As the popularity of cryptocurrency increases along with it, crypto trading scams are rising. Scammers are finding new ways to do crypto trading scams with investors. And these scams are very difficult to identify, especially if you are a novice in the crypto trading market. These scammers earn huge amounts of profits from doing crypto trading scams. There are thousands of people who fall for these scams. They offer you the same features and have good reviews, which make it even more difficult to spot them.
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Common Cryptocurrency Trading Scams and ways to spot them
There are several cryptocurrency trading scams, and every day there comes a new way to scam cryptocurrency from investors. The following are few common crypto trading scams and how you can identify them:
1. Fake Imposter Websites
Several fake websites offer you to trade with cryptocurrency with exciting benefits, and once you invest your money, you don’t get any trading option, and there is no way you are getting your money back. These websites can also hack into your personal and financial information, and they often sell your data to other companies. These are imposter websites that imitate the original and real start-ups, and while people search for the original website for crypto trading, they fall into a trap by investing in these fake websites. These imposter websites are difficult to identify and looks identical to the real one.
However, you can identify these fake websites by checking for a lock symbol in the URL bar whenever you open any website. A lock symbol indicates the website is safe and secure. If you don’t see a lock symbol, the website is probably fake. Also, the “HTTPS” is usually missing from the site address. Be careful and check these two things before you start trading in cryptocurrency.
2. Fake mobile applications
Even the play store and app store have plenty of fake applications that lead to cryptocurrency trading scams. These applications are used by scammers to trick people who want to invest in cryptocurrency. It is very difficult to identify the fake ones because these scammers pay people to give fake reviews and 5-star ratings to their applications, and investors often fall for the trap by reading positive reviews and good ratings. The IOS app store is comparatively more secure than the android play store. Hence there are more chances you will find these fake applications in the Android Play store. By the time these applications are removed or banned, thousands of people have already invested in these fake cryptocurrency applications and lost their money.
However, if you see an application with inauthentic branding and colorful or an incorrect logo with a misspelling in the name of the application, then try to avoid these applications for trading in cryptocurrency. Also, take the time to go through as many reviews as you can. Read the negative reviews first and see whether people have reviewed them as a fake application or not. Be careful and choose wisely before investing. Another good idea would be to read comparison and benchmarking articles, like this one for automated crypto trading tools.
3. Scamming emails
You might often see emails about investing in cryptocurrency, which looks from a legitimate website trading in cryptocurrency. But these are not always genuine; some scammers send you these fake emails with given links that can hack your device or redirect you to malicious sites, so never click on these links unless you are sure that the email is from a genuine company. Before investing in cryptocurrency, you should do proper research about the company and the website. These fake emails also offer fake ICOs, i.e., initial coin offerings, as a way to steal substantial funds of an investor. Take your time to do some research when it comes to investing your money and cross-check all the details carefully.
To identify these emails, you can check whether the logo and branding look authentic or not. You can even Google about their company before clicking any link. Also, verify whether the email belongs to the original company or is it among those fake emails. Take time and do enough research, and note the necessary details of the company where you are investing so that you can easily identify if any notification comes on behalf of the company.
4. False Tweets and other social media updates
Some social media platforms give you offers that sound fake or impossible results. These fake accounts try to lure you by offering offers and discounts that can lead you to malicious sites that can hack into your phone or get your personal data. So beware and think twice before you click any offers related to crypto trading. Never trust these offers from these social media platforms and try to ignore them in the first place.
There are even people who will ask for some of your cryptocurrency and promise you to return, which is possibly never going to happen. There are impersonating bots who can give automatic replies and comments. Be extra careful while trusting these fake accounts, and don’t deal with any cryptocurrency with them.
Unfortunately, some people use their computing knowledge in scams and fraud with people, because of which some people don’t like the idea of trading. To be safe and careful, always seek a bit of expert advice and do your research before trading in cryptocurrency. Cryptocurrency is very high in value and you can probably end up losing a lot of money if you fall into these trading scams.