How To Avoid Cryptocurrency Scams — Basic Guide

What Is a Cryptocurrency Scam?

Some of the biggest crypto scams

Six Steps to Avoid Crypto Scams

Step 1: Do Extensive Research

Step 2: Secure your Crypto Wallet

Step 3: Use Multi-factor Authentication

Step 4: Check Websites

Step 5: Trust Verified Sources Only

Step 6: Be Wary of People

Types of Crypto Investment Scams

Pump and Dump Schemes

Fraudulent Websites

Phishing Scams

Giveaway Scams

Fake Apps

Blackmail Scams

Crypto Mining Scams

Takeaways

  • Cryptocurrencies have experienced rapid growth in recent years, but unfortunately, this has opened the door for a lot of crypto scams out there.
  • Cryptocurrency scam projects are mostly unknown in the crypto business, and they appear to be a perfect way to make quick money.
  • Make sure that your crypto wallet is secured in every possible way, apply a multi-factor authenticator and do not use your digital wallet on unsecured networks.
  • Always do extensive research behind a new project that you want to put your money in, make sure that it backed up by renowned sources.
  • Check the website you use and make sure that it is secured. If it starts with https and if so, you should be fine.
  • Don’t trust every person on social media, some of them are willing to scam you and even more make false claims about making money on a project.
  • Always make sure to invest only what you can afford to lose, the best way to avoid scams is being wary and informed about them.

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