Six Tips for Avoiding Cryptocurrency Scams

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Bitcoin LogosUndoubtedly, many people point to cryptocurrency investments and trades as the key to all or most of their fortune. However, more than a few people also say that crypto is why they’ve lost a sizeable chunk of money. Sadly, crypto scams represent a significant percentage of these lost funds.

So, how do you stay ahead of cryptocurrency scammers on the internet?

In a few moments, we’ll walk you through a few tips on avoiding crypto scams and protecting your digital assets.

Avoiding Crypto Scams: Six Tips for You

It may be impossible to be 100% foolproof on the web today. But, following the following tips can drastically reduce the chances of losing your cryptocurrencies to scammers.

Here are some tips for avoiding crypto scams:

  • Do your research before investing in any cryptocurrency, using any wallet, or taking any trade. Don’t take the words of any celebrity or billionaire at face value.
  • Don’t trust everyone on the internet. If anyone asks you for crypto payments or send communications about cryptocurrency, you must proceed with extreme caution.
  • Secure your crypto wallet and never share your private key with anyone. Instead, storing that information offline in a secure location may be best.
  • Always use multi-factor authentication as it increases your fighting chance against the ‘bad guys.’
  • Always examine the URL of crypto-related websites that you visit. Scammers usually use websites that closely resemble legitimate ones. So look out for swapped-out letters or not.
  • Finally, be skeptical about free offers and giveaways. If the offer sounds too good to be true, it probably is.

Hopefully, these tips help you stay ahead of crypto scammers on the internet!

John Miller
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John Miller

John Miller is the main author of content here at 7 Binary Options. He’s also the brand’s lead investment consultant. He’s been working for 7 Binary Options since April 2014 and brings a wealth of knowledge and experience to his role. He’s played a crucial part in developing the site and helping it grow. In his role as writer and consultant, John’s keen to help others get ahead in the ever-changing world of binary options and forex trading. He’s always happy to advise others, whether it’s complete beginners learning the ropes or more experienced traders looking for some hints and tips. John certainly knows what he’s talking about. He graduated from California State University in 2008 with a Master’s Degree in Investments and Securities. Since entering the world of work, he’s continued to put his degree to use. He’s spent over a decade working in the investment banking sector and thanks to his foresight, skills and education, he’s in a prime position to offer help to others looking to start investing.

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