The recent rise in insecurity has put everyone on edge, and it is now more important than ever to be security conscious.
Scams in cryptocurrency trading entice you with exorbitantly large profits or promises of quick returns. These offers are typically made for a limited time, instilling fear in the victim that they will miss out on a fantastic opportunity.
Scammers usually approach you on social media, claiming to be from anywhere in the world and displaying a lavish lifestyle on their accounts to appear successful (think Tinder Swindler but with crypto). They might even post screenshots of other “satisfied customers” congratulating them on their profits or amounts earned.
They may pose as representatives of reputable trading platforms, offering to open an account on a trading platform for you and share photos of your profits, leading you to believe that it is legitimate.
Once the account is established and the initial payment is made, they will immediately require another deposit and will begin requesting that you pay various fees in order for the cash to be released.
“Why would a “trader” you don’t know to offer you a fantastic investment on social media at random?” However, if you do decide to invest, why should you have to pay a fee in order for your profits to be released?
Here are some things to keep an eye out for:
1. Profit assurance deception (if it sounds too good to be true, it probably is).
2. A broker who works in a country with lax regulatory standards.
Poor online feedback.
3. Trading platforms claiming to work for reputable organizations offered crypto bronze, silver, or gold “packages.”
4. Time constraint: “You will lose all of your profits if you do not pay this immediately.”
If you fall for any of these, you risk losing your hard-earned money.
Keep an eye out! Keep yourself safe!