Is losing your cash in Bitcoin Trades one of the scares that is holding you back from starting Bitcoin Trading Business in Kenya? People in Kenya do get Scammed by Fraudsters and that’s a Fact but there are pre-emptive measures on How NOT to get SCAMMED when Trading Bitcoin in Kenya that you can use to safeguard your Crypto Coin assets. This Article Post here will Discuss Safety Precautions and Practices that you can include in managing your Kenyan Bitcoin Wallet Account and How to go about your Bitcoin Trades cautiously.
Are you ready to learn How NOT to get SCAMMED when Trading Bitcoin in Kenya?
Here below is a list of items that you should have at your finger tips about Bitcoin Trading in Kenya that will Help you with How NOT to get SCAMMED when Trading Bitcoin in Kenya
- Open Bitcoin Account with Trusted Bitcoin Exchanges which have continuously been operational for more than 5 years e.g. Localbitcoins (Airtel Money), Coinbase (USD), Paxful (MPesa) and Binance (BTC). There are many Bitcoin Exchanges out there and not everyone of them is best suited to run in the Kenyan setup. The Difficult and Restrictive the Process of getting your Money to the Bitcoin Exchange to Buy Bitcoins, the Higher the chances of losing your Money or Bitcoins as you will need 3rd parties to e.g. Help you convert your MPesa to US Dollars that are only accepted on the Bitcoin Exchange. Likewise, during Bitcoin Withdrawal, you will need other parties to Help you Sell your Bitcoins, Convert your USD Payments to Kenya Shillings and afterwards find other parties or entities to send you the Kenya Shillings to your MPesa or your Bank Account all of which will eat into your Profit margins or impose charges fraudulent charges on your Bitcoin Trades that you cannot opt out off. Some will swindle you off your cash in hidden charges and fees labeled as either Processing Fees and other crafty levies. To steer away from such like Problems, use Reliable and Trusted Bitcoin Exchanges that allow you to Buy and Sell Bitcoins using Kenya Shillings using Payment methods like MPesa.
- Always Buy and Sell Bitcoins from Trusted Bitcoin Traders only. In Paxful Bitcoin Exchange, Bitcoin Traders are categorized into two categories. That is Trusted Bitcoin Traders in Kenya and Everyone else who is a Bitcoin Trader in Kenya ( mostly new and unverified Bitcoin Trading Accounts). Most of the drama regarding deals gone bad or people getting scammed happen in the other category where everyone else that is not a Trusted Bitcoin Trader falls into. To make your Bitcoin Trades smooth, hassle free and maintain the sanity of your mind, click the button for View Offers from Trusted Bitcon Traders in Kenya on your Paxful Bitcoin Trading Account so that you only trade with Authentic and Trusted Bitcoin Traders in Kenya and carry out your Bitcoin Trades in Peace without Headaches or Worries of losing your Money or Bitcoins.
- Do NOT Buy or Sell Bitcoins from Bitcoin Traders who have accumulated Bad Ratings and Feedback. The Good thing about advanced Bitcoin Exchanges and Platforms is that they provide a Feedback Mechanism for Bitcoin Traders to report back on their experience when trading with a Particular Bitcoin Trader. This type of Feedback helps future and prospective Bitcoin Traders with a given Bitcoin Trader to be put on scale and evaluated for their trustworthiness, reliability and convenience of trading with. A Bitcoin Trader with many Bad Ratings, Bad Feedback from previous Bitcoin Traders, Prolonged Average Bitcoin Trade Speed times is a Red Flag and such Bitcoin Traders should be avoided at all costs. These are signs that they have cut raw deals to their Previous Customers and ended up making them make loses both monetary and time and hence earned the Bad Reputations on their Profile. Always check a Bitcoin Trader’s Profile and assess their Feedback Ratings before opening a Bitcoin Trade with them.
- Be wary of People who start Negotiating for a reduction of Bitcoin Price when they open a Buy Bitcoin Trade with You. If you ever open a Bitcoin Trade with someone and they start stories about Discounts or Negotiating Bitcoin Price, just know that you are dealing with a potential Fraudster. They will waste your time as they try to get you confused so that they can run their dirty gimmicks on you as they maybe bid time for Bitcoin Prices to change in their favor. In such a scenario, do not release Bitcoin to them or send money to them. On Paxful Bitcoin Exchange you can enlist the Help of a Moderator to help resolve that nuisance.
