Bitcoin has increased in value and demand over the past years and more people are beginning to see all that it has to offer the world in this digital age. This includes online fraudsters who are constantly looking for a vulnerable account to attack. As of July 2020, about $24 million worth of
crypto had been stolen by fraudsters, making it the highest amount ever stolen in a year in the history of crypto scams.
Bitcoin scammers tend to target vulnerable victims with little security measures in place and they end up losing their BTC. There are however ways you can avoid being a victim.
Choose Your Bitcoin Exchange Carefully
The first decision you’ll have to make once you kick off your bitcoin trading journey is to choose a bitcoin exchange. There are many exchanges out there today, including the fake ones, and if you’re not careful, you’ll choose the wrong one. Exchanges like bitcoin storm make trading bitcoin easier than ever, especially for beginners. However, there are other vital things to
consider such as the company’s reputation and the security measures in place, including two-factor authentication.
Do your research and check how secure the platform is before you start trading. You can go as far as looking for reviews from users to be sure it’s up to standard.
Choosing your exchange carefully is a great step towards avoiding bitcoin scams from fake exchanges.
Phishing scams are quite common, even outside the crypto industry. This involved being tricked to think the company reaching out to you is trusted and legit, whereas it is not. In most cases, they try to imitate already existing platforms and if you’re not careful, you’ll fall prey to it.
To avoid this, always crosscheck URLs for deliberate spelling errors and do not click on embedded links in the email sent to you. Some of these links might contain malware that once you click on them, your device will be vulnerable to attacks. If you aren’t sure about the sender of the email, enter the URL directly in your web browser to be sure you’re not being redirected to another site. You can also do a quick Google search to know what other people are saying about the company.
Other ways to confirm if the site is legit is to check for the small padlock icon on the left side of the URL or the HTTPS that precedes the URL to show that it is secure.
Avoid Ridiculous Offers
Many people are easily lured with the get-rich-quick method. Investing in anything at all requires knowledge, time, and effort. Be wary of sites that promise to double your bitcoin overnight or