Scams in the domain of cryptocurrency investment are nowadays becoming a common thing. The count of scams in this domain of finance is going up. People searching for new coins to invest in are the reason. It is because they do not know what to do and what not to do during this process.
There are many different types of cryptocurrency scams. One of them that you must know about is the Fake Cryptocurrency Scam. You must know about it in detail while searching for new coins to invest in.
What is a Fake Cryptocurrency Scam?
It is the presentation of a new cryptocurrency as an alternative to the crypto king, Bitcoin. Before you search for a new coin to invest in, the most important thing that you must know about it is the way it works.
- A scammer/hacker approaches you with an investment plan.
- You have explained a cryptocurrency investment plan. His/her focus remains on making you believe that Bitcoin is out of your reach. Therefore, you need to look at a new coin to invest in.
- Once you trust the scammer and his/her fake cryptocurrency investment plan, you fall into his/her trap and end-up losing the savings of your lifetime.
How to Stay Miles Away From Fake Cryptocurrency Scams?
Innocent cryptocurrency enthusiasts looking for a new coin to invest in must know about it. Given below is the list of cautions that you could exercise.
- Like always, learn about the background and profile of the person approaching you with a cryptocurrency investment plan.
- Visit the website of the cryptocurrency that you are being told about it and read its whitepaper.
- Try to know about the team behind it.
- Try to know about its performance during the ICO/STO/IEO phase.
- Learn about its business model and ecosystem development plan.
- Get to know about its token distribution plan.
- If needed, get in touch with the support team through an email, telegram, or other social media platforms.
- Most importantly, check the performance and ranking on a reputed cryptocurrency exchange like CoinMarketCap or Binance, etc.
Learning about it will help you chose a new coin to invest it wisely and stay miles away from fake cryptocurrencies. This education will keep your money/investments safe.
In case you need to know more about it, get in touch with our support team anytime at [email protected] or the website chat section. Our team will be more than happy to assist you.
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