- Be wary of Bitcoin Traders offering abnormal Great Prices way above normal market rates when selling Bitcoin to them especially for MPesa payments. There is a catch! Not everyone that is Registering for a Bitcoin Account Wallet in Kenya is interested in Buying and Selling Bitcoin. There are some Shrewd individuals whose sole purpose is to ensnare People and Collect their Data ( Mobile Phone Numbers, Bank Account Details etc. ) in the Pretext of Transacting a Bitcoin Trade with them. For instance, someone ( a Bitcoin Buyer ) could price their Bitcoin Buy Offers very High way above the normal market rates so that many willing Bitcoin Sellers ( guided by greed ) establish contact with them but when an oblivious Bitcoin Seller opens a Bitcoin Trade with them, then gives them their contacts, the Bitcoin Buyer does NOT Send Cash to the Bitcoin Seller. They go mute and keep them waiting until the Bitcoin Trade Window period expires. What happens is that they only wanted to harvest Contacts for malicious and unsolicited use e.g. for advertising other products to you. After such encounters you may note that you start receiving on your Phone promotional messages or products, services, cheap loans and other tones of wicked get rich scam messages that you never subscribed for. Whenever possible, always trade Bitcoins with Trusted Kenyan Bitcoin Traders. Paxful Bitcoin Exchange has a button that you can turn on so that you only see Bitcoin offers from Trusted Bitcoin Traders in Kenya.
- When Selling Bitcoins, do NOT release Bitcoin until the Bitcoin Trader has paid You. When Withdrawing Bitcoins to MPesa in Kenya, there is an order in which things are done. First you decide amount you want to withdraw then find a Bitcoin Trader who can Send you Money and you Send them Bitcoin afterwards. However, if you do things in reverse order and send your Bitcoins to a Bitcoin Trader before they send you your Money, if they are dishonest, they could refuse to send you your Money. This is like going to Withdraw MPesa then the MPesa lady grants you cash before she confirms that she has seen your MPesa Withdraw request from her MPesa agent enabled Phone SMS. The MPesa lady will lose her Money if you decide not to notify her that the amount has not been reduced from your MPesa account. This happens with new MPesa agents. Hope you can use this MPesa analogy to relate what could happen with the Bitcoin scenario when you do things in the wrong order.
- Do NOT fall for any Bitcoin Trade dealings which require you to Transact outside your Bitcoin Exchange. Should you ever start a Bitcoin Trade then the Bitcoin Trader whether Buyer or Seller tells you to cancel the current trade so that they can let you in on another better offer where you are not sending them the Bitcoins on the Bitcoin Exchange System or Receiving Bitcoins on the Bitcoin Exchange system, that should ring alarm bells for you to be extra vigilant. Scenarios like these are precursors to scam and You and your Bitcoins / You and Your Money will be separated and you will have no where to fall back to or even prove that you sent this con artist your Bitcoins or your Money.
- Do NOT request for Help with your Bitcoin Account from anyone else apart from the Bitcoin Exchange’s Tech Support only. When you encounter issues with your Bitcoin Wallet Account or any Bitcoin Trade that you are engaged in, do not enlist for help from external sources whose Ethical and Moral values you cannot establish from the very onset like e.g. someone sitting next to you at a Cyber Cafe or someone you are sitting next to in a Public Service Vehicle. Paxful Bitcoin Exchange has an option of asking a Moderator to help resolve a Bitcoin Trade issue. It is important to trade Bitcoins on Bitcoin Exchange platforms with impeccable Tech Support and Customer Care.
- Do NOT sell Bitcoins to People with Accounts that are NOT fully Verified. Most of the Bitcoin Account Wallets that are NOT YET FULLY VERIFIED are usually those of newbies but do not let this fool you. Fraudsters also would not endeavor to Verify their Bitcoin Wallet Accounts as this would jeopardize their mission. A Fraudster does NOT want to be traced and identified after they swindle you of your money. When you Verify your Kenyan Bitcoin Wallet Account, you provide so much information about you that can be used to ascertain your authenticity and give confidence to other Bitcoin Traders to Trade with You.
- When selling Bitcoins, always confirm that the amount you receive from a Bitcoin Buyer is the correct amount. If you are selling Bitcoin, always be alert and do not be in a hurry to complete the Bitcoin Trade. Take your time to confirm that the MPesa message is Authentic and that the amount of money received is the amount you are selling Bitcoins for. Proceed to check your MPesa balance so that you get the total balance in your MPesa account and only after you are contented should you release the Bitcoins to the Bitcoin Trader and complete the Bitcoin Trade.
- Do NOT accept anyone to Send you Bitcoins to Sell them on their behalf. Unscrupulous and conniving individuals could exploit your gullibility and greed for making Quick gains and promise to cut you exceptionally irresistible deals if you help them Withdraw Bitcoins for them. Take caution that these could be criminals who know they will be caught if they attempt to withdraw illicitly acquired Bitcoins and would rather transfer them to someone with a verified account so that they can withdraw them to cash on their behalf. Do not be the one who falls for such. It could also be a reverse social engineered gimmick to gather your details while you still think you have the upper hand of things then later realize that you have been duped and you are now the victim on the losing end. Exercise extreme Caution and reign control on your greed to make quick gains.
