There’s a huge array of online trading scams involving cryptocurrencies that is quickly filling up the trading industry on the web. Although the industry is thriving greatly with the increase in the number of online traders and brokerage services providers, the chances of the industry surviving, in the long run, are somewhat slim. That’s especially due to the number of scams and types of frauds that keep increasing in the industry. Even the most experienced online traders and cryptocurrency experts have been conned by the art of scamming.
However, to help you begin your cryptocurrency trading journey in the right direction, we wish to introduce you to a few helpful tips and techniques. Those tips and techniques will help in keeping you away from the demeaning face of cryptocurrency scams online. So, let’s begin!
Investment Scams: How to Avoid Them
The best examples of investment scams are pyramid and Ponzi schemes. These refer to a type of online cryptocurrency scam where scammers want to lure people in and encourage them to lure other people in. Scammers begin their investment scams and frauds by sharing news about lucrative investment opportunities that are nothing but hoaxes in real life.
They will ask you to invest money into their projects completely free of any financial risks. Once you do that, they will encourage you and inform you to gain more benefits by inviting other people to the investment opportunities.
Contacting authorities is the best way to avoid any type of scam and we would like you to know that. Some authorities take instant action and begin investigations on the spot as soon as you report to them. Here are some of the helpful tips to avoid any investment scams involving cryptocurrency trading:
Stay If It Sounds too Good to Be True
If it sounds too good to be true, then it must be a hoax. Claiming realistic guarantees and out-of-the-world returns on your investments is how scammers will try to lure you into their Ponzi/ pyramid/ investment scam. Stay away if it appears to be this way.
Never Trust Other Than Third-Parties
Transfer your cryptocurrencies for safe trading to only trusted and verified third parties on the internet even if the scam hints otherwise. Most of the time, investment scammers and Ponzi scheme masterminds will ask you to bring in a lot of investment money to earn huge returns. They will also ask you to begin investments into the scheme using your cryptocurrency. But, the main hiccup is that they will require you to trust parties that are neither trusted nor verified to offer cryptocurrency trading and exchange services. If they ask you to sign up on a platform, make sure you read the Forex broker blacklist info.
Read Online Review and Verifiable Articles
You can read and learn more about an investment scam through verifiable reviews and articles on the internet. Researching the web using the name of the investment scam or those claiming to offer such investment opportunities is a great save. Going through online reviews will inform you more about detecting scams and frauds. It’s one of the great ways because it helped many people dodge Bitcoin trading robot scams earlier.
Watch Out for Grammatical Errors and Spelling Mistakes
When you receive notifications such as emails, messages, or social media updates from investment scam leaders or group heads, you can look for grammatical errors. While most scammers and fraudsters are tech-savvy, they aren’t very native-sounding individuals. Creating fast and natural-like investment emails or messages can leave them lacking in the grammar and spelling department. Of course, an organized and registered cryptocurrency investment business will avoid such a mistake.
By learning how to avoid investment scams in 2022, you can begin your online cryptocurrency trading journey. You must always research the group, company, or person contacting you with investment opportunities that are too good to be true. In the future, make sure you use the avoiding techniques and tips above to steer clear of investment scams.