Exchanging crypto via TelegramBot: Is it dangerous and how to protect yourself from scams?

I’m sure you already know Telegram is one of the five most-used messaging services in the world. According to trustworthy media reports, Telegram introduced a peer-to-peer cryptocurrency exchange.

Even though Telegram announced functionality that enables “anonymous P2P transactions”, users still must give their mobile phone numbers to purchase, sell, and trade crypto tokens.

Telegram @Wallet bot now enables users to exchange cryptocurrencies with each other. Telegram users who want to buy cryptocurrency on the crypto exchange won’t be charged any additional costs. In contrast, users who want to sell cryptocurrency on the crypto exchange will be required to pay an exchange commission from 0.1% to 0.9%.

What Is a Telegram Crypto Bot?

Generally speaking, a cryptocurrency Telegram bot is software integrated into chats on this messenger that handles many services and specific tasks. Users of bots can link to other services, collect payments, develop their applications, receive notifications, swap crypto, and do many other things. Some businesses are using this platform to communicate with their clients after realizing how convenient it is.

Users can purchase Toncoin (TON) without a bank card thanks to the Telegram wallet bot, which was introduced in April. TON could also be sent through chat messaging.

How Do Telegram Bots Function in the Cryptocurrency Sector?

The cryptocurrency community is a fusion of hodlers and traders, passionate enthusiasts, and cautious newcomers, all with distinct objectives. Numerous Telegram bots are available to suit various purposes and let Telegram users:

• Obtain trading warnings and alerts;
• Send trading instructions;
• Secure crypto assets;
• Learn the most recent information regarding the cryptocurrency market;
• Purchase crypto;
• Instant payments;
• etc.

Which Telegram Bot Allows to Exchange Cryptocurrencies?

The Wallet bot is one among many other bots on the Telegram app that improve user experience. These bots may hold digital assets, study trading strategies, alert users to potential trading opportunities, and now trade cryptocurrencies.

In fact, Telegram was the first in the cryptocurrency industry to introduce the wallet bot feature, which other crypto platforms have since followed. The Telegram coin TON’s crypto leadership had been adopted by the TON Foundation.

The app users previously gathered together in a fundraising effort and contributed over $1 billion to help the growth of the TON blockchain ecosystem.

On its website, Anatoliy Makosov and Kirill Emelyanenko describe the TON Foundation as “a decentralized community formed by them after Telegram abandoned the initiative.”

According to the representative, one of the ambitions is to combine blockchain-based technology with the standard Internet. Its ecosystem, which currently includes DNS, websites, and proxies, is being built by TON to promote these decentralized services.

The Wallet bot exclusively allows for the purchase of Toncoin and Bitcoin as the only two cryptocurrencies. However, the creators hope to eventually enlarge the selection. Peer-to-peer transactions via chat messages are limited to the TON token.

According to a TON Foundation representative, the platform is designed for ordinary users and presents a low entry threshold for individuals new to blockchain technology. Additionally, the rep claimed that many TON services are identical to those offered by other popular crypto apps.

How Can You Trade Crypto On Telegram?

When two parties fail to agree, the exchange provider enabling the transaction operates as the guarantor and resolves the issue as needed. The other party may perform the transactions in anonymity. Yet, individuals who wish to engage in any crypto-related activities on the platform must give the Telegram crypto bot access to their cell phone numbers. 

The sale process includes publishing notifications on the app for potential buyers to view before making a decision. This software accepts USD, EUR, UAH, BYN, and KZT as payment methods for buying cryptocurrency. 

Toncoin (TON) and Bitcoin (BTC) are the only cryptos you can buy via the app currently, but there are plans to add other crypto alternatives. Currently, only TON has access to the platform’s P2P exchange services.

Is It a Scam?

Since cryptocurrency Telegram Bot is a part of system software placed inside the Telegram app, it isn’t necessarily a scam. However, some people abuse the exchange system and exploit it for their own dishonest ventures.

The majority of Telegram groups that promise to compensate you with respectable amounts of cryptocurrency like “BTC, ETH, and LTC” are just Telegram crypto scams.

No, it doesn’t imply that everyone proposing a cryptocurrency project on Telegram supports a hoax. There are some genuine users on Telegram, but because of the exploitation of the system by scammers, it is difficult to find someone you can trust.