Be ready to lose all your money in crypto, EU regulators warn

Be ready to lose all your money in crypto, EU regulators warn

Consumers risk losing all their money invested in Crypto Assets and could fall prey to scams, the European Union's securities, banking and insurance watchdogs said in a joint statement on Thursday.

 

"Consumers face the real chance of losing all their invested money assuming that they purchase these resources," the three EU specialists said in an explanation.

 

It denotes a ratcheting up of direct alerts to buyers about crypto assets by EU specialists, explaining that customers have no insurances or response to pay under existing EU monetary administrations regulation.

 

Also Read: Spanish Crypto Adoption Increases, But Tax ‘Chaos’ Looms

 

Controllers are progressively stressed that more shoppers are purchasing 17,000 unique cryptoassets, including bitcoin and ether, which represent 60% of the market, without being completely mindful of the dangers, the controllers said.

 

“You as a Crypto Shoppers should be alert of the dangers of deceiving promotions, including through web-based entertainment and powerhouses. Buyers ought to be especially careful about guaranteed quick or exceptional yields, particularly those that look unrealistic," the assertion said.

 

 

Consumers should also be aware of that energy consumption for producing some crypto assets is high and the environmental impact this has, the statement said.

 

The Best Crypto Exchanges of March 2022

 

From world-famous financial institutions to our daily investors, an ever-increasing number of individuals are keen on cryptocurrency nowadays. To get in on the activity, you really want a crypto trade account where you can trade advanced monetary forms, like Bitcoin, Ethereum, and Dogecoin.

 

Also Read: A Blockchain called Shardeum launched by the founder of WazirX

 

To assist you with picking the right account for your necessities, Forbes Advisor went through the main stages to decide the best crypto trades accessible today.

 

Best Crypto Exchanges of 2022

 

• Best Overall and Best for Beginners: Coinbase
• Best Mobile App: Crypto.com
• Best for Security: Gemini
• Best for Altcoins: BitMart
• Best for Low Fees and Best for Experienced Traders: Kraken
• Best for Bitcoin: Cash App
• Best Decentralized Exchange

 

How to open an account on Coinbase

 

Get started

 

To invest, trade, and store supported cryptocurrencies on Coinbase, as well as do much more, get started here. 

 

What you'll need

 

• Be at least 18 years old (we’ll ask for proof)
• A government-issued photo ID (we don’t accept passport cards)
• A computer or smartphone connected to the internet
• A phone number connected to your smartphone (we'll send SMS text messages)
• The latest version of your browser (we recommend Chrome), or the latest Coinbase App version. If you’re using the Coinbase app, make sure your phone’s operating system is up-to-date.

There is on any fees for creating or maintaining your Coinbase account.

 

1. Create your account

1. Click or tap Get started.
2. You’ll be asked for the following information.
   • Legal full name (we’ll ask for proof)
   • Email address (use one that you have access to)
   • Password (memorize your password)
   • Your State (we’ll ask for proof)
3. Read the User Agreementand Privacy Policy.
4. Check the box and click Create account (computer) or tap SIGN UP (mobile) if you agree.
5. Coinbase will send you a verification email to your registered email address.

2. Verify your email

3. Verify your phone number

4. Add your personal information

1. Enter the information shown on your valid government-issued photo ID—you’ll need to submit a photo of this ID later.

1. First Name
2. Last Name
3. Date of Birth
4. Address

1. You’ll also need to answer the following questions:
   1. What do you use Coinbase for?
   2. What is your source of funds?
   3. Current Occupation
   4. Employer
   5. Last 4 digits of SSN
2. Select Continue to finish the process.
3. Verify your identity
4. Sign in to your Coinbase account.
5. Verify your ID.

 

6. Link a Payment Method

Every country has their different payment method here, check which payment method your country has.

 

Don’t think much, start investing from today, we are here to guide.