When it comes to working with crypto exchanges, there are a few potential problems that you need to keep an eye on. We’re going to look at a few of these in this article. So long as you make sure to keep away from these issues, you shouldn’t have any trouble.
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‘Know Your Customer’, or KYC, is a practice made by most crypto exchange platforms. It requires you to be prepared with a form of ID and facial recognition before you can use the platform. If you don’t have these things available when you first start out, you may be stuck with a dummy account until you do. (If you get that far)
Make sure to have your identification at the ready so that you aren’t delayed in getting started!
Deposit Freeze Issues
Some traders find their account has been frozen for no specifically explained reason. Typically, the cause of a deposit freeze is due to a trade you made looking suspicious. Money laundering is a big problem with these platforms.
To avoid getting your account frozen, make sure to take trades that don’t seem suspicious. Do not take a trade from someone who has asked you to then transfer the winnings through to another account, or any other such odd request.
If you do end up with a frozen account, make sure to contact customer support immediately. They can then tell you exactly what happened, and you can do your best to get it sorted out as quickly as possible.
Fake Feedback Issues
Some sketchy crypto exchange sites use fake feedback to make themselves look better. There is a very easy way to tell the difference, however.
Any site that has 100% positive reviews is almost certainly using fake feedback or restricting negative reviews from being shown. There are always unsatisfied users for all platforms and businesses.
The best sites typically have a positive review rate of 90-95%. Anything more or less and the site is likely not one of the best.
Make sure to keep an eye on these things to avoid getting into any trouble.
Stay safe and happy crypto trading!