Investing in cryptocurrency can be risky, but facing scams and frauds should not be one of the dangers. In 2020, the crypto market touched high profits, and experts predicted a major fall in crypto profits in 2021. As expected, the market saw a fall and not only great losses and decline in values of the coins but huge frauds and scams. Fake currencies, false platforms, hacking, and stealing rise, which made the market unreliable and lost many customers as people bear great losses.
Although the security through blockchain technology is certain strong scams still take place, certain measures can be practised to avoid getting scammed and save your money from doubtful third parties.
Stop Falling for the Big Talks:
These measures include being aware and don’t invest in offers that sound fishy. For example, if it “guarantees” profit. Every person investing in crypto knows that the fluctuation of the market is sudden and uncalled for. The chances of a guaranteed profit are low. Sure, the value of your currency can touch the sky, but it can go down to zero anytime as well.
Asking for Quick Investments:
Another red flag can be if they require urgent payments, forces to buy currency, or blackmails. This is very clear that cryptocurrencies can be accessed by billions of people all around the world. It is not limited to one area or country. It is open to all, and anyone can buy any currency of their choice at their preferred time. Forcing people to buy or making investments doesn’t make sense.
Currencies sponsored on social media, being given as giveaways or gifts, or even paying against a service are the titles that should be immediately overlooked.
Be aware! While browsing, if a website offering crypto does not contain “HTTPS” at the beginning of its URL, it is undoubtedly fake. You can save yourself from getting hacked merely by being aware of the alphabets of the site you click on.