Avoiding Crypto Scams

Scam is inevitable, there will always be scammers trying to reap where they didn’t sow. Crypto scam is no news, it’s a digital world, and that comes with digital scamming, clicking the wrong button can drain your account and investing on the wrong coin can let you lose all your money too. So what can you do? Before you start protecting yourself from crypto scams, you need to learn to identify them first, identification lets you know how to avoid them. One of crypto scams you should avoid is the Ponzi scheme crypto scams, those crypto opportunities that claim to give high yields and returns are a huge red flags. If you are wondering where the liquidity is coming from, it’s sad to let you know that you are the liquidity. So if you come across any crypto project promising you over 1,000% or 200% profit, that is a red flag. That is a Ponzi scheme, it will only favor the first comers. Most crypto projects that did great sometimes didn’t know they were going to do great.

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Another crypto scam you should avoid is the phishing link scam, most people that fall for phishing link scam are the newbies, I fell for it too when I was a newbie, as a newbie, before clicking any link, try your best to do your research, just so you make sure you are clicking the right link. For instance, you could check the social media platform of the project to make sure you are clicking the right link, also watch out for the comment section, if so many people are complaining about the same big on the comment section that’s your sign. Dont be too much in a hurry to click a link, take your time to verify before clicking.

The latest scam currently is the AI Bot scams, bots that help you trade and make profit off crypto, well, it doesn’t sound right in my opinion, because the market is moved by humans, its movement is based on these humans emotions, so most times I think these bots are just ways to scam people. If you are going to invest on crypto bots do your research and make sure you know what you are doing.