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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.

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