The world of online business, especially the area of cryptocurrency trading, is an exciting realm brimming with opportunities to make a profit, and these opportunities are available to everyone.You can visit this web page for a comprehensive beginners’ overview of what cryptocurrency trade is and how it works.
Unfortunately, that availability is a mouse click away not only for honest entrepreneurs and established companies looking for real ways to expand their reach, but also for the many scammers, thieves, and leeches of all sorts, and these guys are growing pretty cunning pretty fast. Surprisingly, though, sometimes the most obvious tips on protecting yourself and your profit can be found in rather unlikely places – such as in between the lines of another review-type article.
What are the most common cryptocurrency trading scams?
In format, they actually overlap a fair bit with the already existing online scamming schemes like plain old phishing. Some of them are fake giveaways, web page clones, or fake ICOs.
The “one for many” social media giveaways are classic. These scammers tend to impersonate people and entities who are significant in the online currency trade, such as, for example, VitalikButerin or Elon Musk. They typically set up screen names with just one or two different letters to make it easy to confuse them with the real deal, and then make grand announcements along the lines of “send me 1 [currency] and I will send you [multiple times] more if you [fulfill nonexistent condition].” Remember, even if it is crypto, and not physical currency, no one would give free money away to arbitrarily chosen strangers on social media.
On the other hand, fake ICOs are crypto trade specific. Their primary leverage is the ease with which an ICO (Initial Coin Offering) will allow a person to launch a business, and they thrive in open-source environments like Etherum, preying on inexperienced investors.
To learn more about ICOs and their proper use, visit this link: https://coinsutra.com/what-are-icos-initial-coin-offering/
Web page clones are a special kind of evil, because the fake pages look identical, or nearly identical, to the genuine service or project. They hunt by using altered URLs, which are similar enough to the real ones to make them appear to be the same at a glance. However, they swap out characters (like “o” instead of “0”, an “n” or two instead of “m” etc.) and redirect you to a page meant to steal your credentials, personal information, and your funds. Bookmarking your frequented pages can help, and always double-check any links you receive from outside sources.
How can you spot them?
Thankfully, these scams, and then some, have common red flags you can spot. They will ignore your rational questions, but ask for your private information and credentials. They will promise stupefying gains for miniscule investments. More often than not, there will be an insistence to share their pages or posts in order to catch more people (“invite x friends and get a bonus”). One classic telltale sign is the rush factor: they will try and scare you into acting rashly by saying your “gains” have a rapidly approaching irreversible expiration deadline.
How can you tell if a platform is legit?
Research. There are a few things you should look out for as clear signs that a platform or tool is genuine. Like we already mentioned, this IQ Option review provides a stellar example of clearly identifying a legit crypto trading platform. You could almost call it a template for security screening.
These guys invested the effort to diligently go through every single aspect of the trading platform which they chose to review. They went through the technical, legal, and practical sides of the story. It may come across as unbelievably time-consuming. It may come across as just plain tedious to do it. But when it comes to protecting yourself and your money, especially virtual money, you really should take the “better to be safe than sorry” approach. So, take the above example, spend some quality time with your browser, and make sure your chosen platform comes out squeaky clean before you make an account, let alone an initial investment.