Avoiding Cryptocurrency Scams

"Scammer's do one thing only and that is to try to scam you out of your money."

If you don't take the time to educate yourself on what is going on in the crypto world, then you may find yourself falling victim to a scam. This article isn't an exhaustive guide on all the scams that are out there, but I do hope that it starts you in the right direction in becoming more aware and taking the initiative to do research so that you can protect yourself and your funds.

Scams usually start with someone requesting a small deposit, with the promise of returning the deposit to you and more. Here are some of the bullet points of what scammers will do.

• Scammers tend to prey on people who are in desperate need for money and those who have money but are greedy for more.
• Scammers will promise that your investment will carry no risk and generate high monetary returns on investments.
• Scammers will tell you that it is not a scam and swear that it is legit and will offer videos, emails, screenshots or other types of "proof". Sadly, many of these "proofs" can be doctored, forged, and faked.
• On Social Media platforms like Facebook, Twitter, or even Telegram, scammers may request you to send them a private message so they can tell you the "secret" to making thousands of dollars a day or week. This is so that they can get you alone and away from the group so that no one interferes with the scam proposal they are going to make.

There are a lot of scams out there and that makes it difficult to spot them. Some of the most common scams involve Ponzi Schemes and ICO's. Scammers will try to assure you that there is no risk and that it's perfectly safe and be very insistent on it. Truth is, there is no such thing as a safe investment.

There is this rule of thumb out there that says, "if it sounds too good to be true then it probably is." If someone says they are a Forex/Crypto/Binary Trader who will take your small investment of only a few dollars and turn it into thousands, then I would say that it sounds too good to be true. But sadly those are one of the scams out there you will find flooding the social media pages of Facebook groups. Even cloud minings are mostly scams. Even some not so new scams have been around and gaining in popularity such as the Bitcoin Doubler scams.

There are a lot of good people out there that will warn you or let you know if something is a scam, but it is your responsibility to do diligent research and make sure you educate yourself of what kinds of scams there are so you can protect yourself from becoming a victim.