- Never share your Bitcoin Account Password with anyone. Take it upon yourself to religiously guard your Bitcoin Account Password and DO NOT ever disclose it to anyone whether on Phone or E-mail, WhatsApp, Telegram etc. even if they claim to be genuine Tech Support from your Bitcoin Exchange. Since Bitcoin Accounts ( unlike MPesa which is locked to a SIM card ) can be accessed from any internet enabled Computer or Mobile Phone, anyone with access to your Password could attempt to gain control of your Bitcoin Account Wallet especially if you do not have Multi Factor Authentication Enabled. Make sure to fully Verify your Kenyan Bitcoin Wallet Account and enable additional Access Control Security Features to it.
- Never use anyone’s Phone, Tablet or Computer to login into your Bitcoin Trading Account. Buy your own Private Phone or Computer for your Bitcoin Trading. Imagine forgetting to log out of your Bitcoin Account at a Cyber Cafe? Or rather, power at the Cyber Cafe goes off and you have to leave the Cyber Cafe and when the Power is back on, you are not there! Someone could log into your Bitcoin Account and transfer your Bitcoins to themselves or Withdraw your Bitcoins to MPesa.
- Endeavor to always Buy and Sell Bitcoin using a currency whose current value and current exchange rate to the US Dollar you clearly understand like e.g. Kenya Shillings. Do NOT fall for the BIG numbers of a currency that you do not understand. After the conversion the currency value could turn out to be worthless when compared to its equivalent in Kenya Shillings.
- Whenever possible, Buy and Sell Bitcoins with Kenyan Bitcoin Traders. By Trading with Kenyan Bitcoin Traders, you can quickly Start and Complete Bitcoin Transactions using modes of Payments like MPesa that you are familiar with and which do NOT have hidden costs that you are not aware of. Taking this into consideration, you will have minimized issues to bother you about How NOT to get SCAMMED when Trading Bitcoin in Kenya
- There are NO Cheap Bitcoins. Run away from such like advertisements or enticements. It is an imminent scam snare.
- Educate yourself widely about Bitcoins to know how to navigate obvious scams. By reading widely and using your common sense, intelligence, technical analysis and sound judgment to know when to Buy and Sell Bitcoins in Kenya you will learn how to spot Fraudsters and Bad Deals from a far. Do NOT rely on online influencers to tell you when it is the right time to Buy Bitcoins and Sell Bitcoins. When you are wary of the pitfalls involved in Bitcoin Trading, you will not Worry about How NOT to get SCAMMED when Trading Bitcoin in Kenya
Here is a Summary list of How NOT to get SCAMMED when Trading Bitcoin in Kenya;
- Open Bitcoin Account with Trusted Bitcoin Exchanges which have continuously been operational for more than 5 years e.g. Localbitcoins (Airtel Money), Coinbase (USD), Paxful (MPesa) and Binance (BTC)
- Always Buy and Sell Bitcoins from Trusted Bitcoin Traders only
- Do NOT Buy or Sell Bitcoins from Bitcoin Traders who have accumulated Bad Ratings and Feedback
- Be wary of People who start Negotiating for a reduction of Bitcoin Price when they open a Buy Bitcoin Trade with You
- Be wary of Bitcoin Traders offering abnormal Great Prices way above normal market rates when selling Bitcoin to them especially for MPesa payments. There is a catch!
- When Selling Bitcoins, do NOT release Bitcoin until the Bitcoin Trader has paid You
- Do NOT fall for any Bitcoin Trade dealings which require you to Transact outside your Bitcoin Exchange
- Do NOT request for Help with your Bitcoin Account from anyone else apart from the Bitcoin Exchange’s Tech Support only.
- Do NOT sell Bitcoins to People with Accounts that are NOT fully Verified
- When selling Bitcoins, always confirm that the amount you receive from a Bitcoin Buyer is the correct amount
- Do NOT accept anyone to Send you Bitcoins to Sell them on their behalf
- Never share your Bitcoin Account Password with anyone
- Never use anyone’s Phone, Tablet or Computer to login into your Bitcoin Trading Account
- Endeavor to always Buy and Sell Bitcoin using a currency whose current value and current exchange rate to the US Dollar you clearly understand like e.g. Kenya Shillings
- Whenever possible, Buy and Sell Bitcoins with Kenyan Bitcoin Traders
- There are NO Cheap Bitcoins
- Educate yourself widely about Bitcoins to know how to navigate obvious scams
Hope this Post helped you Learn How NOT to get SCAMMED when Trading Bitcoin in Kenya and How to Best Secure your Crypto Coins Assets and Money.