Before we begin, it’s essential to understand many legit cryptocurrency investment opportunities. All the scams covered in this article will pretend to be profitable and often convince new investors with promises of great returns on their money.
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Don’t fall for these schemes! It’s widespread for unsuspecting people to get scammed out of their investments without even knowing they fell victim to a scam. Check out Saxo broker for scam free investing!
Let’s go over some of the most common crypto scams.
Cloud mining
Cloud mining is where investors pay companies to mine cryptocurrency on their behalf. Sounds great, right? Wrong! Read the small print, and you’ll realize those cloud mining companies will charge you fees for maintenance and electricity costs before they ever make any profits for you at all. After factoring in these additional expenses, many cloud miners never see a return on their initial investment.
The biggest downfall of cloud mining is its reputation as an easy get rich quick scheme. It attracts dishonest people who often run off all your money without providing any returns whatsoever.
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There are also cases of more sinister scams that will use your money to fund terrorist operations without you ever knowing.
Crowdfunding with no product or services
It is similar to the crowdfunding method mentioned earlier, where people pledge money to a company in return for their products. The difference is with this scam; investors put up funds with the expectation of receiving nothing in return!
These companies will often appear legitimate, with shiny websites and even press releases to convince new investors that they do have something worth investing into. Don’t be fooled by these tactics because they’re often used as part of an elaborate scam operation designed to take your money before disappearing.
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If you’re looking at an ICO to invest in, check out their team members and make sure they’re all legitimate. An anonymous team of developers with no social media presence is a big red flag.
Faucets
These websites reward you with small amounts of cryptocurrencies for visiting the site every few minutes or hours. Sounds exciting, right? Wrong again! Faucet coins are almost always scams designed to steal your private information so they can hack your crypto account later on down the road. Although these faucets may only involve a website redirecting you away from their page, some more infamous ones will ask you to download software that now puts your computer at risk for viruses and other malware that could cost you hundreds of dollars to remove!
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ICO without a product or service
ICO stands for initial coin offering, and these days it’s trendy. Over the past few years, many companies have been able to raise millions of dollars through this method because people support their idea so much!
The only thing ICOs lack is a specific product they plan on releasing.
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It’s still possible some of these ideas will produce something worthwhile. Still, many scam artists view these as accessible opportunities to take advantage of investors who are too busy supporting (exciting) their favourite new company ever to bother looking at the small print. Often, these con artists run off with all your money, leaving you nothing in return!
Unregulated token exchanges
Unregulated tokens are similar to regular cryptocurrency exchanges where you can buy, sell and trade cryptocurrencies with other investors. The difference is that unregulated exchanges don’t require you to verify your identity or follow any of the security laws required by most online companies (i.e. social security numbers).
Again, like most crypto scams these days, it’s straightforward for scammers to take off with all your money since they don’t have to worry about getting caught! If you’re investing in something, you should understand what type of security their website offers before handing over any money.
Investing in Ponzi schemes
Ponzis are where users are promised an incredibly high return on their initial investment through some trickery (i.e. using new members’ investments to pay back old members) or even simply lying. The problem is that this scamming will continue until there are no new investors and the entire plan collapses under its weight, leaving you with nothing!
