Cryptocurrency scams are evolving, and on Binance P2P, a new type of scam is causing havoc: the pay-but-cancel scam. Here's how it works so you can protect yourself from falling into the trap.

How does the scam work?
Imagine you are making a transaction on Binance P2P. After the buyer (the scammer) makes the payment, he convinces you to cancel the order, saying that there was a problem or that he will refund your money. But what actually happens is that the scammer keeps your money and the crypto, leaving you with nothing.

Congrats on your multi-million dollar payday! But before you cash out, beware of these potential pitfalls:
Banks will take notice: Expect scrutiny and red carpet treatment, but also be prepared for account freezes and investigations.
Black money risks: Don't deal with shady actors or lesser-known platforms. You could end up with illegally obtained funds and face severe consequences.
Potential nightmares: Account freezes, confiscated funds, legal action, and even jail time!
Stay smart and secure: Avoid suspicious rates, stick to legit platforms, vet your buyers, and avoid cash transactions.
Key takeaways: Verify everything, use legit platforms, and ensure a smooth exit. Protect your millions and don't let one wrong move ruin your success!
#CryptocurrencyPredictions #cashout #security #protection

How to Get Started on Binance: A Beginner's Guide
Cryptocurrency investing has grown exponentially, with Binance being one of the most popular platforms for both new and seasoned investors. If you’re just starting out, navigating the platform can feel overwhelming. This guide will walk you through the basics of getting started on Binance, highlight key mistakes to avoid as a new investor, and explain the difference between hot and cold wallets to secure your crypto assets.
Step 1: Create and Verify Your Binance Account
Before you can start trading on Binance, you need to create an account.
1. Sign Up: Visit the [Binance website](https://www.binance.com) and click on "Register." You can sign up using your email address or phone number.

2. Verify Your Identity (KYC): To fully unlock all of Binance's features, including higher withdrawal limits and access to certain services, you’ll need to complete the Know Your Customer (KYC) process. This involves uploading an ID and a selfie for verification.
3. Secure Your Account: Once your account is verified, enable two-factor authentication (2FA) for added security. Binance allows you to use Google Authenticator or SMS for this. 2FA helps prevent unauthorized access to your account.
Step 2: Deposit Funds into Your Binance Account
Now that your account is set up, you’ll need to deposit funds to start trading. There are two main ways to do this:
1. Deposit Crypto: If you already own cryptocurrency, you can deposit it into your Binance wallet. Simply choose the "Deposit Crypto" option, select the type of crypto you wish to deposit, and follow the steps to send it from your external wallet.
2. Buy Crypto with Fiat: Binance supports buying cryptocurrency directly with fiat currencies like USD, EUR, and GBP. You can buy crypto using debit/credit cards or bank transfers. Choose the “Buy Crypto” option, select your preferred payment method, and complete the transaction.
Step 3: Start Trading
With funds in your account, you’re ready to trade.
1. Spot Trading: Binance’s spot trading allows you to buy and sell crypto at current market prices. To start, go to the “Trade” tab and select “Classic” or “Advanced,” depending on your preference. Choose the crypto pair you want to trade, enter the amount, and place an order.
2. Binance Earn: If you’re looking for passive income opportunities, Binance Earn allows you to earn interest on your crypto by staking or participating in savings products. Explore this feature under the “Finance” section.
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Key Mistakes to Avoid as a New Crypto Investor
While crypto can offer high rewards, there are also risks involved. Here are some common mistakes that new investors make and how you can avoid them:
1. Investing More Than You Can Afford to Lose
Cryptocurrency is volatile, and prices can swing drastically. Never invest money you can’t afford to lose. Start with a small amount, understand the market, and then consider increasing your investment as you gain confidence.
2. FOMO (Fear of Missing Out) Trading
It’s tempting to jump on the bandwagon when you see the price of a coin skyrocketing. However, this can lead to buying at a high price just before a drop. Avoid emotional trading and stick to your research and strategy.
3. Neglecting to Secure Your Account
Cybersecurity should be a top priority. Many new investors overlook basic security measures like enabling two-factor authentication (2FA), using a strong password, and regularly updating it. Failing to secure your account can make you an easy target for hackers.
4. Not Doing Proper Research
New investors often rely on hearsay or social media for their investment decisions. Take the time to do thorough research on each project before investing. Review the project’s whitepaper, team, technology, and use case.
5. Ignoring Fees
Binance, like other exchanges, charges transaction fees. Understanding these fees is crucial to avoid eroding your profits. Be aware of trading fees, withdrawal fees, and any potential hidden costs associated with moving crypto across wallets or platforms.
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Understanding Crypto Wallets: Hot vs. Cold Wallets
One of the most important aspects of cryptocurrency investing is securely storing your assets. Let’s break down the difference between hot and cold wallets:
1. Hot Wallets
#HotWallet
Hot wallets are digital wallets connected to the internet, which makes them convenient but also more vulnerable to hacking. Examples include wallets on exchanges like Binance, mobile wallets, and browser-based wallets like MetaMask.
- Pros: Easily accessible, fast transactions, ideal for frequent traders.
- Cons: Less secure than cold wallets, as they’re online and susceptible to cyber-attacks.
When to Use: Hot wallets are suitable for holding small amounts of crypto for daily trading or quick transactions. However, they should not be used for storing large amounts of cryptocurrency long-term.
2. Cold Wallets
#ColdWallets
Cold wallets are physical devices or paper-based wallets not connected to the internet, making them much more secure. Popular cold wallets include hardware wallets like Ledger and Trezor.
- Pros: Highly secure, offline, and safe from hackers.
- Cons: Less convenient for day-to-day transactions and can be expensive to purchase.
When to Use: Cold wallets are ideal for storing large amounts of crypto for the long term. If you’re holding crypto as an investment and don’t plan on trading frequently, cold wallets are the best option for keeping your assets safe.
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Conclusion
Starting your crypto journey on Binance is simple, but it requires caution and planning. By setting up your account securely, understanding the basic trading tools, and avoiding common mistakes, you can navigate the world of cryptocurrency with confidence. Moreover, knowing the difference between hot and cold wallets will help you make informed decisions about storing your assets safely.
Remember, the key to successful crypto investing is research, patience, and a good risk management strategy. Happy trading!
#wallets
#BinanceSquareFamily
#security
$BTC
$USDC

