How To Identify And Avoid Crypto Scams?

How To Identify And Avoid Crypto Scams?

By Schire | Let's Earn! | 10 Jul 2020


As more people venture into the world of cryptocurrency, scams and many kinds of phishing attacks have also been more evidently going along with it. We are all aware that in almost everything that involves finances and money, the risk of being scammed is inevitable. So today, I will discuss with you the ways on how to identify scam crypto sites or just scammers in general trying to get into your account and how to avoid it.

1. Unbelievably huge offers
-When people are in need of money, an offer promising them to earn huge rewards without sweat is almost like a dream. And that's one way scammers are using to lure people into their acts. Before trying to give your emails or before signing up into a website that promises you "too good to be true" offers, think first if that offer is actually possible. Put yourself in the shoes of the developer, no one will give such huge rewards without getting anything in return-  unless they're into charity works which of course they aren't. So most probably, these sites offering you to earn huge amounts of cryptocurrency in one sitting or those faucets that give you a minimum of 500-1000 satoshis every hour or minutes of claiming is most probably a scam.
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Legit faucets or free crypto websites will only give you at least 10-20 satoshis per claim since they're free sites and possibly the only way they can get back what they're sending you is through the traffic you give to their site or through the ads you open.

2. Pyramid schemes
- Some crypto sites almost look real until you get to request for withdrawal and they ask you to either deposit first a certain amount or to gain a specific number of referrals to sign up to their site. This is a pyramid scheme and they will promise you to earn more rewards for every referral that you will gain but in reality, they only want their scheme to grow more. In legit crypto sites, referrals are sometimes just like a bonus and not necessarily required. So if you see a site that requires you to gain a lot of referrals before they give you your earnings, then think twice.

3. Miraculously doubles your crypto investment
- Do not believe sites that will offer to double or triple your crypto in a few hours! No one can do that for free so the possibility that it was just another scam is almost 100%. This is also like a ponzi scheme where they promise you guaranteed return on your investment but in reality they will just get money from you.
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4. Phishing emails/websites
-If the site does not have an "https" or if you are doubtful of its interface since it looks unsecured, then don't try it. This site could be just another phishing site to get your credentials. If there is almost nothing on the site (no customer support details, no terms and conditions, etc.) then don't sign up.
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Phishing can also be done on emails where they will send you suspicious links asking you to change your password or something. Don't click it!

5. Fake websites/apps
- You will be surprised that there are some sites that look absolutely similar with one of your most trusted sites that you will somehow think that they are just the same. Be careful with those. It could be scammers trying to imitate legit websites or apps to get your trust. These could also be another phishing sites or apps containing malware so think twice and check it properly first before signing up. If some of the terms on the site is not clear, if the app lags almost everytime and keeps redirecting you to another site, this might be fake or just another scam.

6. Bitcoin Mining/Generator
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These kinds of promises are absolutely sketchy! We always see ads saying that if you download this specific software on your desktop or laptop, you can earn free Bitcoin just by leaving it open or working on the side. Although some can be true and can earn you a few coins, most of it are just scammers trying to infiltrate your CPU! So if you stumbled upon these free mining sites, take caution and check out reviews if it's legit or not. Also, some can overheat your CPU or mobile phones so as much as possible just stay away from them.
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There are almost no mining sites that can guarantee you that you can earn so I suggest don't believe in their promises too much. Some are just using you for traffic without any plans of paying you so don't waste your time on those.

7. Unsecured Crypto Wallets
- Finding a secured wallet is almost a challenge. There are those trusted wallets that are very promising but could still lack a few things, and then there are those wallets that are created just to snatch away all your crypto deposits. How can you detect fake crypto wallets? First check it's security. If the transactions do not require 2FA or other forms of security check, be careful with it. Also, be careful when downloading from a playstore. Check the reviews first or the developer. If it's suspicious, don't download it.

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As much as possible, do not store all your crypto in only one wallet. Do a lot of research on the wallets first before depositing/storing anything so you wouldn't be robbed by scammers in the end.

There are still a lot of scams out there but these kinds of scams are probably the most rampant. So if you are new to earning crypto or even if you have been earning for quite a long time already, it is still a must to always do your research and to never give your full trust to any crypto websites or apps. You have to be sure first that they are secure and you have to actually see a proof that they are paying before you try it.

So that's it, I hope this article somehow helps you to avoid crypto scams. Always keep safe! ❤️


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Schire
Schire

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Let's Earn!
Let's Earn!

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