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Cryptocurrencies are complex and are difficult to understand. It is very confusing for the new users and mostly unregulated or partially regulated in a few countries. All these factors make it a perfect target for scammers.
But, with some good old-fashioned common sense and a little bit of general knowledge about scams, you can adequately protect yourself against cryptocurrency scams.
To start with the first thing is how to detect scam websites?
- Thoroughly check the web browser connected to a secure site. A website is secured if the browser address line you see “https” at starting. The sites with only “http” are unsecured. Especially note the “s”. Data you send is not secured over the website which contains the address that starts with http.
- An image of padlock or word “secure” should be there in your web browser address.
- Take a minute note of the website’s URL. Does it have errors or noticeable spelling mistakes? If yes, the site could be fake or phony or near duplicate of the original site.
- Grammar of fake or forged sites is usually bad. The paragraphs phrases awkwardly. There will be many punctuation and spelling mistakes. Though it does not mean it is a scam, You should surf the site with caution.
- One of the catchiest things the websites promise is abnormally high returns on your investment in a short time. This is the bait most websites use to scam innocent investors. Like, you will double your money in six months. This should raise a huge red flag immediately. It is usually a pointer towards a scam.
- Look for the “about us” page. Does it inform you about real people who are behind the company? The page should mention details of the company in which country it is registered and its registration number. If the page is not providing details of what the company does or little or no information about the company, that smells fishy and is a usual indicator of a scam.
- Do genuine, legitimate, and reputed websites link to this site? If yes, then it is a respected and trusted site.
- Did you come to know about the website on social media? Common ways to reach new victims, scammers use social media.
Once you identify fake or original websites, the second step to avoid scams is identifying fake cryptocurrency exchanges and wallets.
These fake exchanges where the scam takes place are almost ditto copies of the original one. The scammers will offer you promotional offers that sound like music to your ears. Some other scammers will pressure users to create an account and deposit money.
They may also provide bonuses to those users who deposit a large amount of money. Once you deposit your money, they will charge a very high fee to make withdrawals difficult. Or cheat you on your deposit and run away. The scammers create refined and nearly original fake wallet apps when you download them on your smartphone. They steal account details from your smartphone. These fake wallet apps have even made in-roads into the official Google App store.
Influenced by the tremendous price increase Bitcoin has made since its inception, many ordinary investors gamble into the world of cryptocurrency, looking for the next big thing to come. They go in for ICO (initial coin offer). This is the best and perfect breeding ground for scammers. Many new buyers have limited knowledge about cryptocurrency. They are trapped into buying fake ICO. Fake ICO’s are sold with little hype and attractively marketing skills.
If you got scammed, get in touch with Brokers Complaint to recover your funds.
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