While cryptocurrency trading like Ethereum and Bitcoin remains popular amongst seasoned investors for the opportunities that it presents to build wealth, it can also be daunting to get into if you’re a newcomer. After all, scams aren’t uncommon in the crypto ecosystem. That’s why it’s important to search terms like “can you buy crypto on commsec” and view the results from trusted websites to see if it is legitimate and not part of a scam. But while some scams are obvious and easy to spot, others are complex and can be more than a little challenging to avoid.
In the past few years, the fraudulent schemes in the crypto market have not only become more elaborate but also ambitious in scale and scope. As a result, many continue to fall for these traps and lose money. The good news is that you can get your funds back through crypto scam recovery with Payback. More importantly, you can avoid these scams and invest your money wisely with a little bit of awareness and research. In this piece, we’ll talk about a few common scams in cryptocurrency and some measures you can take to keep these scammers at bay.
1. Investment scam
When it comes to investment scams, scammers usually make claims of high returns with little to no financial risk. However, the promise of quick and sizable profits will come at the cost of your control over the cryptocurrency trading account. As the saying goes, if something appears a little too good to be true then it likely is. So make sure that you steer clear of who makes promises of unrealistic financial gains and never share your accounts with anyone you don’t know because they may take all of your assets from you.
2. Giveaway scam
As its name suggests, giveaway scams usually begin with promises of free cryptocurrency giveaways. However, the scammers will instead ask you to send your cryptocurrency to an account that they specify to verify the address of your wallet. They’re generally common in popular social media channels. They usually leverage fake accounts to give the perpetrated scam credibility. There are also times when they hack legitimate accounts in the process.
Similar to the abovementioned investment scam, it is a general rule of thumb to do your homework first to verify its legitimacy before you make any commitments. Doing so will keep you from falling into scams.
3. Employment scam
Scammers try to impersonate executives and recruiters to solicit cryptocurrencies from job hunters eager to find work in exchange for a position in a company or work-related materials. In certain cases, they may even request participation in arrangements for transferring the assets akin to money laundering. As such, you must always avoid those using the prospect of employment as a tool to get you to transfer crypto-assets because it is like a scam.
Whether you’re getting started as an investor or have some experience in it, you must always take all measures to ensure that you avoid getting scammed, especially in markets that are relatively unregulated as cryptocurrency. And by taking note of the tips listed in this piece, you’ll steer clear of scams and give yourself a better chance at achieving high returns.
