We care about the safety of our partners and we believe the community should be aware of what could happen in the trading industry so they may better protect themselves.
Define a Spoof?
a- In cryptocurrency the term is used when a trader pretends making an offer, in other words, to make an offer without the intent to keep it; an offer intended to be canceled before execution.
There could be many reasons, each manipulate will act upon their own interest but the main focus is to manipulate the market to go in the direction of their will.
b- To imitate, technological impersonation. Intruders will scam or phish for people´s information to try to pretend to be them with the intent of stealing from them.
There are many kinds of spoofing of this kind, where intruder might send you an email with a falsified “FROM”, faking to be someone you know, could be your bank or a friend.
Leading you to click on the email spoofing sites, or links. And with one click on their spoofing scam they are able to enter your system, steal your information. They might call you with a fake caller ID number. Spoofing could also come in the form of a pop-up.
How to stay safe: Security
In the cryptocurrency world, you make your own security. You are responsible for the safety of your keys, passwords and cryptocurrencies. You and only you have a saying of when to trade, where to trade or whom to trade with.
We would like to provide you with many tips for your own safety and to a successful cryptocurrency experience.
- Never disclosure your funds to avoid attracting the attention of potential hackers.
- Never use the same email for all your accounts. Create new emails for your crypto accounts and create a backup for all your emails. And never reveal your emails publicly, nor use them for other things like social media.
- Never reveal your full name, date of birth, on your social media or cryptocurrency communities. Use nicknames.
- Always make sure you are accessing legitimate websites by looking for the green websites and the green locks on the left-hand site of the browser.
- Most exchanges give the option of double authentication (2FA- Two Factorial Authorization) do not neglect to apply.
- Never share your passwords or private keys. At the first sign of suspicion of loss or theft change your passwords immediately.
- Backup your passwords and keys in safe places, paper notebooks, preferably in more than one secure place, like a bank or a safe. In case of computer failure, or loss of one backup you do not lose all your information and funds.
- Excess coins, not being used daily, should not be left on hot wallets or exchanges, instead have them stored in a cold storage.
- Never store your passwords and keys on your computer where hackers could gain access to it. Never store your passwords on web browsers.
- Be very careful with phishing, scamming and hacking. If it smells fishy it probably is. Never discard your intuition.
- Never reply to emails containing links to company’s offerings of any sort of cryptocurrencies. One click on a phishing link or website hackers can gain automatic access to information stored in your computer.
- Always choose EXTREMELLY strong passwords. Passwords.net helps you to create a strong password and gives you a list of very important tips to keep your passwords safe.
- Never trust “experts” offering you services to help you manage your funds by requesting access to your passwords and private keys. NO COMPANY OR PROFESSIONAL IN THE TRADING FIELD SHOULD EVER ASK YOU FOR YOUR PRIVATE INFORMATION.
- Keep yourself informed and updated, study the market´s industry. Always know before you advance.
- Never trust coins, tokens or company’s offering you to become rich overnight.
- Always read and study the white paper of the market you have chosen to invest in. Seek for reviews, podcasts, communities, green address websites and enough valid information on a coin before investing. Especially when taking part in ICOs.
Email spoofing may be the easiest to recognize because it targets you directly, many times asking for personal information as they steal the identity of somebody you know.
Whenever you receive anything from anyone including people and companies you are very familiar with, ask yourself even before you open the email if the subject the timing if anything makes your intuition go off.
“Was I expecting my MOM to send me an email?”
“Why is my bank asking me for my passwords and user names?”
So never click on any links or reply to any suspicious emails even if it shows to be from someone you know. Call them, confirm first.
Check the email it has been sent from, because many times even though it may come with the name of someone you know it may not be the correct email.
How to stop spoofing?
Always stay alert for suspicious activity whenever you are online, and make sure to get a good antivirus.
Even though you cannot exactly stop them from calling or sending you fraudulent content you can stop yourself from accepting what is being given to you.
How to prevent falling for market manipulation or spoofing
Trading spoofing; market manipulators have one and only one power: the one you give them.
As with manipulators of any kind, they are all after your mind.
Speculating and deeply analyzing markets fears and greed so they can easily manipulate the traders psychological and affect human behavior in a massive way within the market.
In other words, they manipulate to make market go in the direction they wish, according to whether they desire to buy or sell.
They are willing to influence the market to go up to be able to sell for higher, as well as making the market go down deeply by threating to drop out with a massive amount and cause fear to have many drop out, and the price go down so they can buy.
Indeed, market manipulation exists. And are pretty impossible to detect, and obviously done by whales.
Whales are BIG cryptocurrency holders, seen ordering sells for 1,000 plus bitcoins. Moves that can certainly shake the market.
So, never trade with your emotions. The number one rule in the trading world.
Write yourself a road-map and stick to it.
Choose coins and tokens you have studied and believe in, and HODL.
Stick to your plans not your emotions.
We wish you safe tradings.