How Not to Be the Victim of Crypto Scammers

The cryptocurrency market remains very popular now, especially among people with zero experience in online trading.

Most of them are interested in crypto signals Telegram channels that offer crypto predictions on altcoins, Bitcoin, etc. Unfortunately, 90% of such channels are not legit - scammers, and newcomers are their target audience.

Luckily, there are some ways to protect your assets from being stolen and choose the legit channel.

Let’s imagine you find the provider and you are the member of the public channel.

You see the document “May 2020 Results”, you open it and see the amount of profit. The first thing you will need to do is to ask the admin if these are general results or the results considering the amount of capital users invest in every deal.

This is very important.

If the profit is 200% in general, it will mean you get 20% per month investing 10% in every trade.

And if the admin tells you that your profit will be like 150% per month investing 5-10% in each trade, you had better look for another channel because it is hardly possible.

A lot of beginner-traders believe in promises and high fake results.

Don’t be like that.

Check the name of the channel in Google and Reddit. You can find something very-very interesting.

Didn’t you find anything?

If the channel is new and they don’t ask for $150 per month for subscription, the absence of feedback can mean they are unknown, and it doesn’t mean they are not legit.

Usually, huge scammers are very popular, and you will definitely find some feedback from scammed people.

I think everyone likes when the admins of groups are supportive and explain every detail.

Well, scammers won’t do that.

That is why if the first message you receive is the address of a BTC wallet, and the following answers on your questions are short and rare, you will better avoid this group.

Back in 2016-2017, scammers were not very often encountered, and according to the data from this software development firm, there were up to 10 of them, so it was easier to avoid them.

Now, in 2020, they are chameleons - suited to the market and users’ needs. They steal thousands of dollars and destroy the credibility of legit channels.

A lot of people learn from their mistakes, but you have the opportunity to learn from the mistakes of other people who lost a lot because of scammers. If you are attentive and check every detail that seems suspicious, you will have a chance to find the legit channel.