Social Media is looking for a way to truly monetize the industry. Bitcoin and other cryptocurrencies are local for everyday, practical uses that help to widespread adoption of the technology. As that process unfolds, the bad will come along with the good. Unfortunately, some people will be taken for their funds by some immoral actors. This has been seen before with the MTGOX scam. The present-day version seems to be a binary trading pitch getting very popular on Instagram DM's.
This pitch goes like this: The person will tell you that Bitcoin trade is a profit-oriented business where you invest little to earn more profit. It is simply a financial instrument by which a trader purchases an option based on how he/she understands the movement of the price of an underlying asset. This works with signals and its no different from the stock market. With our newly developed robotic system, winning is sure in Bitcoin Trade. So the fears of losing your investment are solved.
Never trust anyone who says fears of losing your investment are solved. Point this out, and the scammer will continue.
The next message will say something like, "Binary options are highly profitable. With a good strategy and a fantastic signal, your profit is guaranteed. You don't have to learn how to trade to make money. We have an account management plan. We manage your trades and account and then we take just 10% of the profits we make you. That is fantastic right? It is as easy as that. We have sophisticated software that helps us get a good strategy and signal to make sure your profit is guaranteed. You earn 6 times your capital. E.g if you invest $200, you earn $1200. And then you get to earn 25% of your profit every 2days within 8 days depending on the plan you choose on our website. And our service charge is 10% of whatever profit is made for you. This 10% service charge is paid to trader after receiving a payout.
They'll end with "you have total access to your funds."
Yes, you do. Until you send it to someone pitching guaranteed bitcoin profits by mass commenting on celebrity pages. Making smart moves is only 10% of the battle. 5% is luck and 50% is being smart enough to avoid dumb ideas.