4 Common Cryptocurrency Scams That Everyone Should Be Aware Of

4 Common Cryptocurrency Scams That Everyone Should Be Aware Of

Ever since the introduction of the cryptocurrencies, the people’s viewpoint about the financial world has changed! What was once thought as the less-secured field is now viewed as the most secured field with the backing of the one and only Blockchain technology and therefore, people are more interested in knowing and owning the cryptocurrencies for their brighter financial future, undoubtedly! While this is in every way an appreciable intention, one shan’t overlook the presence of the scams and fraudulent services that utilize the situation in their favor to loot possible money, unfortunately!

Hence, to avoid being a victim to these shady services, it is necessary for you to be aware of the common frauds and scams that happen in the name of the cryptocurrency to stay away from them forever!

  • Shady cryptocurrency trading platforms

The trading is perhaps, the easiest way to own the cryptocurrencies and naturally, more people are inclined towards this way. While there are actually, very reliable automated cryptocurrency trading platforms that assist the traders with their genuine intention, there are also certain shady platforms like the Aurora Mine that can only cause more harm than doing any good to the eager cryptocurrency traders! Hence, to stay away from such harmful trading services, always look out for the genuine customer feedbacks and expert reviews before deciding to sign up for the service!

 

  • Fake Wallets

Your responsibility doesn’t end alone with owning some cryptocurrencies but, also, lies in the fact how you safeguard them by resorting to the services of the genuine wallets! While not every wallet is fake, understand, there are also fraudulent wallets in existence, whose only intention is to loot your precious cryptocurrency! Particularly, stay away from the random wallets on the play store, as there are more chances for you to be deceived in the name of wallet service!

 

  • Fraudulent ICOs

The Ethereum popularized the concept of relying on the ICOs to secure money for their project, which is now followed by most of the cryptocurrency start-ups! Eager investors are eying upon the best possible opportunity aka best possible ICO to invest and grow their money! Understanding this eagerness, several shady ICO practices are sprouting, without any doubt to loot the money of the investors! Hence, before blindly believing any and every ICO, go through their background, purpose, promises, roadmap and so on to make sure you have chosen only the reliable one!

 

  • Ponzi Schemes

Any cryptocurrency-based scheme that promises more than the actual returns and benefits is a Ponzi, from whom you are supposed to stay away from, always!