Fake Cryptocurrency has become the biggest threat to cryptocurrencies because it’s easy to get fooled and spend your hard-earned money on them.
To protect your investment, you need to know how to identify fake Cryptocurrency so that you don’t fall victim to it and lose all your hard-earned money.
In this guide, I will tell you some ways to identify fake Cryptocurrency and some methods to avoid getting scammed by fake Cryptocurrency in the future.
How To Identify Crypto Fraud
The cryptocurrency community is a small one that doesn’t like someone trying to scam them out of their hard-earned money. You can see the Crypto Scam Blacklist.
So how do you know if your social media followers or other investors are really after your money?
Well, here’s how to spot and avoid cryptocurrency scams in general.
1. They ask for an upfront payment: It probably is if it sounds too good to be true. Never pay any money upfront for anything related to crypto trading, mining or investing. It’s almost always a scam.
2. They’re not on a recognized exchange: You should never buy crypto directly from anyone who isn’t on a business-like Coinbase or Kraken (or even Binance).
3. They have no escrow system: Never send cash via Western Union (or similar service), gift cards, etc., for crypto purchases—likely, these payments will never reach their intended destination.
4. They claim they can double your coins: This is just another way of saying they’ll steal your cash.
5. Their website looks like a child created it: If they can’t afford a web designer, they can’t hire developers either.
6. Their website contains typos or grammatical errors: If they don’t care enough about their product to proofread their site, why would you trust them?
7. There’s no contact information listed on their site: Always make sure there’s at least an email address to get in touch with customer support if something goes wrong.
8. They use celebrity endorsements without permission: Remember when Jamie Foxx tweeted about OneCoin last year? He later claimed he didn’t realize he was endorsing a crypto scam. Don’t become famous for being stupid; check with celebrities before retweeting or posting about their crypto endorsement deals.
9. They promise to triple your investment in 90 days: Scammers use another common trick and,if it is too good to be true, it probably is.
10. Their team consists of anonymous members: Any legitimate business will list their team members and photos and bios on their website.
11. They guarantee returns: No one can predict what cryptocurrencies will do over time, so don’t believe anyone.
12. Your gut tells you something’s fishy: Listen to that little voice inside you; if something feels off, then more than likely, it is off!
Scammers Use Notable Figures To Add Legitimacy
When looking for cryptocurrency scams, you’ll sometimes see a combination of misspellings and grammatical errors that may make sense. Other times, though, scammers will use aliases or brands in place of names to try and add some legitimacy.
For example, if someone sees US Gov’t listed on a cryptocurrency scammer list, they may assume it’s real because it seems like an official name. Also, this can be highly confusing if you aren’t familiar with what specific terms mean about cryptocurrencies, so always double-check any information presented as an official before sharing personal details with others.
However,there are many ways to do so, but a straightforward method is to look up fake crypto-list online and see which names appear more than once—that way, you know who is likely fake. Then do your research! In addition, don’t trust people just because they have significant social media accounts.
The world is full of fake followers who pay for them (and get caught all the time). Always look at their past posts and tweets (if applicable) before taking them seriously.
But when searching out Fake Cryptocurrency Listing, we should remember not all companies are created equal. Some are legitimate, while others are less than desirable – even nefarious!
A Massive Following accompanies cryptocurrencies Rising In Price
More and more people are starting to invest in cryptocurrencies, which means they’re more vulnerable to scams. One common scam involves fake apps and websites pretending to be legitimate, popular exchanges.
While some cryptocurrencies like bitcoin have existed for years now, there’s a massive wave of new ones coming out rapidly – right now, and there are over 1000 of them on CoinMarketCap – which is why new investors could get easily confused.
The reality is that many of these new cryptocurrencies are scams, and if you decide to invest in them blindly without doing your due diligence, you’ll lose all your money. Also,it is for you not to fall into that trap, we’re here with a few tips on spotting fake cryptocurrencies so it never happens again!
Also,here what you need to know: If a coin or exchange has an app that hasn’t been approved by Apple or Google Play Store yet, it’s most likely fake. Fake apps often appear as reputable brands like Binance, but they’re just fake sites used by scammers to steal your data.
Even when both stores have approved an app, it doesn’t mean that it’s safe since sometimes those fake apps are uploaded under different names by different developers but with identical graphics and UI as real apps.
It would help if you always double-checked to ensure that you’re using a legit version of an app by looking at its reviews and ratings before downloading it. Another thing worth mentioning is that fake sites often use URLs similar to their legit counterparts, making them hard to distinguish.
You should always check whether a site uses HTTPS protocol (the green lock icon) before entering personal information like login credentials or credit card details.
For example, something isn’t suitable if you want to log into your Coinbase account but instead find yourself on Coinbase-fake dot com. Also, this applies when visiting forums dedicated to specific coins – always double-check whether links lead where they say they do!
