It's that time of the bear-bull cycle again when I get random messages from my childhood friends! There’s no better indicator than this for an upcoming bull market in crypto!
Recently, I had a chat with my old school friend who received a message on Instagram, promising sky-high returns in the world of crypto trading. You see, ever since my crypto journey began in 2018, I've become the go-to person in my circle for all things blockchain and digital currencies. So, she reached out to me for some advice, and I straight away denied her sending money to anyone!
I also shared clear insights on how she can buy crypto easily from any centralized exchanges in India using her fiat- Indian Rupee. It’s an easy process to get started much like opening a social media account. Plus, the trading terminals are as simple as it can get. Most of them have a quick buy section where you can just buy the crypto she wants!
After the whole conversation, she asked me:
“Are you sure?! This Insta account has more than 10k followers!”.
“Yes, Emma, I’m Sure!”
Don’t get me wrong, I’ve also made mistakes; I have got Scammed(https://anjujulius.com/the-time-i-got-scammed/). And, if I learned anything from all my experience combined, working with the largest exchange in the country to the startups who faked their product development to their crypto investors, it’s that—You Never Send Money To Anyone For X% Returns, Never!
I never heard back from her after that until two days ago. This time with a screenshot from a WhatsApp group. This group claimed to be some sort of investment club that promised members unbelievable returns on their crypto investments. Naturally, she was a bit confused as to why I kept harping on about avoiding these groups. To her, it probably sounded like I had some secret agenda to drag her over to the centralized exchange side.
So, to get to the bottom of it, I asked her to send me the link that the group provided. It took me to a basic trading interface that listed a bunch of coins and a vague description of their presence in different countries. I’ve seen better scam sites and this one doesn’t even have the appeal to it to even try to test it with an alternative account. I wonder how people still feel this site would provide an easier transaction than a centralized exchange!
It must be the promise of guaranteed returns that lure people into it! Or, maybe the jargon they throw around in their personal messages!
What's ironic in all of this is that my friend has been working in a bank for over a decade! You'd think someone with that much financial experience would be the last person to fall for a financial scam, right? But the truth is, crypto scams don't discriminate. They can catch anyone off guard, especially if you're new to the scene!
So, I'm here to shed some light on why centralized exchanges are the best, especially when you're just starting your crypto journey. And, I’m sharing this piece of article with anyone who is sending me another text like this, so that they know they are not missing out but getting into a scam before taking any action!
Alright, let's get into why centralized exchanges are like the reliable, friendly neighborhood grocer you can trust in the world of crypto.
User-Friendly Interface
Centralized exchanges are the perfect starting point for beginners. They're designed with simplicity in mind, making the whole buying and selling process a breeze. It's just as straightforward as online shopping – you pick what you want, click, and boom, it's in your cart.
Security Measures
Centralized exchanges have your back when it comes to security. They invest in top-notch measures like encryption, two-factor authentication (2FA), and cold storage for your funds. It's like having a fortress around your digital treasures. Plus, they have dedicated teams working tirelessly to keep your investments safe from prying eyes and potential cyber baddies.
Regulatory Compliance
The great thing about these exchanges is that they often operate under regulatory oversight. That's like having a watchdog that ensures everything is on the up and up. It means they have to play by the rules, which is good news for you because it adds an extra layer of protection and accountability. You can sleep easy knowing that there are some watchdogs keeping an eye out for you.
Last but not the least:
Choose Your Exchange Wisely
Choosing the right exchange can be a bit tedious given there are many. The best way to start is to find out the old and best performing exchanges in your country. This will facilitate seamless transactions using your fiat currency, meaning your local currency.
For example, the following are the Indian exchanges that are working well in India:
WazirX
ZebPay
CoinDCX
CoinSwitch
If you are looking for an international one, try Binance.
Step 2 would be to think about your plan with the crypto. Are you only planning to invest to gain profits over time? Are you planning to participate in crypto projects by sending your crypto? What is your goal?
If you just want to invest in crypto, then all the exchanges work just fine! Exchanges like CoinDCX are ideal for trading ONLY between INR and crypto.
However, if you have a plan to use your crypto somewhere else, for example, to transfer it to a digital wallet, it might not be possible on every exchange. Exchanges like ZebPay and WazirX offer crypto to crypto transactions.
You should also know, some of the coins might be listed under their rapid listing program, which means, you can only trade that crypto on the exchange and not transfer it into any other wallets.
So, having your endgame planned out might help you choose an exchange.
Now, I know what you might be thinking – "But isn't crypto supposed to be all about decentralization and freedom? and isn’t that what you were preaching all these years?”! And you're right! It's one of the things that makes crypto so appealing. But when you're just starting out, and not ready to learn anything else other than the how-to-make-money-from-crypto aspect of it, you’re not quiet there exclusively for decentralization.
With crypto and centralized exchanges, it's like learning to ride a bike with training wheels. You'll feel more secure, and once you're comfortable, you can venture into the wild world of decentralized exchanges, self-custody solutions and more!
So, the next time someone tries to lure you into a flashy WhatsApp group with promises of instant riches, remember to steer clear and consider the centralized exchange option. Also, we are talking about investing in a market, that too an infant market with huge fluctuations in price. If anyone promises you a guaranteed fixed return within a time period in terms of fiat, that’s an instant scam!
In the end, what matters most is your safety and the peace of mind that comes from knowing your investments are secure. So, take the plunge with centralized exchanges, and when you're ready, you can spread your wings and explore the wild crypto frontier at your own pace.
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While exists people that want earn money easily without study or work and people without moral, ship scam schemes will exist.