One of the truest facts you must accept is the fact that cryptocurrency scam is real. With the advent of cryptocurrency trading is the widespread of crypto theft.

As a crypto trader, you must have the understanding that you cannot afford to play into the hands of scammers; and one of the ways to keep yourself safe in crypto trading is to treat information regarding your crypto business with all seriousness.

Crypto transactions require carefulness. When you perform any transaction, know that you cannot undo it. The cryptocurrency you send to a third party cannot be reversed.

Therefore for every transaction, you want to perform, it is a matter of importance you know and trust the integrity of the third party.

There are several ways used by scammers to dupe their victims, we want to look at them one after the other and then, proffer the relevant solutions under each point discussed.

1. Technical Support and Impersonation Scams

Sometimes the scammers present themselves to you as the agents representing the interest of your exchange platform.

These scammers are so smart that they usually set up support emails and make phone calls to their potential victims. Most of them are so skilled in social engineering that they spam their victims' personal details and information online.

In order to safeguard yourself, never allow remote access to your computer machine for anyone.

If you do, they could have access to your crypto wallets and other online financial accounts.

Ensure that you do not disclose your 2-Factor Authentication (2FA) code to anyone. For instance, Bitfada's representatives will never ask for your sensitive information like password or 2FA code.

In case you require any technical support, ensure you connect directly to our support team on: [email protected]

2. Giveaway Scams

Beware of how you click links on the social media where you are invited to join give away

promo. Sometimes, the scammers screenshot messages from real companies, and they send

hyperlinks to you inviting you to their fraudulent sites.

​When you join the giveaway promo, all the relevant information which could give them access to your real-time wallets will be obtained. And sometimes they ask you to send some unit of cryptocurrency to verify your account.

In our company at Bitfada, we will never ask you to donate cryptocurrency; and if we have any giveaway promo, we will always direct you to our platform at: www.bitfada.com.

If anyone is asking you to donate cryptocurrency, or making suspicious demands on you, please notify our team on: [email protected]

It is strongly recommended that you do not send your cryptocurrency to anyone placing such demand in the name of account verification.

Be wary of social media giveaway promos. Be careful of the people using screenshot images to invite you to one platform or the other.

Make sure you scrutinize the inviting link, it must be leading to a reliable and verifiable source.

In case of our company, it should lead you to www.bitfada.com

Moreover, watch out, if a platform or group of people are promising you an unrealistic investment opportunity. When it sounds too true, it is likely to be untrue. Verify the identity of the third party you are sending the cryptocurrency to. Do your investigation about the organization behind the giveaway ideology.

3. Cryptocurrency Ponzi and pyramid schemes

A Ponzi scheme is a known system of robbing one to pay another. In this sense, when A joins the scheme, he gets paid from the investment made by B who is coming into the system through A.

In the long run, someone is losing and the major returns go to inventors who in this sense are scammers.

The best way to guard yourself against such is to avoid a system asking you to invest and get paid when someone joins through you. The fraudsters have used this system to divert a lot of money into their personal accounts while their investors are in the cold.

Avoid Ponzi schemes like a plague, because you will be the loser at the end.

4. Crypto phishing scams

This could be in the form of a fake email, SMS alert you received from an unknown number.

Sometimes, it could be in the form of scammers duplicating the sites of the media account of the original exchange.

​If you enter your login and other information, you have given them permission into your original account which would allow them to access your wallet and withdraw your cryptocurrency.

To avoid phishing, always login into the exchange platform with the original known Url. For instance, if you want to enter into the bitfada account, use www.bitfada.com. You can also report phishing to your email or Phone providers.

5. Employment Scams

What scammers do in this instance is to impersonate a recruiter and make the active job seekers fall into their traps by making them supply their sensitive personal information which they might eventually use to scavenge your cryptocurrency wallet if you have one.

Sometimes, they post high-profile job opportunities online. If you apply for the job, they might reach out to you asking you to make some payments in the form of crypto to access the job or the training. Or they sometimes offer you tasks to perform and ask you to make some payment in order to access your earnings, these are some of the fraudulent ways by which scammers cheat on their victims.

Be careful not to send your details or transfer your cryptocurrency to an unknown third party, it can rob you of all your investment. No legitimate recruiter will ask you for unnecessary details.

Bottom line

It is evident that cryptocurrency scam is real, and crypto scammers are ruthless. You need to be careful. That is the reason why you need a reliable and dependable exchange platform which puts your security first.

When it comes to safeguarding the security of your investment, I know no other platform like Bitfada. Bitfada remains the most secure crypto trading platform. No single case of fraud or theft has ever succeeded against all our traders. We ensure your security first. Therefore, we recommend you join this platform today. Go to: www.bitfada.com. For enquiry, contact [email protected]