Trading can be a lucrative way to invest your money, but it can also be risky if you don't have a plan. A trading plan is a crucial tool that can help you make informed trading decisions and minimize the risks associated with trading.

A trading plan is a document that outlines your trading strategy and goals. It should include information about the markets you will trade in, the types of trades you will make, and the risk management strategies you will use. Here are some key components of a trading plan:

Market analysis: Your trading plan should include an analysis of the markets you plan to trade in. This should include information about the trends, volatility, and key indicators that can affect the market.

Entry and exit strategies: Your trading plan should outline your entry and exit strategies. This should include information about the types of trades you will make, the price points you will enter and exit at, and the timeframes you will use.

Risk management: Your trading plan should include a risk management strategy. This should outline the maximum amount of money you are willing to risk on each trade, as well as the stop loss orders and other risk management techniques you will use.

Record keeping: Your trading plan should include a record-keeping strategy. This should outline how you will track your trades, including the types of data you will collect and the tools you will use to analyze that data.

Continuous improvement: Your trading plan should be a living document that you update and refine over time. This should include regular reviews of your trading performance and adjustments to your plan as needed.

Having a trading plan is essential for success in trading. It can help you stay focused on your goals, minimize your risks, and make informed trading decisions. With a well-crafted trading plan, you can increase your chances of success and achieve your financial goals.

#BNB #BNB #Stablecoins #socialfi #security

On March 29, Gary Gensler testified before the U.S. House Appropriations Subcommittee in preparation for the hearing before the Main Committee on Appropriations. This Committee is one of the most powerful in American democracy, because it is responsible for passing budget bills with its Senate counterpart. The head of the SEC came to plead for an increase in the budget of his institution, echoing the words of President Biden who had already mentioned it a few days earlier.

To carry out its missions, the SEC would notably need to hire nearly 170 additional people. For this, he therefore needs 2.4 billion dollars.

