Cryptocurrency investment scams have become the order of the day, and even seeming ‘notable’ online figures are not so trustworthy any more; here are some things to look out for in a fake investment platform.

Since investment is a way to make your money work for you, several bad elements take advantage of this. To avoid falling victim to one of these fake investment schemes, look out for the following warning signs:

1. Unrealistically high return with little or no risks:

Suppose a person promising to trade crypto, for example, guarantees you a high ROI with no mention of the possibility of losing your money. In that case, it is a sign that either the person has no idea how the market works or they don’t trade at all and will run away with your funds eventually.

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2. High-pressure tactics:

When a platform or a person starts to use phrases like “closes soon,” “ending soon,” and other urgency-inducing phrases (and even graphics), they likely want you to rush in without looking and making a mistake. Always take your time to vet would-be brokers.

3. Use celebrity images as endorsement guarantees:

It is very rare for celebrities to discuss their investments in public, and usually, investment platforms using celebrity photos likely obtained them illegally to parade themselves as legit. Think about it: if they can stoop so low, how can you trust them?

4. Obscure registration details and contact address:

Legit crypto investment platforms are usually open with their registration details and addresses, but illegal ones? Not so much. If their registration appears to be from offshore locations, don’t trust it. Also, if they don’t have an address to which you can trace them, you should beware.

5. Asking for initial deposit immediately:

Fake crypto investment platforms use the trick of an initial deposit to tie your funds down, and they will do anything to get this, even going as far as promising you a 100% return of capital. Don’t part with your money easily.

Lastly, stay updated on the several new ways scammers attempt to get their hands on your hard-earned money. This will help you identify them quickly and steer clear. Remember that crypto trading is not covered by the law in many regions, so, scammers may not need to hide their identity to defraud you.

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