Watch out for Scammers

With no central exchange and little regulation in place, the bitcoin market is, unfortunately, an ideal environment for scammers.

Fake exchanges and wallets are common, as are phishing scams where fraudulent emails direct you to scam sites identical to the platforms you use to capture sensitive data.

Ponzi schemes, which work on a pyramid structure, offer increased returns for investors that recruit other investors and should be avoided at all costs.

Malware is, of course, another issue and without proper security measures around your bitcoin wallet, you leave yourself open to the threat of having your account emptied.

These are just some of the scams to watch out for and, as bitcoin trading is such an open, complicated and relatively new market, new threats pop up regularly.

So, the last of our 10 bitcoin trading tips is to keep your wits about you, be aware of anything untoward and put robust safety measures into action.

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