Introduction to Cryptocurrency Trading Scams:
The increasing limelight on cryptocurrency has brought this market a special place in peoples’ minds. With talks of cryptocurrency soon going to become the new normal, all of us might be wanting to invest in this sector. However, just like all the other sectors, scammers have started entering this market too. With new methods to attack and sneaky tricks up their sleeves, these scammers are preying on thousands of innocent and unsuspecting customers each day. Are you also holding back from investing in cryptocurrency because of the scammers? Now you do not have to! In this review, we will cover all the common Cryptocurrency Trading Scams and ways to avoid them so you can earn a passive income without getting scammed.
Types of Cryptocurrency Trading Scams
In this segment of the review, we will be discussing some of the most common types of Cryptocurrency Trading Scams.
Eager to invest in cryptocurrency, you talk to your friends who have already invested. You also contact some of the very experienced specialists for their advice on the broker you should go for and you still get scammed. How did that happen?
The simple solution to this is – cloned websites. Most often, the scammers produce websites and fake companies that are the exact reflection of a legitimate company. These websites are so amazingly cloned that one wouldn’t even notice the tiny differences between the scam and the original such as if the original company has the letter I in their URL, the scammers might change it to 1. Mistaking the fake website to be the original, the customer gives up their personal information and money to the scammer.
Another common way the scammers adapt and go unnoticed by the traders is the fake apps. These scam brokers upload the cloned version of a legitimate broker’s app on the app store or google play. Due to uploading on major platforms, it is comparatively easier for legitimate brokers to notice and eliminate the app from the platform. However, by the time the app is removed, it would have been downloaded by thousands of customers. Not being able to notice the slight changes, these poor customers invest their money in the scam and end up losing all of it if not more.
Social Media Monster
In this new era, social media plays a crucial role in our lives. From what we wear to what we eat at dinner, everything has a slight inspiration from social media platforms. However, this power of social media has been put to bad use by scam brokers. These scam brokers create fake profiles and fake followers. They then endorse their scam company or put up special offers that lead to the customers losing out on their money. In some cases, these scam brokers pay huge amounts of money to influencers to endorse the product. This also influences a lot of innocent traders who end up getting scammed.
How to Avoid Cryptocurrency Trading Scams?
> Think twice before reacting to any offer or signing up for a website.
> Carefully type in the URL of the websites.
> You must check the legitimacy of emails before acting on them.
Never trust the brokers who guarantee profits.
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