How To Ensure You Are Not Scammed In Cryptocurrency

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More people are getting drawn into digital currency because of its high returns on investments. However, cases of scams have also been on the rise because many people are uninformed about the facts and guidelines that drive cryptocurrency. If you are looking for a trading platform, check out the PrimeXBT scam review and if the site is legitimate or not.

It is a relatively new trading company that offers cryptocurrency and CFD trading. Also, as much as it is new, Prime XBT has gained a strong reputation and trust from its customers.

To avoid any potential scams, you may undergo in the future, this article will share some tips on how to ensure you are not scammed.

Here are some tips:

Stick to well-known crypto-exchanges


People are often scammed by new forums that present themselves as large trading platforms. Back in 2017, the South Korean financial authority unmasked an insidious crypto-currency scam. It was a fake platform called BitKRX that claimed to be one of the largest exchange platforms in the country.

Many people signed up and started trading. Soon enough, BitKRX shut down all operations and took off with the people’s money. Therefore, it is always prudent to use well-known trading platforms to carry out transactions that involve crypto-currency.

Do not invest in up-and-coming cryptocurrency.


Not too long ago, there was a digital currency known as My Big Coin. It was a fake currency that ended up taking close to $6 million from unsuspecting clients. The idea behind it was to create an illusion that it is too late to invest in Bitcoin and that one can only invest in an upcoming cryptocurrency. The fraudsters behind it presented My Big Coin as an alternative to Bitcoin.

Therefore, My Big Coin ended up defrauding many people of their hard-earned money.

If you should invest in digital currency, always ensure it is a legit currency that has been in the market for a long time.

Beware of phone calls from the IRS.


Many are falling into the `IRS’ trap being laid by fraudsters. There is a new corn trick in town where fraudsters contact a trader and say that they owe taxes that must be paid immediately. As scary as this sounds, think hard before making any move.

They then proceed to tell you to send them some money to sort your taxes. On the other hand, others may tell you to transfer a certain amount of crypto-currency into their accounts. While some people are gullible and often give in to these demands, it is always prudent to check in with the IRS before making any payment.

Also, legitimate IRS officials will not ask you for bitcoin as payment for your taxes.

Install an anti-virus program into your computer


Malware is a common way for hackers to get passwords and login credentials to your digital wallet. They also use malware to steal your credit card information and bank account details.

The malware can be downloaded into your system by clicking on links embedded in emails. You can also get it from websites or even social media platforms.

It is always best to install a reputable anti-virus application to safeguard your e-wallet or credit card information from hackers and fraudsters.

Never give out your password.


Often, a fraudster may call claiming to be customer service agents and that your crypto-currency account has been temporarily limited or has been hacked into. They may then proceed to ask you for the password to rectify this problem.

Beware of these types of fraudsters. They will get into your account and drain all your digital currency. Others may even change the password, and you will never recover that particular account.

Therefore, if you are experiencing any technical hitch, reach out to customer care yourself. Do not provide anyone else with your password because it may prove to be a futile decision.

Conclusion

The digital space is filled with con artists and fraudsters. They devise new ways of conning people every day, and you never know when walking into a trap. However, if you regard the above tips, you will be good to go.

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