Scammed in the thousands with Bitcoins and crypto in just one year. But there are ways to not get ripped off

Between January 2021 and March 2022, a “crypto-scam” would have been scored for a total amount exceeding a billion dollars. To say this, making an estimate of the volume of business of these rogues, was the US Federal Trade Commission. It is the authority that monitors competition and consumer protection.

The reports made by the scammed people (they estimate they are only 5% of those that occurred) in the same period were 46 thousand.

Numbers that should already make you realize that there are a lot of vultures out there ready to steal your money using devious methods. That is, you think you are doing something safe and inviolable. Instead, they are screwing you hard.

If by chance you are among those who have money invested in cryptocurrencies or were planning to do so, rest assured. Don’t be worried.

There are also excellent indications to continue investing in digital currencies and trading correctly to avoid scams and rip-offs.

Unfortunately, with every new business or opportunity, those who want to take advantage of it and cheat people are hiding around the corner.

It has happened with the internet, with eCommerce. In the beginning, it was not uncommon for some users to get screwed with empty bins or packages.

Today systems like Amazon or eBay guarantee a lot to customers. Obviously, there are always catches, but users are also more informed and know where they could hide and where they can go for safe purchases.

HERE ARE THE TYPES OF SCAMS AND HOW TO AVOID THEM

1) Don’t fall into the trap of HYIPs

HYIPs (High Yield Investment Programs) are high-performance programs. Those that promise you easy and very high earnings in a short time. If someone proposes such a thing to you, run away. Because it is a scam.

In reality, by investing 1000 euros in a month, you should see your money doubled. But it’s all crap!

Never believe it. Because behind these Ponzi schemes there is always someone who wants to steal your money.

2) Don’t trust bots and promises of easy earning

There are a lot of bots or automated programs for trading Bitcoin and other cryptocurrencies on the web. Many of these are scams.

Never trust those who promise you easy and effortless earnings. Because that’s exactly how scams work.

Always try to inform yourself well and understand if it is real or not.

3) Never invest all your money in cryptocurrencies

This is advice that applies not only to cryptocurrencies but to investments in general. Never put all your money into a single investment. Because if that goes south, you risk losing everything.

Always invest in a diversified way. That is, try to put your money into more investments. That way if something goes wrong, you won’t lose all your money.

4) Never stop learning and educating yourself

The world of cryptocurrencies is constantly evolving. So it is important that you are always up to date on news.

Always be well informed before making any investment or trading. This way you can do it in the right way and with a greater chance of success.

5) Don’t trust crypto projects related to network marketing: they are always a scam.

Many cryptocurrency projects are related to network marketing or MLM (multi-level-marketing). These are those in which there is a network of people who sell a company’s products.

In these cases, it is always better not to trust and stay away. These are often scams.

In general, projects related to network marketing are not reliable. They almost never work.

This is because the people who are part of the network are often poorly informed and do not know how to sell products well.

Furthermore, these cryptocurrency projects are also very complicated to understand and follow.

So it’s best to avoid them and invest your money more securely.

6) Never trade with high leverage compared to your available capital

Many cryptocurrency brokers offer the ability to trade with high leverage.

This means that you can invest more money than you have available.

In practice, if you have 1000 euros, with leverage of 1:10 you can invest 10,000.

Of course, this also carries greater risks. Because if the operation goes wrong, you lose 10 times as much.

So it is important that you only invest a portion of your money in trades with high leverage.

Plus you should have a good safety margin. Otherwise, you could risk losing all your money.

7) Do not rely on little-known or the unknown trading platforms

Try to invest and trade on the most famous and reliable platforms.

Because they are the ones that are least likely to scam you or make opaque trades.

Furthermore, these platforms are generally safer and offer better customer service.

8) Don’t rely on little-known or unknown digital wallets

As with trading platforms, digital wallets are important to choose only the most famous and reliable ones.

They are the ones who are least likely to be hacked or to engage in opaque operations.

These wallets are generally safer and offer better customer service.

9) Never buy cryptocurrencies from people you don’t know

Always try to buy cryptocurrencies only from people you know and trust.

This way you will have the certainty that you are buying from a reliable person and he will not scam you.

In addition, this will also allow you to have a contact person in case of problems or doubts.

10) Do not follow signals found on the net or even given by some guy with a Tweet

Always try to trade and invest independently. That is, try not to follow signals or advice found on the net or given by unknown people.

Because these people are often not trustworthy and could scam you. Furthermore, the signals they give are not always correct or reliable.

So you better be the one who decides what to do with your money.

Be well informed before making any decisions and only invest if you are sure of what you are doing.

11) Never leave all your Bitcoins or other cryptocurrencies on one platform or digital wallet

Always try to divide them so as not to risk losing them all in case of problems or hacker attacks.

This will also allow you to always have a part of your money available in case of need.

So never leave all your Bitcoins or other cryptocurrencies on one platform or digital wallet.

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Scammed in the thousands with Bitcoins and crypto in just one year. But there are ways to not get ripped off

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