How To Identify Common Cryptocurrency Trading Scams?

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Source: kictanet.or.ke

The common expression we all should abide by is – if something in life looks too good to be true, it probably is! This is something that has proven correct over and over again especially in crypto scams.

Every effective scam has one thing for a goal – it is engineered specifically to fool you into lowering your guard and divulge private info you would otherwise keep safe and secure. There are abundant sites, applications and channels that are being stolen or spoofed and turned into a silver bullet aimed at us – honest people who have earned very hard for every bit of crypto we have.

Trading crypto is nothing new and scams that try to ruin your experience and rob you out of all your cash and hard work aren’t new as well. If you are new in crypto and trading then you have to learn a lot because you are the most likely target of these scammers. If you want to find out more on both topics visit this site and get as much info as you can.

The way most of these scams work is by trying to get you excited about some new opportunity or offering you free money or even enormous and unrealistic returns for very little to no work at all.

What they are aiming at is your excitement about any of the things we listed above and that this excitement will cloud your judgement and force you to make this mistake. There are multiple examples of those scams and there are places that crack them down and explain thoroughly like coinrevolution.com/bitcoin-era.

Now let’s get on with the identification of these scams!

Wallet seed phrase

Source: smartdatacollective.com

The easiest way to figure out if a deal is a scam or at least a part of something big and elaborate is that it will ask some form of your wallet seed phrase. Then some may ask for your login info for websites, passwords or anything else that at first might seem irrelevant to you.

What you need to understand is that these are all the info that someone with a bit of scamming experience can find his/her way around your info and details that should see the light of day. No matter how unimportant the info they require you to believe it is, keep it to yourself. It is private for a reason and it should stay private.

Things like wallet seed phrases shouldn’t be given to anyone and you must know that no legitimate company will ever ask it from you. Being informed and being smart is very important when conducting any form of business online. You really can’t start to understand what people are capable of and to what lengths they will go to get what they want.

Give something and get 10x back

Source: forbes.com

Another standard scam that is used in crypto but when you think about it, it can be used anywhere for anything. To be perfectly honest every one of these scams can be adjusted for anything besides crypto so be careful and try to read the signs.

So, if you ran into an ad saying something like pay some measly amount of crypto and they will increase your return by ten times. Now, this is one of those too good to be true moments. There is no legitimate way that you can increase your investment double, let alone 10x, in few hours to 24 or 36 tops.

This is something you have to watch out for and you have to know that any transaction you make on the blockchain is irreversible. So, if you manage to get scammed and you send funds over blockchain simply say bye-bye to your crypto and your cash.

Fishy websites

Source: t1markets.com

Most of you that aren’t that tech-savvy are probably wondering how to recognize a fishy website? Well, believe it or not, it couldn’t be simpler. All you have to do is some quick research and you will be able to crack the scammers and hopefully report them so others don’t fall into the same trap. What you need to look for is bad spelling.

Spellcheck here saves lives and just like you can spot a fake username on social media with a simple spell check you can do the same with the website. Besides the spell check, you can do one more thing to make sure you are protected and informed – know the way the site should end, like .com, .net, .io and similar. Scammers tend to play around with spelling and domain names and they tend to pay for advertising to Google to have their site on the top of the list every time you try to Google it.

Videos

Source: markettraders.com

Scammers tend to kidnap video pages of popular people to promote their scams. This is something you have to watch out for because they make these so realistic and basically, the same as the original to make it more successful. What you need t do is watch the list of videos and see just how many entries there are and what their date of uploading are.

If there are only a few videos that have been recently uploaded on a channel that has millions of followers then that account has been hijacked. Another thing that they tend to do is redirect you from those videos to the external pages. That should be a huge red light for you and it should be a signal to get out of there ASAP!

Links

Source: karoku.com

The last thing that we should advise is not to use links on sites and videos, or from your mail. If you need to visit a page you prefer that type the address by yourself and don’t allow the links on random spots to “take” you there.

There are a lot of cloned sites aimed towards those who aren’t informed and who do not know what scammers will do to get to your info and money. If you have the site you trust and you like type it by yourself, or even bookmark it so you can easily get where you want and need hassle-free.

As a final thing, we will just advise – when in doubt check it out. If there is no doubt check it no matter because in crypto you are your boss and security detail. No one will protect you but yourself so be vigilant, always.

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