Because for him, clearly, the crypto sector is a Wild West that needs a sheriff! Lack of compliance reigns supreme and puts investors' hard-earned money at risk. Indeed, the agency received tens of thousands of complaints in 2022 that resulted in more than 750 actions by the SEC.

we'll see how far Gary is willing to go to destroy the cryptocurrency

#bitcoin #Binance #security #Fed #crypto2023

The native cryptocurrency of the Ripple network has gained more than 18% since Tuesday, doing better in the short term than bitcoin and ether.

XRP, the cryptocurrency of the Ripple network, has been performing an interesting rally since mid-March. While the latter has stagnated for months, the cryptocurrency has gained more than 18% since Tuesday, and 22% in the space of a week according to Coinmarketcap.

The complaint filed by the US regulator against Binance may well be behind the sudden rise in XRP. Indeed, the CFTC's decision to sanction Binance contains in its statement the fact that cryptocurrencies, including ether, must be considered as commodities, the equivalent of a raw material and not as a financial asset.

This qualification could benefit XRP, which is also awaiting an important decision from the American stock market policeman. Indeed, in late 2020, the SEC sued Ripple, accusing it of selling over $1.3 billion worth of XRP tokens to investors without registering the cryptocurrency as a financial security. For the SEC, XRP is considered a security, according to the Howey test.

A formalization in terms of status could very well be an additional catalyst for XRP, which is panicking the counters a little. Cryptocurrency alone totaled 28% of daily cryptocurrency trading volumes in South Korea a few days ago.

#Binance #crypto2023 #bitcoin #Regulation #security

Cryptocurrency is a rapidly evolving and exciting space, with new projects and opportunities emerging all the time. However, with the promise of high returns comes the risk of fraud and scams. One of the most insidious types of scams in the cryptocurrency space is the "rugpull". In this article, we will explore what a rugpull is, how to spot one, and how to protect yourself from falling victim to one.

What is a rugpull?

A rugpull is a type of fraud that occurs in the cryptocurrency space when a project's developers disappear with the funds raised from investors. This typically happens in decentralized finance (DeFi) projects, where users provide liquidity to a liquidity pool and receive tokens in return. The value of these tokens is usually tied to the success of the project, and if the project fails or the developers exit scam, the tokens become worthless, leaving investors with significant losses.

Rugpulls can be difficult to spot because the developers behind the project often use sophisticated marketing tactics to lure in investors. They may promise high returns, create hype around the project, and encourage investors to invest quickly before the opportunity is gone. However, there are some warning signs that can help you spot a potential rugpull.

How to spot a rugpull

Lack of transparency: The first warning sign of a potential rugpull is a lack of transparency from the project's developers. If they are not open and honest about their identities, their plans for the project, and how the funds will be used, this should raise red flags.

Unrealistic promises: Rugpull projects often make unrealistic promises of high returns or quick profits. If something sounds too good to be true, it probably is.

No code or smart contract verification: If the project's code or smart contract has not been independently verified, this should raise concerns about the project's legitimacy.

No audit: If the project has not undergone a professional audit, this should also raise concerns. Audits can help to identify potential vulnerabilities in the project's code and ensure that it is secure.

Lack of community engagement: If the project's developers are not actively engaged with the community and are not responding to questions or concerns, this should also raise red flags.

Protecting yourself from a rugpull

There are several steps you can take to protect yourself from falling victim to a rugpull:

Do your research: Before investing in any project, do your due diligence. Research the project's developers, their track record, and their plans for the project. Look for independent reviews and audits of the project.

Use reputable exchanges: Only use reputable exchanges to invest in projects. Avoid unknown or untested exchanges, as they may be more likely to list scam projects.

Diversify your investments: Don't put all your eggs in one basket. Diversify your investments across different projects to reduce your risk.

Be cautious of hype: Be wary of projects that are generating a lot of hype or FOMO (fear of missing out). Remember that hype does not always translate into a good investment.

Follow your instincts: If something feels off or too good to be true, trust your instincts and avoid the project.

Conclusion

Rugpulls are a serious problem in the cryptocurrency space, but with a little knowledge and caution, you can protect yourself from falling victim to one. Always do your research, look for warning signs, and trust your instincts. By taking these steps, you can help to ensure that your investments are safe and secure.

#BTC #crypto2023 #BNB #Binance #security