ranking of the top cryptocurrency exchanges, we took these considerations into account.

Over £27million lost to scams involving crypto and forex investments in 2018/19

If you’re someone who is into Online, then you’re definitely at the right place. We can give you the best practices in identifying red flags as well as help you in recovering your stolen money from scammers!

Table of Contents

Best Crypto Exchanges of 2022

Crypto Exchange

Here are the best trading platform for beginners:

How To Identify Which Online Trading Platforms Are Legit?

Following are a few ways in which you can make sure about the credibility of the online trading platform.

Beware of Cold Contacts

Any broker or investment advisor who calls you unexpectedly from a business with which you have never done business should be taken very seriously.

The communication could be over the phone, by email, or via letter. Don’t let invites to investment seminars tempt you to lower your guard and make impulsive investments by promising free lunches or other incentives.

The SEC also warns consumers to be especially wary of callers who employ high-pressure sales techniques, advertise once-in-a-lifetime prospects, or decline to deliver written information regarding investment; these are, for sure fake trading websites.

Crypto Jacking

Verify SIPC Membership

In a manner similar to how the Federal Deposit Insurance Corporation (FDIC) safeguards bank customers, you should also confirm that a brokerage firm is a member of the Securities Investor Protection Corporation (SIPC).

This nonprofit organization provides investors with up to $500,000 in protection (including $250,000 for cash) in the event that a firm goes out of business. Always make cheques payable to the SIPC member business when investing rather than to a specific broker.

Check Your Statements Regularly

Investing on autopilot is the worst thing you can do.

Whether you receive your statements in paper or online form, properly reviewing them might help you catch errors or other irregularities early on. Ask questions if your investment results aren’t what you anticipated or if your portfolio has undergone a sudden adjustment. 

Don’t believe convoluted assurances that you don’t fully comprehend. Ask to speak to someone higher up if you are having trouble getting clear answers. Never worry that you’ll come off as foolish or annoying.

DO YOU SUSPECT THAT SOMEONE HAD SCAMMED YOU?

If you have suspicions of a scam or phishing attack, you can rely on experts to help you with protection, mitigation, and fund recovery

You will feel safe knowing that experts with years of experience will be guiding you!

When in Doubt, Withdraw Funds and Complain

Take your money out of the financial advisor’s custody if you have suspicions of fraud. 

Subsequently, file complaints with the same state, federal, and private regulators whose websites you visited when you first investigated the financial expert.

You can do a few things if you believe your disagreement with your broker or advisor is justified. You must file a dispute with either the Securities and Exchange Commission (SEC) or FINRA if your grievance is against a stockbroker.

A charter organization has a large number of financial professionals as members (you can usually tell by the abbreviations after their names). 

It is worthwhile to file a complaint with these organizations as well because they have standards and codes of conduct as well. You can make a complaint with the Certified Financial Planner Board of Standards, for instance, if it is against a Certified Financial Planner (CFP). You can get in touch with the Association of Investment and Research if the claim is made against a Chartered Financial Analyst (CFA).

Another option is to get in touch with your state’s or province’s securities commission. There is a division in each state or province that deals with grievances brought against brokers, counselors, and financial planners. The last resort is to engage a lawyer if none of these solutions work.

cryptocurrency

Top Regulatory Bodies That Monitor And Blacklist Scam Trading Websites

Legally, federal and state securities authorities demand that financial experts and their companies register with them.

Additionally, the public has access to this registration information as well as the specifics of any disciplinary proceedings that have been taken against the people or businesses.

Remember that the agencies’ enforcement domains can occasionally overlap, and they might offer similar data. Even so, it’s important to examine them all because they can have different rules about the information they offer and how long the data is accessible.

The following list:

  • State securities regulators: The regulatory authorities in your state probably have data on brokers and brokerage firms’ licensing, registration, and disciplinary proceedings, as well as data on registered investment advisors. Check out any resources your state provides, such as the investor education materials made available by the New Jersey Bureau of Securities, for studying a broker or investment advisor.

  • FINRA: The BrokerCheck website, run by FINRA, an independent, non-profit agency mandated by Congress to safeguard investors, is another excellent resource for information about brokers and the companies they work for. Some direct state visitors were seeking broker information for the FINRA. Even while the website for your state likely contains a lot of information on its own, it is still worthwhile to visit BrokerCheck to see if there are any additional facts.

     

  • SEC: The SEC’s Investment Advisor Public Disclosure (IAPD) website is a key resource for details regarding licensed financial advisors, along with numerous state regulatory bodies. You may find the ADV registration and reporting form there, which is what the majority of investment advisers and investment advisor companies must submit to the commission or state governments. A lot of information regarding the advisor’s business is included in the form. A plain-English booklet containing information on the advisor’s services, pricing structure, disciplinary history, conflicts of interest, and the qualifications of key staff is required under part 2 of the form. You should receive the brochure from the investment advisor along with regular updates. However, it is also available on the IAPD website. The SEC cautions against hiring an investment advisor without reading the whole form.

In a manner similar to how the Federal Deposit Insurance Corporation (FDIC) safeguards bank customers, you should also confirm that a brokerage firm is a member of the Securities Investor Protection Corporation (SIPC). This nonprofit organization provides investors with up to $500,000 in protection (including $250,000 for cash) in the event that a firm goes out of business. Always make cheques payable to the SIPC member business when investing rather than to a specific broker.

What Should You Look at When Choosing a Cryptocurrency Exchange?

Security, fees, and the cryptocurrencies provided are a few factors to take into account while selecting a cryptocurrency exchange.

Additionally, it’s critical to comprehend how your bitcoin is kept secure and whether you have the option of taking control of it by transferring it to your personal digital wallet.

Both controlled and decentralized cryptocurrency exchanges exist.

Centralized exchanges adhere closely to governmental authorities’ financial restrictions (such as the U.S. Securities and Exchange Commission). Many will demand identity verification and insure deposits made in dollars. Decentralized exchanges lack a centralized regulating body and are unregulated online exchanges hosted on user-owned distributed nodes. Decentralized exchanges provide direct peer-to-peer trading in addition to transparent transactions and fees, which may seem frightening.

do you need help?

A lot of those who contact us have questions and concerns about their personal and business data being compromised. We aim to arm you with the legal and technical know-how in the fight against scams. Also, we will be able to refer you to top scam recovery agencies.

Please fill up the form. Rest assured that our support team will get in touch with you

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