The creation of bitcoins and other cryptocurrencies alongside the benefits trading in digital currencies have brought to some individuals, fraudsters have started devising ways by which they can extort money from individuals all in the name of investing in cryptocurrency. Many have had to be victims of these people and because it was probably their first time and anxiety pushed them to do this, however, they fell into the wrong hands. This article aims to reveal some scamming tricks as well as some key points to take note of before investing in any cryptocurrency. 

Common scams and how to avoid being a victim

Impostor websites are one of the ways by which scammers get to extort money from their victims. Before getting into any crypto platform there are many things to verify like the URL has the word ‘secure’ on the web browser’s address bar. Also, verify that the link has “HTTPS” and not “HTTP”. Sometimes you could click on the URL, but because you did not double-check, you find yourself on a completely different platform asking you to make payments elsewhere. The simplest way of avoiding this is by typing correctly the right URL into the browser and always ensuring to double-check. 

Secondly, fake mobile apps are a method scammers use to quickly deceive their users. Given that the internet has advanced over the years, having access to someone’s email address is not difficult. These scammers could send you an email that could be looking very similar to a cryptocurrency platform you may be aware of. To check the authenticity of the email, try getting in touch with a worker from the said company. Sometimes they publish outrageous amounts as profit, however, always double-check and be sure it is from the company’s original platform before investing.

Thirdly, another aspect could be a Ponzi scheme where fraudsters require users to invest in a cryptocurrency for a certain amount to be obtained after a certain period. Sometimes they get you to recruit others into the platform and that you get bonuses when you get others to join in the business. However, be careful because it is all a scam. Sometimes they could offer you a job for free knowing that people are in dire need of a job and end up collecting money from their victims. 

Sometimes, it is better to verify the reviews made by other investors in regards to the platform before diving into investing in that platform. However, there are also fake reviews as well as fake declarations about celebrity investors investing in some of these platforms. Watch out, lest you walk right into a scam. These internet fraudsters can set up and make you see or believe whatsoever, so it is always preferable to double-check before investing.

In summary, the field of digital currency mining is sometimes very difficult for aspiring investors to understand, making them more vulnerable towards scammers. Implementing good old common sense as well as other diligent methods could avoid falling victim. The points listed above do not mean that those are the only methods available. There are other fraudulent methods implemented by these scammers.