Dear Crypto-Community:
Lately I have been receiving emails and calls regarding scams and other difficulties. Please read my comments below and make your own suggestions so that we may try to help keep people from getting hurt.
1. Do not keep any meaningful amounts of crypto currency in trading exchanges. Make your trades and then secure in a wallet.
2. If you make large deposits or withdrawals from any account you are raising a red flag. You will likely find that the larger the transaction, the more identity information the exchange or wallet requires in order to comply with AML laws.
3. If the exchange or account is a smaller company and you make demand for a large withdrawal you may find that your withdrawal will be delayed. If the company is over-extended or a scam or ponzi then your account may be "frozen" and your demands for explanation go unanswered.
4. As to cloud mining, you do take more risks that difficulty will rise faster than the ability of your investment to give you a true ROI. This is also an area that seems to have more scams.
5. If the company you have funds in does not have a verifiable physical address in the country that you live in, you will likely have no legal recourse for any rip-offs.
6. Be aware that fees in many exchanges and wallets seem to be creeping up. You may start with $30, U.S. in BTC and by the time it is sold and reaches your Bank as U.S. Dollars it is reduced to $22 U.S.
I look forward to comments and suggestions.
George D. Greenberg, Esq.
www.attorneybitcoin.comLas Vegas, Nevada, U.S.