Cryptocurrency Scams: Cryptocurrency is the newest financial market that works well for traders who want to quickly earn money and do not wish to shell out much transaction costs. Investors like to spend on digital coins because it is considered the safest when it comes to investing. Blockchain technology is known to exhibit transparency with the secured transfer of digital currencies. Bitcoin, ethereum, dogecoin, ripple, litecoin, bitcoin cash etc., are some of the top cryptocurrencies. However, while trading, you must know, hackers and scamsters have adopted technology swiftly. They keep an eye on all your transactions and wait for you to leave a mark of hesitancy. Moreover, there are traps that one needs to be wary of before investing in the market.
Before you set yourself in buying and selling cryptocurrencies, know one thing that their transactions are irreversible. It means, once you initiate the process, there’s no way you can get them back. So, whatever services you buy through digital currency, ensure that the product or service is genuine because once you lose control, you won’t receive them back unless the receiver has a change of heart.
So, when you deliver cryptocurrency on a path of blockchain, ensuring the legitimacy of the third party merchants and service provider mediators involved in transactions is essential. Always use a trusted source for avoiding any cryptocurrency scams.
Scam or false emails
The biggest way to get fooled is by believing the emails we receive in our inbox. There’s no one proving their verification, but some unbelievable offers lead people to take their chances and get trapped most foolishly. You would notice that scammers are smart and will make you believe that the mail received by you belongs to a cryptocurrency through the work of technology.
It may give you an offer that may bewitch your sense for a moment and force you to step on a line of risk. So, have a close look and see the branding, logo and other features before zeroing on the veracity aspect. You may find an identical branding, tagline and other elements. In that case, visit the official website and check whether such schemes are running or mentioned. You’ll get your reply instantly.
So, while you trust an email delivered by the company, look at the sender’s email id. Most of the time, half of the job get done there. You can figure it out quickly. Also, if there’s too much shimmer or glitter in the post, a red alert must hit your senses. That signifies a possibility of a cryptocurrency scam.
There are emails where they ask you to support an anonymous person to recover from ailment by donating a few bitcoin or other digital currencies. It has been observed that they are jackals in the get up of sheep. Your digital currencies will be siphoned off.
If you have a doubt over a false email, try the number offered in the post and ask them directly. If that’s a fraud, there are chances that the phone number would either go engage or would not exist.
You may receive an email regarding an announcement of ICO and seeking initial investments with a guarantee of abnormally high returns. It should ring a bell. You should check it online because such information is easily available on the net.
Also, a fake email may ask you to click on a link offering detailed information. Do not do that because it may run a virus program in your computer system that may steal or destroy essential files. It can be malware that can take away knowledge regarding your exchange passwords.
Verify brokers and exchanges
Most people lose their funds here. It is the biggest racket or trap by cryptocurrency scammers. They set up a website that looks unbelievably good from the outside, guaranteeing outstanding services with incredible numbers flashing on the home page. Some of them are too good to be true. Authenticate them through the following ways:-
- A genuine cryptocurrency exchange or brokerage website is regulated and authorised by regulatory authorities like FCA, CYSEC and others. However, if you do not find information about such bodies, consider it fake and get yourself away.
- Any cryptocurrency website that is devoid of a license belongs to a fraud. So, if you do not find the license number inscribed anywhere, consider that the website is a trap to steal your funds. A cryptocurrency brokerage firm has to abide by the land laws, and acquiring licensing is one of the essential processes.
- If you find the registration number missing from the website, that’s an attempt to steal your cryptocurrency. Beware from the practice. How can a company work without registering in a country? There’s no way possible.
Beware of fake mobile apps
One of the biggest cryptocurrency scams is happening through mobile apps. The applications trick investors with their lies and steal information once they download them. However, stakeholders like Google Playstore (Android) and Apple iOS remove them quickly after swift identification, but the damage has been done by that time. Information of thousands of people means millions of dollars of cryptocurrency went into a scammer’s account.
Thus, before downloading them, ensure the proper name of the mobile app you intend to download. In lieu of that, a small percentage of traders end up downloading the wrong one. So, get the spelling right, check the rating and number of downloads. It will help you avoid any cryptocurrency scams.
Follow Fast Action Refund
If you get stuck in any scam and want a friend to recover your funds, then find Fast Action Refund playing by your side. After acknowledging the situation’s gravity, it understands the case and suggests ideas to get your funds back. The database with FAR aids in strategizing and bringing your lost and stolen cryptocurrencies in some time.
These are some of the steps to avoid cryptocurrency scams. If you want to be a successful cryptocurrency trader, then do not share your password or keys with anyone, not even with your trusted allies, because they turn out to be the biggest deceivers mostly. Always use the 2FA verification process so that even if some scammer attempts to steal your digital currencies, you get to know about it, and the unforeseen situation is prevented. If you get thugged, then seek help from FAR. Best and trusted Cryptocurrency Trading Platforms