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Tips on Avoiding Crypto Scams
As with everything that is money-related, there are plenty of scams involving cryptocurrencies out there. Some are phishing scams, and others involve money transfer fraud. There are even fake sites and applications that pretend to be legitimate companies to steal from you. It is a good idea to make sure that you are aware of the possible scams before you invest, so you can protect your money as much as possible.
The best way to protect yourself is to store your coins in a cold or offline wallet. Never share details of your wallets with anyone either and keep your passwords or ‘key’ written down somewhere offline also.
Fake exchanges
These sites are set up specifically to con people out of their money by appearing to be a genuine exchange. They usually offer very attractive rates and discounts to attract new customers and simply take everything invested. It is really important to make sure that an exchange is actually a real company and check out its reputation online from multiple sources.
Free giveaways
Anything that involves free giveaways is more than likely a scam. These scams often require users to pay a small fee or deposit before getting their ‘bonus’ and never pay up. Even worse than that, they can ask for a credit card or bank details and drain your account.
