5 Cryptocurrency Scams and How to Avoid Them

5 Cryptocurrency Scams and How to Avoid Them

Cryptocurrency is an incredible technological advancement, with many people choosing to invest and use it as an online payment method. However, like everything, there are certain things that you need to watch out for. In this article, we are going to discuss some cryptocurrency scams and how you can avoid them. Sound interesting? Then keep on reading!

Fake exchanges

One of the most common crypto scams that fools many investors around the world is phony exchange websites. These may look like regular websites but often are used to steal your money. If you are buying or selling cryptocurrency, it’s vital that you only use trusted websites. If you are unsure, do you research, and make sure they are “secure” in your web browser. Click the link if you are looking for more advice on how to identify a fake website.

Fake emails

Fake emails are another popular way for scammers to access your funds, and they come in all different shapes and sizes. For example, some are designed to look like they are coming from a reputable website, maybe one that you frequently use. Other’s may try and blackmail you into sending them money.

To identify these fake emails, make sure the URL is correct and take a look at the sender’s email address. There might also be typos and low-resolution images present in the file. Once you’ve identified that it isn’t real, make sure you report it to avoid them from coming back.

Ponzi Schemes

Ponzi scheme involves the process of taking money from new investors to pay old ones. To find these individuals, they often offer a deal that seems too good to be true. However, there is actually no investment, and your money will only be used to pay off other’s that have fallen victim to the same scheme. If they are offering a high investment return with little risk, chances are it is a scam. However, you can also do some research to see if they are a licensed seller.

Phone calls

Phone call scams are one of the earliest types of scams, and they are still around today. While they are usually easy to identify, it’s always wise to be aware that they are out there. If you want to buy and sell bitcoin to naira, or some other currency, it is best to do so on a trusted site and not engage with anyone calling you and promising the world. If someone is cold calling and trying to sell cryptocurrency it is most definitely a scam!


Last on the list, while malware itself is not a scam, it can cause hackers and scammers to access your private information. By clicking on a suspicious link, the malware can infect your computer, allowing access to another party. To avoid this, make sure you install anti-virus software on your computer and stay away from unsafe websites.

By reading through the above, you’ll know exactly what to watch out for when using your cryptocurrency online. Always remember to use a secure digital wallet from a reputable source and find other ways to protect your finances. Since cryptocurrency is not backed by a third-party, it’s almost impossible to get it back if something happens.

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