Well, there is no doubt about the various scams that have hit the cryptocurrency market since its introduction. Sooner or later, the cryptocurrency market was to be hit by scams because that is an eventuality for any promising market, where people seek to take advantage of unsuspecting investors by using fake promises to lure them into their trickeries.
While most of the victims of such scams and frauds are beginners, it is possible to avoid them and this can only be possible by enlightening yourself on how to avoid them. Ignorance can be very expensive, and that is why you should take it upon yourself to learn some of the trickeries used in this area of trading so that you can detect them from afar. This guide has highlighted a number of ways through which a potential cryptocurrency trader or investor can avoid scams or frauds, so go ahead and be enlightened.
Ways on how to avoid cryptocurrency scams
Look out for the following suspicious cryptocurrency trading schemes;
- Anything such as trading apps requiring you to sign up instantly. While there are reliable trading apps as evidenced by Bitcoin revolution review, there are other fishy ones that persuade you to sign up first so that they can provide more information. A reliable app should first explain what they have to offer so that a user can decide whether to sign up or not.
- Sites that don’t have safety guaranteeing extensions like HTTPS or SSL. If a browser doesn’t have such extensions, you could be dealing with a hackers-controlled site.
- Any investment branding in form of a pyramid or a Ponzi scheme. Don’t look that side twice if you come across such a thing because a majority of them are fraud driven projects.
- Signing up promises like bonuses or commissions. Such could be inviting you for the loss of the year.