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December 4, 2022
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Cryptocurrency

How To Avoid Some Of The Common Cryptocurrency Scams

It doesn’t take long for you to realize that cryptocurrency transactions carry risk. We’re not referring to the volatility in the market. There are many scams online and crypto exchanges are no exception.

Be aware that you could lose your cryptocurrency investments if you invest in various startups or exchange platforms.

Experts recommend verifying that the company or startup is blockchain-powered. This means that they can track transactions. You should also ensure that their business plans solve real problems.

The company should clearly define their digital currency liquidity requirements and ICO rules. Real people should be behind the company.

You should consider carefully if the startup you are considering is lacking any of these qualities.

Let’s take a look at some of the most common crypto scams, and how to avoid falling for them as you embrace the exciting future that is cryptocurrency.

Common Crypto Scams

1. Websites That Pretend To Be Real

Although you may have followed a sound tip from an expert, it is possible to fall for a scam by accidentally visiting a fake site. Surprisingly, there are many websites that pretend to be legitimate startup companies.

You should be wary if there’s no small lock icon near the URL bar indicating security and no “https” in the site address.

You may be directed to a different payment platform even if the site you are visiting looks the same as the one you thought you were seeing.

You might click on a link that appears to be legitimate, but the attackers created a fake URL with an o instead of a letter “o”.

This platform won’t take you to any cryptocurrency investment you have already researched. This can be avoided by carefully entering the URL in your browser. Double check it, too.

2. Fake Mobile Apps

Scammers also use fake apps to trick investors in cryptocurrency. These apps can be downloaded through Google Play or the Apple App Store.

While it is possible for stakeholders to quickly locate these fake apps and have them removed, this doesn’t mean that they are not impacting the bottom line. reports that thousands of people have downloaded fake cryptocurrency apps.

This is a higher risk for Android users but investors should be aware. Is there any obvious spelling errors in the copy, or the name of the application?

Is the branding a bit dated with strange colors or an incongruent logo? Consider taking note of the issue and rethinking your download.

3. Bad Tweets And Other Social Media Updates

You can’t be certain that celebrities or executives you follow on social media aren’t following fake accounts. This is also true for cryptocurrency, where impostor bots and malicious actors are rampant.

Avoid accepting offers from Twitter and Facebook, especially if they seem impossible. Fake accounts can be found everywhere.

You will likely never be able to get your cryptocurrency back if someone asks you for any amount. Don’t assume that others responding to your offer are bots. Extra caution is required.

4. Scamming Emails

You should be careful before you invest your digital currency, even if the email looks identical to one you received from a legitimate crypto company. Are the email and logo identical?

Is the email address legitimately associated with the company? This is why it’s so important to work for a company with real people.

Ask someone who is working there if you have any doubts about an email. Never click on any link in an email to go to a site.

Scammers will often claim that they are offering fake ICOs (or initial coin offerings) to get large amounts of money. Do not fall for the fake emails and websites. Take the time to read all details.

There are many ways that unsecure computing systems can be exploited by Internet users to mine and steal cryptocurrency. Before you invest in cryptocurrency, learn more about how to stay safe and protect yourself.

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