Crypto Scams


So many people every year are flocking to the world of cryptocurrency for its exciting opportunities to make money. Unfortunately, scammers are doing the same. There has been an increase in crypto scams over the years, and it is important for cryptocurrency traders to be aware of these scams in order to avoid them effectively.

If you are not aware of these crypto scams and get pulled into them, you can risk running into significant losses, and you may become discouraged from ever trading in cryptocurrency again. Here are some ways that you can avoid these crypto scams:

Use Legitimate Crypto Apps

Unfortunately, there are many fake crypto apps coming into existence nowadays that are designed to entice you with the possibility of huge profits. If something sounds too good to be true, then it is probably not what you are going to get.

Before you download and install an app from the Google Play Store or the Apple Store, you need to make sure whether it is legitimate and read some customer reviews. If you are suspicious of or find any fake apps, make sure to report them.

Avoid Giveaways

If someone is being way too generous, then this is a red flag. Scammers will try to entice you with their giveaways in order to trap you. They will typically ask you to send some crypto for the purposes of address verification, which is not necessary at all. Hence, you need to be alert and discerning when it comes to giveaways.

Crypto Apps

Verify Whether the Technical Support Team is Legitimate

There are scammers out there who impersonate technical support agents to take advantage of naïve traders and investors. You will need to be highly discerning here as the scammer will usually be very good at the impersonation and will make it seem like he is legitimate.

They will usually have a false claim and ask for private details or remote access. Before you entertain them, make sure that you contact the support team from the crypto entity you are dealing with and verify whether the claim actually exists or not.

Be Aware of Social Media Scams

There are always plenty of scammers lurking on social media platforms. They often create fake accounts of famous people in the cryptocurrency circles, such as mentors, and they will attempt to scam you. They may even create a fake account and impersonate as a celebrity or a close friend. Make sure to avoid these texts and posts.

All in All

It is not enough to just be aware of these scams, and you will also need to learn how to set up some important security measures to prevent the possibility of getting robbed of your cryptos. Make sure to use multiple wallets, have strong passwords, and use a secure Internet connection. Do not share your crucial personal information with anyone or write it down anywhere, and lastly, avoid sharing your private key.