There are people getting into crypto trading in hopes of striking gold. Considering how rapid growing the crypto market is, some may even see it as a quick way to gain a significant amount of money. However, some also believe that the space is rife with scammers, and some even believe that the whole thing is a setup for the world’s biggest rug-pull.
To be frank, that fear is not completely unfounded. After all, when you have plenty of people in the crypto space eager to get rich quick, you’re bound to also attract plenty of predators looking for their next prey. Additionally, those who are still new to crypto are more susceptible to scams. So, does that mean that crypto trading is dangerous and that we shouldn’t get anywhere near it? Not at all. Much like scams involving fiat money, be smart and do plenty of research to keep yourself from becoming their next victim.
In this article, how you can keep yourself safe from any potential crypto scams will be explained. First things first, know your enemy. Be aware of the most common crypto scams. You’re most likely to encounter fake crypto giveaways, phishing emails and fraudulent trading websites. Fake accounts pretending to be famous celebrities or business icons would make online posts telling users to deposit their crypto assets to an address, and receive double or more in return. In an attempt to make the giveaway appear legitimate, other fake accounts in the comment section would confirm that it works. Soon after, the scammers will make off with the funds and delete the fake accounts.
To spot a scam, keep a lookout for any subtle changes to the profile’s username. For example, an account that is impersonating the official user “johndoe” may have an extra number in their username such as “johndoe1” or “johnndoe” with an extra “n”. This can be easily overlooked at a glance. Or perhaps you have received a private message stating that you’ve been randomly selected to receive a prize gift of 100 Ether. If you have never signed up for any giveaway, there’s a high chance that this is a scam. Do not click on any links included in the message. Also, if you’re partaking in any crypto-focused online community, don’t hesitate to ask for the legitimacy of the giveaway.
Phishing scams are increasingly sophisticated these days, with the malicious emails becoming harder to distinguish from real emails sent by legitimate companies. If you click on any links included in suspicious messages or emails, your device will immediately be infected with malware, which gives the attacker full access to the information stored in it. Not only that, phishing emails will redirect the users to fake websites to reset their password, send money or reconfirm seed phrases.
So, always remember to check the email address carefully. Much like the case with social media accounts impersonating famous celebrities, you may be overlooking some telling signs that this email address may not be as legitimate as you think. Just to be safe, visit the official website and reach their customer support. Always keep personal information, passwords, or seed phrases to yourself. Never reveal them to anyone. In regards to fraudulent trading bot websites, be wary of those who claim to bring you very high rates of return. You should also check to see if there is any information surrounding the team behind the platform. If a team page exists, try searching for each team member to see if they’re real people.
Finally, a lack of corporate information on the website is often a dead giveaway that this may be a fraudulent company. It is advised for you to against making digital copies of your personal crypto details. This includes the passwords to your crypto wallet, seed words or backup codes.
It is a lot safer to write them down than taking pictures with your phone or keeping them somewhere in your devices. Your sensitive info will potentially be accessed by hackers. You should also always enable 2-factor authentication whenever you can, and use different passwords for different crypto platforms.
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