Common cryptocurrency scams new traders should watch out for 

Cryptocurrency is shaking up the financial industry. Since Satoshi Nakamoto first introduced the concept to the public in 2008, the popularity of Bitcoin has been growing.

Today, there are more than 30% of people all over the world, looking to invest in or purchase some form of cryptocurrency. The market is popular in America, Europe, and Asia, but also growing in popularity in Africa. 

Sadly, whenever something reaches new heights, some find ways to exploit it. Whether it be cybercriminals or internet scammers, some have found ways to exploit the gullibility of new traders, and create schemes to rob them of their money. In this article, we are going to teach you how to avoid cryptocurrency schemes and have the safest possible experience when trading online.

Avoid fake casinos 

Crypto-based gambling is a very popular phenomenon in 2023. A lot of gamblers are moving away from land-based establishments and towards mobile casinos. And an incredibly popular way to gamble nowadays is by visiting live table Bitcoin casino websites.

However, while the linked website is perfectly safe, and offers excellent options for both Bitcoin and FIAT currency gamblers, not all online Bitcoin casinos offer the same options. 

There are plenty of websites that are unlicensed and unregulated, which means they have not been tested or approved by any notable authority. In other words, these websites can set unfair odds, rig their games, or even just be outright fake. So, when looking for an online casino, make sure you check out the reputation of the site, and always look for a license. 

Romantic scams

Hopeless romantics are a prime target for scams. And sadly, plenty of dating apps are full of, so-called, catfishers, who pretend to be interested women (or sometimes men) and trick people who are just looking for a companion. 

The simplest catfish scam involves asking for money, so the person can meet up with their victim for a date. Once the money exchanges hands, the scammer blocks their target and moves on to the next one. However, there are other scams related to dating apps, ranging from simple to complex. 

So, if you are a crypto enthusiast looking to find love, avoid giving away any money, especially before you even meet the person you are chatting up. Because, sadly, they are very likely trying to exploit your good nature. 

Phishing scams

Some of the oldest, and to this day most popular online scams are phishing scams. The premise is simple, cybercriminals send you an email with a fraudulent link, promising some great reward if you click the link.

In the case of crypto, it might be ultra-secure wallets or fake crypto giveaways. They ask for personal details and information, and when the target shares them, they get taken advantage of. 

The best way to avoid phishing scams is to simply never share any personal information online, especially not with random emails, the senders of which you are unfamiliar with. If you want to check out the website, and make sure its legit, do so by going directly to the website, rather than sharing any information with the third party. 

Final thoughts

The crypto world is vast, and incredibly fascinating. However, there is no shortage of people who would take advantage of gullible newcomers.

We hope that this article can help you to better understand the shadier sides of cryptocurrency. We encourage you to explore more about the various crypto-based scams that exist out there, and equip yourself with the necessary tools to combat them.