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The Most Common Bitcoin Trading Scams

Have you or any of your loved ones been a part of an online trading scam? Well, the online trading world keeps expanding at a massive rate as new people keep entering the industry with their financial goals and dreams. Similarly, a lot of online trading companies, especially cryptocurrency exchanges and brokers set up shops on the internet to meet the demand for online trading services as well. With such rapid developments and progress in the online cryptocurrency trading industry, a lot of problems and issues have started erupting.

A lot of people are now complaining about the internet and have started rating several broker websites as scams and frauds. Yes! It’s true! Many people have lost a fortune and a huge proportion of their hard-earned savings to scammers and online fraudsters due to careless trading. To help you avoid cryptocurrency trading scams, here’s some info.

Imposter Cryptocurrency Trading/Broker Websites

This is one of the favorite tactics deployed by scammers around the world. Even if you’re inexperienced, you will have a proper idea of how the internet can be used to provide a positive cover to scam websites and portals. It’s not easy to detect scams and frauds when you’re not in the office of an actual broker or trading company. To make sure you’re entering an online trading website safely, make sure it’s not listed on the Forex broker blacklist.

The same goes for a cryptocurrency broker website if you’re trying to start an online trading career that helps you get closer to your financial dreams and goals. Many online scammers and fraudsters create websites with the names of the most popular cryptocurrency trading websites and broker platforms. This tricks inexperienced and untrained traders to hop onto such websites and create accounts using personal information and banking details. Hence, the scammers get their hands on the most vital data of an individual and then scam them by stealing their money.

Fake Mobile Trading Platforms

Most online Bitcoin trading robot scams begin with fake mobile trading platforms. The online trading world has indeed been revolutionized by the use of mobile phones and mobile trading applications. Such apps help people to trade on the go without missing any updates or opportunities in their favorite cryptocurrency markets. For your information, starting an online trading career on mobile phones isn’t that difficult.

However, scammers have used that to their advantage and created a huge money-spinning movement to benefit themselves. They utilize the name and trademarks of reputable and popular cryptocurrency trading platforms illegally. Then, they advertise themselves at the top of the market and on various websites across the internet. When inexperienced and first-time traders get across such apps, they find them reliable due to false advertising. Hence, they end up losing money, personal information, and banking details.

False Social Media Updates

Surely, social media platforms have been the origin of many companies, platforms, and websites. With billions of people online and actively using dozens of different social media platforms, scammers find it one of the fit places to lure inexperienced and unaware people. Scammers create false identities and use fake online company names to advertise themselves as reputable online brokers. Once scammers and fraudsters advertise themselves, they quickly gain likes, comments, and shares on their social media profiles.

This increases their popularity and exposes them to an enormous range of inexperienced and first-time cryptocurrency traders. Hence, scammers lure people in by showing off their social media popularity and claiming to be authentic.

Conclusion

Are you now ready to step into the world of online cryptocurrency trading? Well, if you need more help, you can always consult online professionals and assess the reliability and authenticity of your chosen broker/trading platform. It will help you make the right decision such as staying away in case your chosen website/ app/ platform is a scam. Otherwise, you can start your trading journey without wasting any time.

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