What are the risks involved in an Online Exchange Business.

[Niyi]

As the world moves towards a more digitalized economy, online exchanges have become an integral part of it. With the increasing popularity of cryptocurrencies and other digital assets, there is a growing demand for these exchanges to facilitate the buying, selling, and trading of these assets.

What risks do you see associated with online exchange businesses?

 

[Nsikan]

Online exchangers are always target of hackers. My friend that does Paypal exchange would change his account often because hackers are always targeting his PayPal email address.

 

[Bisolami]

Online exchangers are always target of hackers. My friend that does Paypal exchange would change his account often because hackers are always targeting his PayPal email address.

One major problem is scamming. Some people encounter scammers which may be sometimes discouraging. It is not fair

 

[Nsikan]

That's Why I always tell people that do PayPal exchange to verify that the funds are clean before issuing out payments.

One major problem is scamming. Some people encounter scammers which may be sometimes discouraging. It is not fair

 

[Good-Person]

One major problem is scamming. Some people encounter scammers which may be sometimes discouraging. It is not fair

There are many exchanges that could be scam and this is why it is recommended to investigate and research about exchanges before making an exchange.

 

[Bisolami]

That's Why I always tell people that do PayPal exchange to verify that the funds are clean before issuing out payments.

You have a valid point too but some people do not have access to PayPal so they use other means of payment.

 

[Good-Person]

You have a valid point too but some people do not have access to PayPal so they use other means of payment.

PayPal is clearly not available in here either. This is why I prefer other payment option like cryptocurrencies.

 

[Bisolami]

PayPal is clearly not available in here either. This is why I prefer other payment option like cryptocurrencies.

I just hope that we continue to get paid in cryptocurrency. It is very good and I don't think I need PayPal anymore.

 

[Salt]

There are so many risks that the person can run away with your money and I have already experienced this once or twice in my life

 

[Bisolami]

There are so many risks that the person can run away with your money and I have already experienced this once or twice in my life

That is true
Some people are scammers and all they can do is to take your money and run with it.

 

[Salt]

That is true
Some people are scammers and all they can do is to take your money and run with it.

This is why we need to stick with reliable persons and this way we can save ourselves from these scams

 

[Bisolami]

This is why we need to stick with reliable persons and this way we can save ourselves from these scams

Some people may even pretend to be reliable and they are not. We should just make sure that we are careful

 

[Salt]

Its hard to find trusted persons online and I have been scammed a number of times like that

 

[Inem]

There are so many risks that the person can run away with your money and I have already experienced this once or twice in my life

How did it happen? You sent the payment before you got the currency you were buying?

 

[Salt]

Yes I did that a couple of times because I thought a person won't scam me for $15 but they did

 

[Inem]

I don't send out any payment if I am the one buying a currency. Till I see your own transfer before I send my own payment.

 

[Kubiatabasi]

When one is offering any financial service, one has to understand that it is very risky. And be sure to be always alert and careful.