Security issues with cryptocurrency exchanges are, unfortunately, not uncommon. But if you approach the process wisely, you can minimize the risks. First of all, on major platforms like Binance, Bitfinex or Kraken, security is usually at a high level, but you should not forget about two-factor authentication and other protection measures. But here’s what’s really important: even on the most well-known platforms, fraud can occur, for example, in the form of phishing attacks, when attackers create fake sites that look very similar to the real ones and try to steal user data. According to https://www.blockchain-council.org/cryptocurrency/risks-in-exchanging-cryptocurrency-and-how-to-avoid-them/ when it comes to exchanges, always check who your counterparty is if you’re using P2P platforms. If the exchange is not through a platform with an escrow service (for example, like on Binance), then it really becomes risky. I also advise not sending crypto until the buyer or seller has confirmed their identity – I once fell for scammers who offered an exchange at a good rate and then disappeared with the money. Yes, and the story of not finalizing the transaction is also quite common. To avoid this, you should check reviews about the counterparty, sometimes it can save you a lot of nerves. One more thing – keep an eye on the market situation. For example, if you make an exchange in a volatile or unstable market, you can always be at a loss.
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