As the public’s interest in cryptocurrency increased, many cryptocurrency scams came out.
In 2020 and 2021, the total number of crypto held by investors has increased more than 20%, but investors’ fear of becoming obsolete in this new hot sector has attracted many small or large scammers.
In this article, we will explain and will show you:
- How to find common cryptocurrency scams?
- Few key strategies to avoid fraud and keep safe your crypto
- The best safe and secure wallet to hold a hard-earned wealth
Is cryptocurrency safe?
First, that strikes in mind while stepping towards top crypto investment scam for the first time. Even most of the seasoned investors are still worried about it. Is cryptocurrency safe? And ask the experts how we can know the best cryptocurrency to invest in making our fund secure.
Many thieves look to snatch hard-earned money like other traditional investments by seeing investors’ eagerness to earn money early and lack expertise.
Yes, best cryptocurrency as digital currency and it is much more secure with mathematical algorithms. All transaction history is stored in blocks, and all blocks are interconnected and cannot be deleted.
But we are not here to explore the key features of the cryptocurrency; We are here to detect scams involving cryptocurrency trading.
Spot any cryptocurrency scam:
In this article, you will see the main types of cryptocurrency scams, but by following ways, one can protect yourself from being scammed
- Be curious
- Do not take any information at nominal value
- Do your research before investing in cryptocurrency or taking any best financial cryptocurrency transaction decision.
Coinbase is one of the well-known brands in best cryptocurrency, and it opened in April 2021 for the public in America.
Scammers used SMS and Email campaign to bring investors into their trape. Scammers use such scams to target victims and force them to click on the dodgy link; as the victim clicks on the click, they have stolen hard-earned money, including personal information.
Such a type of scam is in a low-tech scam very popular and effective.
Technical support service scams:
In a technical support scam, the scammer’s goal is to get the passphrase to unlock the cryptocurrency digital wallet. They unlocked it and transferred the wallet token to another wallet.
Still, the most secured wallet is a matter of debate. MetaMask is a very popular wallet with approximately five million monthly active users.
Other popular offline wallets are Trezor Model One and Ledger Nano.
Warning: Never share your wallet passphrase with others, it may be a scam, and you could lose your hard-earned money.
Free Giveaway Scam:
We always run behind free due to human nature, and we all love getting something for nothing to pay, which makes free giveaways the most popular and successful scam in cryptocurrency.
In a free giveaway, victims are told that they will double their crypto if they send it to any celebrity. Sometimes, the victim is told to perform listed activities to get free tokens, and victims click on links unknowingly.
Twitter and telegram channels are very popular among scammers, and they use them to reach the victim with interesting offers. They promise to give free airdrops, but they look to steal personal and other confidential information.
But the point to note is that not all free giveaways are scams, some genuine ones bring free giveaways to increase their audience reach, and in this order, the DCXa token is a genuine crypto token.
So, if you are looking for the best cryptocurrency to invest in 2022, DCXa could be the best one.
Employment scam is also very popular at present. Scammers trap students and jobseekers in such a scam and offer renowned currency to carry out their tasks. They told them that they would be the owner of the money they would earn.
Scammers pose themselves as recruiters at various social media channels and other employment portal to steal personal information.
Advice: First, research the employment agency online and only take steps to avoid any scams.
In a phishing scam, scammers send fake emails and text messages to the victim from an unknown number to get them into their trap.
Ponzi/Pyramid Scheme Scam:
In this Ponzi/ Pyramid scheme, people are assured that you will get double your investment soon. In this scheme, money collected from new investors is used to pay earlier investors instead of investing in assets to generate good returns.
So beware of such Ponzi schemes, it could be a scam, and you may lose your hard-earned money finally.
OK, which is the most secured cryptocurrency?
First of all, see how long is the life of the cryptocurrency you are going to invest in? How big is their community? What kind of queries are people posting on community channels?
Some well-known cryptocurrencies have performed consistently well over the past five years and meet all the standards of cryptocurrencies, such as Bitcoin, ether, and Litecoin.
But it isn’t always investing well with the new cryptocurrency, isn’t it?
No, it is not so; before investing in a new cryptocurrency, you should see its growth rate, vision, and mission. Most importantly, that cryptocurrency is limited to token distribution only or continuously making tokens globally acceptable.
If a cryptocurrency meets these standards, investing in a new cryptocurrency can also be fruitful.
In this sequence, DCXa meets all the standards and can provide a better future to investors. One can choose DCXa as the best cryptocurrency to invest in securing the future.
Are there other best cryptocurrencies to invest in?
There are some other best penny cryptocurrencies to invest in 2021, which are:
- USD Coin
- Shiba Inu
We hope you enjoyed this article and can protect yourself from cryptocurrency scams.