- Cryptocurrency is one of the hottest assets in the investing world today, and for good reason.
- In the last decade alone Bitcoin one of the most popular vesrions - averaged a return of over 200 per cent a year, according to a report by Yahoo Finance, which is one of the highest returns ever made on any financial instrument.
- It is no wonder that many people are turning to these forms of investment to find the freedom.
Cryptocurrency is one of the hottest assets in the investing world today, and for good reason.
In the last decade alone Bitcoin one of the most popular vesrions - averaged a return of over 200 per cent a year, according to a report by Yahoo Finance, which is one of the highest returns ever made on any financial instrument.
It is no wonder that many people are turning to these forms of investment to find the freedom. Though cryptocurrency is fast-becoming one of the top investment choices for young people because of its high returns, it is also important to know that these high rewards come with their share of risk.
This is due to factors such as high rates of volatility and unstable market regulations.
But primarily, a number of people have fallen prey to crypto scams while others have lost their assets as a result of imprudent planning.
However, with the right strategy in place, the journey through investing in crypto can prove to be a very profitable one.
The first step of the journey is to choose a trusted exchange platform to trade on. There are hundreds of crypto exchange platforms around the globe, and to find the one that is right for you, you will need to decide what features matter most - priority of which should be security.
It is crucial to choose a platform that allows you to buy and sell a wide range of crypto assets and trade directly with other users, while being able to do so via a robust security framework that ensures users enjoy a safe and secure experience.
There are cases of people falling victim to a crypto escrow service scam that has seen traders lose all their initial capital.
In that moment, it is important to understand the importance of investing only through a secure exchange platform to be able to make profits. It is only a matter of time before one is able to invest securely and reap the desired returns.
Here are some tactics to help make safe investments on the crypto marketplace: First, check the vendor’s feedback and competition rate: Before you start a trade or pay any dealer, make sure you check their feedback and completion rate. Their user profile will include information such as user feedback, 30d completion rate, and the average transaction time.
Second, don’t release your assets without full payment. Don't let buyers trick you into releasing your assets without payment in your account.” Once a buyer places an order, the seller’s cryptocurrency will be automatically transferred to a temporary deposit, also known as crypto escrow service.
If you’re a seller in this situation, always make sure you’ve received the full payment through the correct channel before you confirm the transaction and release your assets.
Report any suspicious transaction to the customer support team.
If you are suspicious of your counterparty, immediately cancel the transaction and report to authorities. Remember to provide screenshots of the transaction and any supporting evidence in your formal appeal.
Emmanuel Babalola, is director Africa Binance a crypto exchange