The cryptocurrency world has been on a surge and so have the scams. A lot of traders have fallen victim to vague promises of high returns and fake news articles spreading fake news about crypto assets.
Here are some warning signs you need to look out for to avoid cryptocurrency trading scams.
Too good to be real returns
People should be aware of the brokers that offer hefty returns. If it sounds too good to be real, it is.
Do not send your crypto coins or money to a platform that you don’t full trust.
If you do some good research, you will be able to measure the legitimacy, repute and reliability of the company.
If you see an influencer or a celeb promoting a crypto asset, you should think twice before putting your money in it.
Even if names like Elon Musk supposedly endorse an investment, do not trade in it at face value. Scammers earn so much because they use known and trustworthy names to scam people into believing is a good investment while in real these names have no connection with them at all.
Set your goals
If you want to earn big in a short time, then you have different path. If you want to trade daily, then your path is different.
If you want large returns with big risks, then alt coins may be the way. However, if you want to garner long term money growth, then look for crypto assets that have been around for a long time.
Do safe trades
It is important to choose an exchange which is repute and doesn’t charge high fees. Ensure that you store your crypto coins in an offline wallet like hardware wallet.
If you don’t have the custody of your crypto assets in your wallet, you are at risk.
If you spot a crypto scam, you should report it instantly to the FTC.
Other than that, if you want to recover your lost cryptocurrency, then you should approach Money Back for safe retrieval of your digital coins or funds.
They will give you professional, lawful and immediate help.