123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Legal >> View Article

How To Spot Scam With Bitcoin And Other Cryptocurrencies

By Author: Unknown Member
Total Articles: 2

Cryptocurrency industry is improving day by day, and it’s undeniable! Even today with more reliable mechanisms of protection against fraudsters’ online, one cannot be completely confident in the safety of their own funds. It’s a mere fact that scammers do not choose large crypto resources as victims, but users who are less aware of security. Here we’ve listed a few tips to spot and avoid cryptocurrency and bitcoin fraud.

Very High Return Guarantee

There are brokers online who promises very high returns that aren’t realistic. Making up fake promises for high returns is one of the ways fraudsters attract the money to their cryptocurrency scams.

Promotional Offers

Shelling out on heavy marketing or promotional offers is another method by which fraudsters attract people. They reach people through full-page spreads in newspapers, huge banners on websites, a horde of paid bloggers and many more to reach as many people as possible in the shortest amount of time.

Non-Existent Team Members

Like any other business, you should easily be able to find out who is running a cryptocurrency, including every member of the team. When a broker approaches you, analyze their background by checking their social media profiles, how old the accounts are, who followers them, how many followers they have and so on.

Cryptocurrency Whitepaper

One of the important parts of an initial coin offering is the cryptocurrency whitepaper. This paper includes how the cryptocurrency project has been designed, how it will grow, how it will make money, and more. So, if there is no cryptocurrency whitepaper, it's definitely not worth investing in.

The Absence of Published Code

Did you know the most legitimate cryptocurrency teams will make their codes ‘open source?’ The code is generally published openly so anyone can read it, edit it, and check it is what the founders say it is. So, if a cryptocurrency team is keeping their code secret, beware of it.

Unusual Packages

If you are urged to subscribe, invest an amount, and get a return on a daily or weekly basis, then it should set alarm bells ringing. Most of the times there are numerous offers like this. So, it is important to read the paperwork and understand how the process works.

Beware of brokers who come with enticing introductory offers and once in a lifetime offers are all designed to get money from your wallet into the broker's website. Visit https://mychargeback.com/ now to know more about binary options scam.

More About the Author

MyChargeBack's team is built from professionals with extensive financial, legal and regulatory backgrounds. We have made it our business to assist the victims of scams to recover their money. If you've been victimized by Binary Options, Forex or CFD Brokers - we can assist you. Please click below to learn more about our fund recovery services. Online trading brokerages can be ruthless in their greed and corruption. MyChargeBack can assist you to get your money back by guiding you each step of the way.

Total Views: 48Word Count: 403See All articles From Author

Legal Articles

1. Important Attributes Of The Hold Harmless And Release Agreement
Author: Carl Glendon

2. To Buy Or Not To Buy Real Estate Quit Claim Deed Form Online
Author: Carl Glendon

3. Uber Is Not Criminally Liable For 2018 Fatal Self-driving Accident
Author: Michael Cowen

4. Quitclaim Vs Warrantee Deeds – A Simple Overview
Author: Carl Glendon

5. Tips For Choosing The Best Legal Service
Author: Rebecca Jones

6. What Should A Boat Bill Of Sale Include?
Author: Carl Glendon

7. Why You Need Help Of A Criminal Defense Lawyer?
Author: Singapore Criminal Lawyer

8. How To Understand The Criminal Law In Singapore
Author: Singapore Criminal Lawyer

9. How To Maximize Compensation For Your Personal Injury Claim – 4 Useful Tips
Author: Chris Lucero

10. How To Choose A Right Criminal Defense Attorney?
Author: singaporecriminallawyer

11. Why Is A Divorce Financial Settlement Agreement Necessary?
Author: Carl Glendon

12. How A Partnership Agreement Document Can Be Beneficial To You
Author: Carl Glendon

13. Motion Sensor At Best Price In Delhi
Author: greenmagic

14. Which Injuries Are Considered On-the-job Injuries?
Author: azworkcomp

15. Marital Separation Arrangement – What Is Its Purpose?
Author: Carl Glendon

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: