We have all heard about crypto scams, but would you be able to spot one? Dubai-based OTC trader Amin Rad shares his top tips so you don’t get ripped off. (Via CointelegraphZN)
Now in his mid-20s, Rad was born to a Middle Eastern family and grew up in Dubai, UAE. In 2012, he enrolled in an electrical engineering program at the American University of Sharjah, just north of Dubai. After studying in Sharjah for three years, he was not entirely satisfied with his prospects and dreamed of moving to America, receiving acceptances to continue his electrical engineering studies at both Stanford and the University of Texas at Austin.
“There was no example in this region that I could follow — all the blockchain entrepreneurs were in China and the USA. There was no one here who was doing blockchain entrepreneurship.” “It took five months until I made my first deal. For five months, I kept encountering non-serious people and scammers — a lot of scammers.”
More than margins have changed since the early days. “At the moment, most deals on the OTC market are in USDT,” Amin states, which is a departure from the past when most people looked to buy or sell specific quantities of Bitcoin. USDT is easy to exchange into any cryptocurrency on both centralized and decentralized exchanges or back into fiat.
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