INSUBCONTINENT EXCLUSIVE:
Key takeawaysFake crypto investment platforms give themselves away in a few obvious ways.Many use fake reviews, incorrect contact
information and unrealistic promises to lure you in.The best approach is a healthy dose of skepticism
Watching for these red flags will keep you safe while investing.The burgeoning cryptocurrency market, with its lack of centralized authority
and a constant flow of inexperienced users, makes digital assets a prime target for scammers
Fake crypto investment platforms are a common scam method, masquerading as useful services for crypto traders.Before signing up for any
verify if a crypto investment platform is legitimate
flags to watch for when choosing a cryptocurrency investment platform.1
Promising unrealistic returnsWhat to watch for: Fake crypto investment platforms will try to entice you with unrealistic promises, like
services should speak for themselves
None of them will give you a special advantage over the other, especially not one that can net you a Bitcoin just days after signing up
This is one of those prime crypto scam warning signs.2
At a minimum, these pages should include photos, descriptions and links to LinkedIn or other verified social media platforms.How to verify:
Double-check team pages for legitimacy
paper in-depth and watch for legitimate use cases
Make sure the project solves a real problem, has a legitimate purpose and a realistic plan for the future
releases and other proof of these supposed endorsements
Cointelegraph provides a directory of legit exchanges to help you identify fake crypto websites.5
from your government.How to verify: Typically, you can check a government database to confirm if a platform is licensed
The company is known for its resistance to comply with regulatory policies, causing industry-wide suspicion.6
Pushy sales tacticsWhat to watch for: Pushy sales tactics are a big red flag
verify: A real exchange would never reach out to potential customers like this, especially via social media
Social media DMs are widespread crypto scam tactics.Did you know? Some top crypto scams in 2024 were phishing attacks, rug pulls and fake
Fake location/contact infoWhat to watch for: Crypto investment platforms with a real product, even decentralized ones, will have contact
Even Uniswap has a support email with which to get in touch
Centralized entities should also have addresses of their offices, ones that you can cross-reference with Google Maps for legitimacy
This is an easy sign to miss.8
Fake reviewsWhat to watch for: Tech products, blockchain-based and otherwise, feature user reviews front and center on their websites
That said, you can tell if these are real or manufactured
Keep an eye out for reviews with repetitive language and a lack of a critical eye, which only praise the platform
Glowing reviews are often fake, possibly even written by AI.How to verify: Search for platform reviews on Reddit and other social media
Other users will tell you if the platform is legit or not
If a platform has no social media accounts, there is more reason to avoid it.9
Fake airdrops or giveawaysWhat to watch for: Some fraudulent platforms may offer airdrops or giveaways as promotions to attract positive
The platform might demand that you only work in crypto.How to verify: If you sign up for an exchange and it immediately asks you to send
crypto into your wallet on the platform instead of linking a payment method like a bank or card, this is a big red flag.Cryptocurrency
investment scams thrive on urging you to make rash decisions
Take your time, do your research, and double-check every piece of information a platform provides
These crypto fraud prevention tips will help keep you safe, protecting your assets and peace of mind
Use them to create a crypto scam checklist.This article does not contain investment advice or recommendations
Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
