The Internet-based red chip segment of the exchange market, called IRESS, is growing rapidly and offers a low-cost alternative for small investors to trade digital assets. However, as with any new trading platform, there’s also room for fraudsters to take advantage of unsuspecting investors. Here are some tips on how you can avoid being a victim of fraud in the online trading segment of the exchange market:

  1. Research before trading – Investors who trade without first researching the IRESS trading platform are giving fraudsters an opportunity to take advantage of them. This is because fraudsters create fake trading platforms, create fake trading pairs, and even fake cryptocurrency trading algorithms. If you don’t know what you’re doing, this could result in a loss of both your investment capital and psychological capital. The more you know about IRESS trading, the less likely you are to fall victim to fraud. For example, it’s important to know where the cryptocurrency you’re trading comes from. The cryptocurrency you trade should have a verified public source or an approved public source that clearly indicates the source of the underlying asset.

  1. Set stop losses and take profit – Stop losses are important as they prevent you from losing all your money if the market moves against you. When you set a stop loss, you sell your asset at a specific price. If the market price drops to this price, you immediately sell the asset and close the position. For example, if you’re trading a cryptocurrency that’s currently trading at $1,000 and you have set a stop loss of $950, you will immediately sell the asset when the market falls to $950. While you make a small loss of $50, this method deters you from losing all your money. The second part of setting profit targets is determining how much you want to make. While it’s important to want to make profit, you also need to make sure you don’t set profit targets that make you too anxious.

  1. Don’t use cash-to-cash trades – IRESS trading is typically cash-to-cash trading. For these trades, the IRESS trading platform will automatically send the cryptocurrency as soon as the investor places the order to buy. This might trigger alerts in the investor’s trading platform. However, cash-to-cash trades are a common source of fraud. Fraudsters set up fake trading platforms that use fake algorithms to lure investors with high returns. Once the investor puts a large amount of money on the fake trading platform, the fraudster transfers the funds to his/her own account.

  1. Use a trusted platform to trade IRESS – You might be one of the many investors who are lured into the online exchange trading platform by the promise of an inexpensive option for trading digital assets. While IRESS is an online trading platform, using a trusted platform is important. There are numerous red-chip trading platforms that offer IRESS trading. However, investors should be careful in choosing a platform. A platform that claims to be a trusted IRESS trading platform and that has a low trading fee should be avoided.

Investors who are looking to enter the cryptocurrency market with a low capital requirement can find plenty of options in the red-chip segment of the exchange market. However, they should be careful when choosing a trading platform. The red-chip segment of the exchange market is growing rapidly and offers a low-cost alternative to trading digital assets. The main risk associated with trading on a red-chip trading platform is fraud. Investors should research the trading platform thoroughly before trading and set stop losses and take profit to help mitigate this risk. They should also use a trusted trading platform to trade IRESS.

By nonyss

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