There is always someone that is going to try and screw with people to get their money. This is no different in the crypto industry. In recent years, crypto has been a hot topic of conversation for a while now. This peak in interest has also piqued the interest of scammers and other scrupulous characters.
Scams are everywhere, especially in the crypto world and more people than ever are losing their money from these scammers. Whether this is for broker scams or phishing scams. The issue with this new industry is that it is still new, people are still learning and nobody is taught how to spot a crypto scam, so in this article, we will do exactly that, we will go through some of the best ways to spot a crypto scam. One of the best ways to secure yourself is by investing into an online crypto wallet.
Promising High or Guaranteed Returns
There are scammers out there that will promise you high or guaranteed returns n your investment when you invest with them. This is why it is extremely important to do your own research before you invest. This is to see whether they seem too good to be true. Doing your own research is one of the best ways to check a crypto scam, especially when you are an amateur. So if you see a project promising 100% returns, although this would be amazing, it won’t be true and you will lose your money.
This is pretty easy to spot if it is a scam as you will not be able to find the strategy behind their promises as well as they do not give too much information about the project. If you don’t know everything, don’t invest.
Lots of Promotional or Marketing Offers
Another easy way to spot a crypto scam is to see how much marketing they do. If you are peppered with ads, it is more than likely going to be a scam. Huge banners, a range of articles and promotion offers are all designed to target the most amount of people in the shortest time possible so that they can make as much money as possible before being found out. Legit coins will not pepper you with ads, offer promotional offers and articles will only be on reputable sites.
Unnamed or Non-Existent Team Members
Another simple method on how to spot a crypto scam is to go on their website and check who the team members are on the project. Like with any business, you will be able to find out who is working on the project. Once you have the names behind the project, you can then do some thorough research on their backgrounds. The best way to do this is by searching for their social media profiles, especially LinkedIn. Once you have found them ask some questions that you feel you need to know before investing.
Want To Make Safer Trades?
These are some of the best and easiest ways to determine whether a project is real or not and can save you from being scammed. If you make regular transactions, using a crypto wallet check platform will benefit you hugely. If you have been scammed and are wondering how you can retrieve your money, it is best to speak to investment fraud lawyers to help recover your losses.
