With the increase in Crypto Scams all across the globe, regulatory authorities have suddenly become more cautious as to whom to give the license of trading crypto and other binary options. A lot of people find a lot of success in crypto trading however it is definitely not for everyone. The fact that crypto requires a lot of emotional discipline, a good knowledge of the blockchain technology and a good emotional quotient as well, is something that only a few have been able to understand so far.
A lot of websites seem like they are legit but they are not owing to the insane amounts they pay to website designers who make such legit-looking websites. However, these designers forget to revamp the Terms and Conditions Page and sometimes the About Us page. If a Terms and Conditions page is plagiarized, there is a high chance that the broker is a fake one.
If a broker is asking for your credit card details directly, via call or via email, never share it because the broker is just trying to extort money from you via unfair means. Also, do remember that get rich quick programs are bound to lose more money, hence, don’t fall for investments of such stature.
While investing, you need to do proper research and make sure that the broker you are working with has an appropriate regulation and license similar to ASIC, FCA, CySEC, BaFIN, or any other government regulators. You also need to research more about the financial option you are planning to invest in as many of them are unregulated.
Never invest all your money on a single go and instead invest it step by step. Also, before actual trading, you need to get accustomed to the demo trading account that your broker provides you with. The demo trading account is sometimes enough to suggest as to whether the trading mechanism sounds fishy or not.
Never listen to your broker when it comes to your trading decisions as a lot of people have lost a lot of money while paying heed to them and sometimes, your intuition will provide you with a better trading outcome than your brokers.
