5 tips to prevent cryptocurrency fraud

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Cryptocurrency has gained worldwide popularity and has become an integral part of the economy. It really affects people from all walks of life - middle class people and the wealthy. However, there are some problems here. It is susceptible to undesirable circumstances, especially fraud. If you're new to cryptocurrency, consider this article a useful reference to avoid scams, as we'll discuss five of the most notorious cryptocurrency scams and tips to prevent them. 

1. Using an illegal cryptocurrency exchange platform

Before investing in cryptocurrency, you should also take the time to do your research before investing real money in it. When buying and selling cryptocurrency, you should only use a reliable platform. However, not every platform provides global access, so it is best to research what is available in your country.

Let's say you live in Australia. You should research this list of trustworthy exchanges in Australia as they may be different to exchanges in the US and Asia, as not all platforms can provide the same customer support and features.

2. Counterfeit online applications 

You may need cryptocurrency trading apps, and even bitcoin news reports indicate that there have been many attempts to lure people into creating fake apps. You can see this by looking at the name, colour, logo and other physical features of the app that look suspicious. When in doubt, it is very wise to trust your instincts. 

3. Social media updates

Don't trust organisations that provide offers through Facebook, Twitter and other well-known social media accounts. Scammers have long seen social media as a potential platform to scam people. Then never be tempted, especially by tempting campaigns promising incredible returns. Also, don't let yourself be fooled, even if many people respond to their offers. You're not sure if they're bots or not, so it's better to play it safe. Fake accounts are also common on social media, and there's little you can do to verify these accounts unless they're really obvious. 

4. Email

Scammers can also poach people through email. One way to avoid being scammed by these emails is to check if the logos and branding are similar. Pay attention to the small details because most scammers don't pay attention to them. Try to see if there is any evidence of legitimacy. Beware of links as you may fall prey to phishing sites. If you're not sure, it's best to go to the company website and find out what their official email address is.

5. Fake sites

Since cryptocurrency mostly operates on the World Wide Web, one of your enemies is also on it. That's why you shouldn't immediately open websites, especially if they don't have strong security features. If you notice that there's no padlock icon next to a website's URL, that's a serious red flag. Close it immediately. Now, even if the website looks identical to you, you still need to be careful because scammers have promoted their schemes by copying the URL to entice you to click on it. For example, make sure you see the letter 'o' instead of the number '0'. One of the most reputable sites with cryptocurrency game reviews is Crypto Casinos 360° , before you make a deposit, go to it and research all the information about the provider.

Closing words

To avoid being scammed, always pay close attention to detail, especially if you invest in cryptocurrency as it involves money. Scammers can lurk online 24/7, so you can be very careful what you do. Sometimes a simple click can turn out to be a total financial ruin for you. So invest only in the most reliable, visible, reasonable and achievable returns so that your decisions are good for your finances.