Read about the first Bitcoin scam warning here.
Bitcoin Scam Warning #2
Note: (cryptocurrency is the term given to online currencies such as Bitcoin and Monero etc)
There are many different kinds of cryptocurrency scams that are victimizing people who are new to the crypto world.
Con artists prey on those who don’t know the difference between a legitimate crypto platform and a fake one. Here is the second thing you need to be aware of:
The Offer Is Too Good To Be True
Whether you’re trying to get the best rates for your dollars, rands or bitcoins, it’s only natural that you’d want the best possible deal. Since cryptocurrencies are decentralized, most crypto exchanges have their own exchange rates.
However, these rates don’t vary by much. If you see a website offering rates that are significantly lower or higher than other established exchanges, then it’s a giant red flag. It’s better to do business with a trusted platform with higher fees than to try to get the best deal out of an unknown website that could possibly swindle you out of your entire fortune.
By far the safest way for South Africans to buy and trade Bitcoin is by using Ice Cubed. It is the one I personally use. It has very good security, free to sign up and only charges a tiny 1% transaction fee. You can sign up for free here.
In the coming days Enjoy Life will be launching “BITCLUB” which is our online membership club covering everything about Bitcoin and other cryptocurrencies. This group will be the most comprehensive membership around, with insights from the real experts. There will be very limited spaces available! If you want to make sure you don’t miss out, enter your email address below and we’ll send you an email as soon as the doors open to this incredible opportunity.