Top 5 Crypto Scams To Avoid

Top 5 Crypto Scams To Avoid

As you start investing in digital financial tools known as cryptocurrency, it doesn’t take much time to acknowledge the uncertainty involved in these matters. Cryptocurrencies such as Bitcoin, DasCoin is gaining popularity day by day. However, cheaters have found a way to cheat people with their tactics to get the money. Scammers always look for new ways to clear out the money. Therefore a person should know what crypto scams are and how to safeguard themselves from them.

Crypto scams involve criminals looting money from somebody, expecting them to invest in digital currency. Most cryptocurrencies function on blockchain technology—”a dispersed ledger driven by a different chain of computers”. Users tend to receive regular emails or calls with the reassurance of investing in these fake crypto deals. The cryptocurrency is not issued by any principal authority, making it entirely secure for government rules and regulations.

Kinds Of Cryptocurrency Scams To Avoid

1. Imposter Websites

Several websites look authentic in the start and resemble startups. Always see the tiny lock button near the security URL bar and ‘HTTPS on the bar. Sites that look familiar can often lead up to scams. If you see that the websites look authentic, that website can also lead up to the imposter one.

2. Celebrity Advertised Scams

Some scammers create endorsements using pictures or advertisements of celebrities promoting their cryptocurrency purchases. In this fraud, they target the social media audience and recommend their trades. After the confirmation from the user, they link it with a professional and ask the users to get non-existing purchases.

3. Scamming Emails

Are you able to verify the email address connected to the company? It’s crucial to prefer a company with genuine people working for it. If you have any queries regarding the mail address, clarify with someone working there. Scammers mostly use fake ICOs or offer coins as a way to divert valuable funds. Never fall for these false emails and claims. Take your time to research and then to make a decision.

4. Imitating A Government Authority

Scammers often impersonate government officials. Some people have even complained that they transferred their cash into DasCoin ATMs to pay scammers pretending to be of the Social Security Administration Office.

5. Fake Trading Apps

Another way to scam is using fake mobile apps which are available to download from app stores. Though the owners can catch the fake ones and get them removed, it doesn’t mean that they don’t have an impact. Many people have reported facing scams in mobile apps. Therefore, it is necessary to look and search for the details of the app before trading.

Scammers constantly look for new ways to steal your hard-earned money utilizing cryptocurrency. A possible indication of a scam is, that when someone asks you to pay using cryptocurrency. If you pay, there will be no viable solution to get the money back, which is the prime agenda of scammers.