The best way to fight your enemy is to know your enemy. This helps you figure out the moves before they are tried on you. And even when you are being trapped with sophisticated tactics, you know how to come out.
Now, when you walk into the online world, you are being followed by a lot of hunters. These hunters are scammers who are after your money. They would do all that’s in their access to make you shell out your money. They will win your trust in many ways, and at times, they will rely on your mistakes to earn money illegally.
For your safety, here are some of the most common tactics that online crypto scams use. Once you know them, you should not have any problem shielding yourself from crypto scams regardless of how well-though-out they are.
The Many Crypto Scam Tactics
The Bitcoin Trading Softwares
Let’s talk about the most common online cryptocurrency scam right now. In this particular tactic, you are being made to think of a beautiful life – a life that’s filled with great luxuries and conveniences. How can you make your life great and convenient? Well, you will have to spend a lot of money. And where will this money come from?
Of course, you will have to make it. That’s where the crypto scam jumps in. It fills this particular gap i.e. telling you how you can make money without putting too much effort. Of course, if you are a grown-up man or woman, you already have a job you do every day.
With a job that occupies the most part of your day, you cannot do anything else that requires many hours from. That’s the idea these crypto scams capitalize on. They tell you that you can make money without spending too much time each day.
You can make money by using robots that will trade on your behalf and make you money. The money will start pouring into your account like a monsoon rainfall. They will show you videos of celebrities endorsing the platform and encouraging you to join it. They will use visuals that are enticing enough to make you start dreaming about a perfect and financially stable life.
How does the scam transpire? Well, you are told that you can join an online trading platform and put it on autopilot mode so it can make you money. You can sign up on the platform for free but you will have to spend money if you want to start trading. That’s exactly what you have to do when you sign up with an online broker and start trading.
Better yet, you should just sign up with a broker and skip the step of going through software. Once you have signed up on the platform and made the initial deposit, which is usually around $250, you will have the option to use the software manually or through the autopilot switch.
If everything that you were told by the scam pitch is true, you will see money pouring into your account within the next few minutes. You will be rich in a few weeks, and in a couple of months, you might have your name written in the book of the world’s fastest millionaires.
But of course, all of it sounds just as unbelievable and fake as it is. You won’t see any of that happening to you. All that’s going to happen is you losing your $250 in the hands of someone you will never know about.
The Scam Brokers
Online cryptocurrency trading brokers can also be scams. Now, keep in mind that not all of them are scams. It is always a small group of people that gets the entire nation or industry blotched. That’s what’s happening in the world of online trading as well. There are some scams that have earned a bad name for the online trading industry. However, if you know the tactics they usually use, you will not fall for them and you can have a smooth trading career despite all the odds against you.
So, a scam broker is not really a full-fledged scam. It will not run away with your money and might not even show full symptoms of being a scam. It might even show you a lot of statistics that prove that it has been in business and operating successfully for many years.
It provides you with a genuine trading platform and real trading opportunities. The asset index is also real and so are other things that you get when you sign up with a trading account. However, the scam starts when you enter a trade, or when you think about withdrawing the money you have earned in profits.
You will see that the broker has suddenly start bombarding you with many types of commissions. There is a commission on your trades, and there is another one when you withdraw money from your account.
Furthermore, you have to complete a certain number of trades before you can make a withdrawal. You cannot withdraw the profits or the amount you were given as a bonus. Yes, all of that can happen to you when you sign up with the wrong broker. Is there a solution to this problem? Of course, there is always a solution to every problem.
You have to make sure that you sign up with only well-known and reputable online brokers. The first sign of the right broker is regulation. If your broker is not regulated, you should just postpone the idea of signing up with it.
The Blackmailing Email
This is a fresh one, and it might work on even the strongest headed people out there because of the current circumstances. So, you will receive an email in your inbox that will tell you that you have to send some of your Bitcoin or any other cryptocurrency to a random person.
Well, who’s going to do that? All you have to do is ignore the message, throw it in the trash bin, and move on with your life, right? Nope! That’s not how things work here. The email continues and tells you a few horrific things, which are surely going to get your attention.
For example, you will be told that if you do not send the digital coins to the person mentioned in the email, you will get COVID-19. They make the email sound real when they tell you where you live. Well, it is not really hard to find out where you live for someone who knows even a little bit of hacking.
Not to mention, people working for companies that store customer data and do not keep it hidden from employees can also pull such scams. They will tell you in the email that they will infect your door, door knobs, etc. if you do not send the money.
The reality is, they are not courageous enough to prove their claims right. They are doing this only to scare you. They will not dare come to your house and do what they are saying in the email. So, irrespective of how scary the email sounds, you have to follow the standard procure i.e. ignore the message, trash the email, and go on with the important stuff in your life.
The Perfect Exchange
You might find someone on social media or a local exchange that allows you to exchange your cryptocurrencies. This person will tell you all the good things about the cryptocurrency he/she has. They will then create a story in which you will be asked to exchange your cryptocurrencies with them.
They will talk about great returns and give your reasons why they are looking to exchange the digital coins they have. This particular scenario can take place with many variations. They might say that they are selling you Bitcoin for very cheap because they don’t believe in the digital coins anymore.
They might ask you to give them your Bitcoin in exchange for a different currency, which according to them, is going to be more lucrative in the future. No matter what they say, you should not trust them because they are lying.
If you want to buy cryptocurrencies, go to official and well-recognized online cryptocurrency exchanges. If you want to make money through Bitcoin and cryptocurrency trading, you can use online brokers for that. No one is going to sell you their Bitcoin for cheap unless they are mentally challenged, and if they are, they won’t have any Bitcoin in the first place.
Here you go. Now you have some knowledge of the common crypto scam tactics that are used on the internet by thousands of scammers every day. When you do not know things, you fall for whatever is told to you. Whenever something sounds too good to be true, you should stay away from it. Always stick to reliable online brokers, exchanges, and trading platforms. Read user and expert reviews to know the best trading platform for cryptocurrencies.