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Watch out for fake exchanges

I was on Discord today and I was invited to a group called arbitrage.  It showed that you could buy crypto on Binance and then sell it on a different site and make a profit.  I was very surprised to see that the exchange that you sell to had an inflated price.  It looked you could make money in a second.  Anything that sounds too good to be true probably is fake so I did a little research and it turned out to be a fraudulant exchange where they lock your funds.

Trust is very important when it comes to Crypto.  I trust Coinbase.  I trust Kraken.  I trust Binance and give my endoresement as a customer of each for about 4 years.  I can also vouch for a lot of wallets and a lot of Defi, but for now we will stick to talking about centralized exchanges.  If you are going to trade crypto or hold crypto, it is very convenient to have an account with a centralized exchange.  I store my crypto in wallets but when I need to go from one chain to another, I will typically use a Centralized exchange.  My defaul is Kucoin.  

Kucoin has margin trading, futures, staking and almost every alt coin.  I basicaly use Trust wallet and Kucoin for anything that I actively move around.  Kucoin will give you a 10X trading margin.  If you have 500 bucks, they will let you trade with about 5 thousand.  It is the best offer around.  You can chose your intererest rate and term.  I am in and out so I borrow for a few hours.

When the market is going up, you can take out a loan to ride the wave up and then cash out before the wave goes back down.  Margin is the riskies thing you can do.  It is basically gambling and stupid.  Don't do this at home unless you plan on losing.  If you are willing to take the risk, you need more than 10% to be able to survive a margin account.  If you start with 5 hundred, maybe only borrow another 5.

 

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