How to avoid cryptocurrency scams?

  • Scammers are everywhere. You need to be specially careful if you are dealing with crypto currencies. Cryptocurrencies transaction are irreversible. Once sent you can never get it back.

    Here are some of the best tips to avoid scams:

    1) HYIP:

    Never make investments in HYIP sites. They only last as long as there are new users coming in to pay the old investors back. If its too good to be true definitely its a scam.

    2) Airdrops scam:

    Airdrops are pretty common now a days with most promising big rewards with no investments.

    Never share your private key with any company running an airdrop, they will try to trick you by saying its just for verification. Totally avoid this airdrops.

    Once someone has your private key they can do anything with your wallet.

    3) ICO Scam:

    Person claiming to be a representative of a particular ICO company in mail or chat is a scammer. They will take all your funds and never send you back the tokens.

    No matter how good deal they provide never fall for their tricks. Only send funds on the official company deposit/contract address shown on the official site.

    4) ERC Token Scam:

    On telegram or forums or reddit or other online communities some user might provide you a good deal for a popular ERC20 token. Offers which are hard to resist.

    Never fall for that they will send you made up ERC 20 tokens with the similar name as the popular ERC 20 token. Once you send them your funds they will disappear.

    5) Official Giveaway Scam:

    They will make fake profiles with the same name as prominent official brand names or personality and make a giveaway promising higher amounts of crypto in return if you send them a certain amount of crypto. Never fall for this trick.

    Missed anything? Add it down in the comments below.

  • Global Moderator

    @amarcrypto thanks for information keep it up bro

  • @anil5638 Thanks bro. Will try to do my best.