How To Spot False Bitcoin Exchanges
By Jamie Green – Crypto Specialist
Often, on social media, you'll see a link saying something like "Buy Bitcoin for 5% below market value. Save well!” Most of these are marketing tricks to get you to visit their website and use their fake exchange to ‘buy and sell Bitcoin’, as detailed on The Wall Street Journal.
How can you spot the fake ones?
You need to confirm that any site you go to has the format of HTTPS, as HTTP is not protected. If the site is secure, then it will have HTTPS and any site without an S in the end is something you need to avoid.
One other thing to keep an eye out for is false deals that advertise exchanges and sales through payment sites such as PayPal and Venmo. They usually have a form to fill out where you put in your information, however they never send you the cash for selling crypto.
Many of these fake exchanges only last a day on the web. If you want to confirm the authenticity of a site for buying and selling Bitcoin or another crypto, then you should check it against the original site for the project. This way you can verify the platform better and potentially save yourself from getting scammed.
When it comes to figuring out Bitcoin wallet scams, that can get complicated. The purpose behind these frauds is to gain your information and use it to get money.
As with fake Bitcoin sites, be very cautious and smart. You need to keep an eye out for red flags.
Does the name of the wallet site try to look like another well-known Bitcoin wallet? Apart from the obvious, it can be difficult to tell if a wallet address is wrong. A good practice is to ask your peers if anyone has ever used the wallet or if you can get an example and see if they’re valid on their respective block.
Don’t forget you can use our trusted platform to sell crypto UK from your trusted cryptocurrency broker.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
2. **Continued Operation Outside the UK:**Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.
3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing email@example.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to firstname.lastname@example.org from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at email@example.com Kind Regards