It does not matter how clean your intentions are when you start trading, you will encounter some harsh realities that will make you think, “I do not deserve this.” Unfortunately, there are quite a few crypto brokers on the internet.
You have to be either lucky or sufficiently knowledgeable about trading matters to keep yourself away from getting scammed. While we can’t help you with the former matter, we can provide you with some great tips to improve your knowledge about online brokers.
Here are some signs that should help you figure out that the broker you have signed up with or are about to sign up with is a scam crypto broker.
Signs Your Crypto Broker Is a Scam
Keeps Telling You About Becoming a Millionaire
Could there be a sign more vivid and obvious than this one? Whenever there is a scam, it promises you things that you would generally only dream of. So, in many cases, you will notice that your online broker is telling you that you can make a lot of money from trading.
Such a broker is hiding the truth from you.
While you can make millions from trading, you can lose the same amount of money too.
Focuses Too Much on Bonuses
Bonuses in the online trading world are close to nothing. They are useless in the sense that you can use them only once. On the other hand, trading is an ongoing matter. You will be losing and winning money on your trades every single day.
Your broker should talk about things that are going to help you through your daily grind. A bonus will come and go, and you will never even recall it. So, be sure that your broker has something better than a bonus to offer you.
Demands Too Much Money Upfront
Online brokers understand their target audiences well. They know they have a lot of novice traders signing up on their platforms from around the world. For that reason, they make signing up easy for their traders.
They require very little money when you open an account with them. You can take the example of XtrGateScam.net, an online broker that requires only a small amount of one thousand units of your base currency to allow you to trade on its platform.
Do Not Ask for Identification Information
Your identification information can be a huge barrier between you and your trading career. If you are on the right broker’s website, you will be asked to provide proper identification information on the website.
However, if you are on the wrong broker’s website, you can skip the identification part. That’s because the broker is only concerned with your money. On the other hand, asking for proper identification information is among the best practices of online trading.
A broker like XTRgate asks you to provide accurate identification information when you sign up.
Final Thoughts
So, the points given above should help you figure out if you are signing up with the right or the wrong broker.
More importantly, you should read online reviews to help you know about the best online brokers for trading cryptocurrencies. You have various online experts who can do the research work for you and remove the guesswork from your path of finding the best online broker.