How to Avoid Scams as You Buy Crypto in Istanbul

Although many people were initially hesitant when cryptocurrencies were introduced more than a decade ago, more and more people later came to embrace BTC and other digital assets. Investors and enthusiasts in Turkey have also not been left behind in the rush to get a slice of the lucrative pie.

However, those looking to buy crypto in Istanbul need to take adequate measures to avoid being scammed out of their hard-earned money by fraudsters masquerading as traders, especially on online platforms. In this piece, we look at some tips to help you avoid scams as you buy crypto in Istanbul.

Avoid trading with suspicious people on P2P platforms

These platforms, such as LocalBitcoin and Paxify, are peer-to-peer platforms that help connect crypto traders so they can trade directly. While these platforms offer traders great advantages like choosing their preferred mode of payment and other trading terms, they come with inherent risks.

One of the biggest contributors to risk that you can encounter when using P2P platforms, especially as a newbie in crypto, is transacting with strangers or those with unverified profiles. As much as some P2P platforms offer escrow services to protect traders, it can be still quite difficult to navigate disputes.

Thus, if you must use P2P platforms to buy crypto in Istanbul, you should only use established platforms. The platforms you choose should have robust security measures to protect traders.  Also, only transact with those who have many positive reviews.

Choose reputable crypto exchanges

To ensure you start on the right foot as you buy crypto in Istanbul through crypto exchanges, ensure you choose reputable ones. It is crucial you avoid new and flashy platforms which have not yet earned a positive reputation in the market, and give so many unrealistic promises to the users.

You can never go wrong if you look for and use established crypto exchanges that have proven track records. Ideally, go for those with licenses from the Turkish authorities. It is crucial you do adequate background searches on the platforms, to understand their security measures, and transaction fees and even check the reviews from other users.

Secure your wallet

Once you buy crypto in Istanbul, you need to ensure you store them in a secure wallet. It is crucial you move your digital coins from the exchange wallet and not leave them there because they are at risk of hacks and other fraudulent activities.

One of the best ways to keep your crypto safe and secure after buying them is to hold them in cold wallets. Thus, invest in a reputable hardware wallet, or a physical device that allows you to keep your crypto safely offline.  With such a measure, you significantly reduce the risk of any possible online scams. You should also learn how to use your wallet well, including activating the two-factor authentication and setting robust passwords.

Never share your credentials or personal details

Phishing scams are one of the biggest threats as you buy crypto online in Istanbul and across the globe. To reduce the chances of being scammed, never share your login credentials, private keys, or any sensitive data with anyone including those who call claiming to be “customer support” or “exchange representatives.”

In addition, anytime you receive any call or email that’s suspicious but is supposedly from the exchange, check and verify its authenticity before sending or sharing any information. You should go the extra step and contact the exchange through their verified channels to confirm the legitimacy of the communication.

Conclusion

You can ensure your digital currencies and funds are safe as you buy crypto in Istanbul if you observe the above measures and others. Most importantly, ensure you use reputable exchanges, trade with verified users on P2P platforms and securely store your cryptocurrencies in trustworthy wallets.