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Bullish
HOW TO IDENTIFY CRYPTO SCAMS
Before reading, please click on the follow button above and help support more research. Thanking you in advance.
Back to the question. How can we identify cryptocurrency scams? Well below are some of the identifying traits of crypto scams:
1. POOR OR NO WHITE PAPER
A white paper about a cryptocurrency gives details about how that particular coin was designed and how it will operate. It must be detailed and must make sense.
If doesn't make sense and worse if doesn't even exist, just be careful and I can tell you such a coin will be highly risky.
2. PROMISES OF HIGH RETURNS
What is the red flag here? Well, any offering about crypto which promises high returns is most likely a scam.
You will do well to look for ratings of such a website on the internet and see if it's flagged or poorly rated.
Yes cryptocurrencies can make you a fortune but not as fast as scammers put it. Infact prices of crypto fluctuate so it's not always that your investment will immidiately go up, you may even make loses but all in all, prices eventually go up.
3. OFFERING OF FREE MONEY
Just tread with caution. Yes new cryptocurrencies may come with airdrops but the amounts are usually minimal and require your input too to earn them.
4. TOO MUCH MARKETING
Every business does marketing but fraudsters overdo it. Be careful with a highly marketed site.
5. UNKNOWN TEAM MEMBERS OR FOUNDERS
There must be transparency as to who the team members are and preferably knowing their addresses and must have public support and customer care services.
6. PRESSURE TO INVEST
You may also notice some pushy behaviour, pushing you to invest quickly with promises of high profits. When you see such, identify it as a red flag.
IF YOU SEE THE ABOVE MENTIONED OR SOMETHING SIMILAR, PLEASE BE CAREFUL NOT TO INVEST YOUR MONEY. SPEND TIME TO DO MORE RESEARCH.
Meanwhile, the top crypto to invest in include $BTC , $BNB , $SOL and #ETH
Before reading, please click on the follow button above and help support more research. Thanking you in advance.
Back to the question. How can we identify cryptocurrency scams? Well below are some of the identifying traits of crypto scams:
1. POOR OR NO WHITE PAPER
A white paper about a cryptocurrency gives details about how that particular coin was designed and how it will operate. It must be detailed and must make sense.
If doesn't make sense and worse if doesn't even exist, just be careful and I can tell you such a coin will be highly risky.
2. PROMISES OF HIGH RETURNS
What is the red flag here? Well, any offering about crypto which promises high returns is most likely a scam.
You will do well to look for ratings of such a website on the internet and see if it's flagged or poorly rated.
Yes cryptocurrencies can make you a fortune but not as fast as scammers put it. Infact prices of crypto fluctuate so it's not always that your investment will immidiately go up, you may even make loses but all in all, prices eventually go up.
3. OFFERING OF FREE MONEY
Just tread with caution. Yes new cryptocurrencies may come with airdrops but the amounts are usually minimal and require your input too to earn them.
4. TOO MUCH MARKETING
Every business does marketing but fraudsters overdo it. Be careful with a highly marketed site.
5. UNKNOWN TEAM MEMBERS OR FOUNDERS
There must be transparency as to who the team members are and preferably knowing their addresses and must have public support and customer care services.
6. PRESSURE TO INVEST
You may also notice some pushy behaviour, pushing you to invest quickly with promises of high profits. When you see such, identify it as a red flag.
IF YOU SEE THE ABOVE MENTIONED OR SOMETHING SIMILAR, PLEASE BE CAREFUL NOT TO INVEST YOUR MONEY. SPEND TIME TO DO MORE RESEARCH.
Meanwhile, the top crypto to invest in include $BTC , $BNB , $SOL and #ETH
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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