Cryptocurrency tends to be complicated and confusing, especially for those who are new to online trading and are lightly regulated. All of this encourages online scammers to consider these users as an ideal target to scam. Having little bit know-how and some common sense, however, can help you do a lot to protect yourself against cryptocurrency cons.
If you are not sure whether or not a particular cryptocurrency website is a scam, bear these factors in mind. They will help you sort legitimate providers out of those online trading platforms you should avoid altogether.
Check URLs
When it comes to choosing a cryptocurrency website to initiate trading, buying, or mining the digital currency, be sure about its URLs is a must. URLs with noticeable spelling mistakes are usually fake. Secured websites need to connect securely over https. Accordingly, a website address starting with “HTTP” shows that it is not a secured one, and therefore, it does not protect your data as well. Likewise, a secure website needs to have the word “Secure” or a picture of a padlock in the address bar of a web browser.
Language errors
Cryptocurrency websites with several language errors are usually indications of fake or scam sites. These sites may feature awkward phrasing, incorrect grammar, and spelling errors. According to some experts, websites with awkward phrasing or misspelled words do not necessarily indicate fraud, but they still need you to proceed with caution.
High Return Promise
Does the cryptocurrency website you are visiting promises some abnormally high returns? Does it, for example, say that you can double your investment by using their platforms? If so, you are experiencing a sigh of a scam. Make sure you do not provide them any information about you and immediately leave that site.
Information
Trusted and legitimate crypto websites will have an ‘About Us’ page, details about the registration of the company, and the real people who are behind the cryptocurrency platform. If the website you visit has little or no information about the company and its business, it may mean you are dealing with a fraud website.
Reviews
It is compulsory to find out the reviews of the particular cryptocurrency company you are willing to use for trading, buying, or mining the digital coins. Look for what other users say about it and if the website faces any negative comments or reviews. If so, see what those comments are saying. Luckily, the crypto community is smart and quick enough to spread the word about possible scams. Another sign of a trusted and legitimate crypto website has links to reputable websites. Visit money-bank.com to find out more about it.
Registered Domain
Checking the registration information of a website or a domain can aid in deciding about its trustworthiness and legitimacy. Websites like WHOis.net are handy in finding the information about the registration of the site. There, you would be able to know about the registered owner of the website, the date of the registration, and whether or not the domain’s owner has a private registration. The more you know about a cryptocurrency website, the more you would be able to play securely.
Celebrity Endorsements
Several online investment scams claim that their websites have celebrity endorsements. They do it to attract people towards their favorite celebrities and have blind trust due to the so-called celebrity endorsement. Make sure you avoid visiting these websites or become a victim of their tricks.
Fishy Signs
Did you know about the website on social media? Did they approach you first through your social media accounts or messengers? Reaching new victims through unsolicited messages and social media accounts are some of the most frequently used ways for scammers. Sometimes, a website has something raising red flags or seeming too good to be true. If you feel there is something fishy, trust what you sense.
The above checks may not be foolproof because it is still possible for a website to have many of the above requirements and continue to be a scam. Make sure to do your due diligence before you provide any personal or professional data to any cryptocurrency website or application.
Steps after You Got Scammed on a Cryptocurrency Website
Generally, it is vital to identify your chances of getting your money back from a scam. When you send money out of the country under any cryptocurrency transaction, there is the slightest or no likelihood of recover it. Money-Back says that while all international scams have very slim chances of getting money back, cryptocurrency is harder to recover.
After you have spotted a scam, make sure to report it to the Federal Trade Commission. The other thing you can do is to report specific types of cons to the relevant bureaus and organizations, helping them spread the word faster and to a greater extend.
In this regard, you can contact the Internet Crime Complaint Center or IC3 to report internet crime, including scam cryptocurrency websites, email blackmailing attempts, and vice versa. You should also consult eConsumer to report global online scams. This website works as a worldwide partnership of consumer protection agencies, where you can report fraudulent crypto websites, fake giveaways, romance scams, Nigerian princes, and similar.
Make sure to report any scams as to cryptocurrency on social media via the ‘report’ button on the most social media websites. You can also spread the word by sharing your experience with other social media users to help them prevent from falling for a scam. In addition to the above, some other tips can aid you to protect yourself and your hard-earned money against online frauds, including fake cryptocurrency websites.
Use a cold wallet to participate and make sure to double-check the recipients’ addresses. Do not try new websites unless they are reputable and have reliable user reviews on the internet. It is always a safe-play to stick to reputable and established cryptocurrency service providers and platforms. Make sure to use 2-factor authentication for whatever transaction and communication you carry out. Lastly, never risk your private key by sharing them with any other user.
