November 10, 2020

Top Recents Tips to be safe from Crypto scam

We all are in the age of new digital monetary mechanisms known as cryptocurrency. We can also say that this is the age of cryptocurrency and crypto airdrops. This nonphysical market has revolutionized the world. 

Though it’s getting overwhelming benefits, there are still lots of problems while using it and you can encounter the risk involved in these transactions. And we’re not talking about the volatility of the market. Scams are everywhere online, and cryptocurrency exchanges are no different. As you consider investing in different startups and exchange platforms, be aware of the possibilities of losing your cryptocurrency investments.

The increase in Crypto Scams all across the world is one of the trending issues nowadays. It has become more cautious as to whom to give the license of trading crypto and other binary options. 

Lots of people find a lot of success in crypto trading however it is definitely not for everyone. The fact that crypto requires a lot of emotional discipline, a good knowledge of the blockchain technology, and a good emotional quotient as well, which is something that only a few have been able to understand so far. 

 A lot of websites seem like they are ok but they are not owing to the insane amounts they pay to website designers who make such legit-looking websites. However, these designers forget to revamp the Terms and Conditions Page and sometimes the About Us page. 

Top Recents Tips  to be safe from a crypto scam?

It is extremely important to be aware of the exchanges that are based on the centralized medium and carry the crypto keys. If you don’t plan to trade crypto, then don’t hold your tokens and coins there. It is best to store them in your wallet. Sometimes those kinds of exchanges can make the exit scam, or they may be hacked.

 Many fraudulent scammers like OneCoin have made sure that people invest their lifetime savings, eventually ending up in sadness and despair when hundreds of bitcoins are lost at the same time.

 You should be able to know the crypto scam and be safe yourself:

  • If a Terms and Conditions page is plagiarized, there is a high chance that the crypto project is a fake one.
  • Always beware of fake crypto business websites.
  • Never invest your money unless you have a thorough understanding of the trade. One should make full use of the resources and be very cautious while making new investment decisions.
  • Be always alert when you get an email from different sources you are not known to them. These unknown emails can be one type of scam. So, never click on these links and you can be safe.
  • Scammers often announce fake ICOs, or initial coin offerings, as a way to steal substantial funds. Don’t fall for these fake emails and website offers. Take your time to look over all the details.
  • Don’t hold crypto on the centralized exchange if you don’t plan to trade it. That exchange can be hacked, or founders may pull the exit scam. That has been seen numerous times before.
  • Never share your private keys with anyone.
  • Watch out for pyramidal scams. If someone is promising you multiple gains in a short period of time, something must be scammy there.
  • Always do your own research!

Check our article about safe participation in crypto airdrops.

So, in conclusion, the most important thing is to do your own research when dealing with cryptocurrencies. Now, when you have learned something new about cryptocurrencies, don’t forget to check new crypto airdrops.

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