Watch out for the latest crypto scams

Watch out for the latest crypto scams
As the price of Bitcoin and other cryptocurrencies rise, so too do the number of scams doing the round. It is unfortunate when new traders end up losing valuable coins to shady ventures. At AltCoinTrader, we take scams that could negatively affect our clients very seriously. It has recently come to our attention that scammers are using the AltCoinTrader platform to profit from their scheme. Traders are urged to watch out for the latest crypto scams.

Don’t fall victim to the latest crypto scams

There are numerous crypto scams that are currently costing traders dearly. Here are the latest crypto scams and how to best avoid them:

1. Scammers claim to be representatives of an exchange or Bitcoin in general.

If you are contacted by someone claiming to be a representative of an exchange, exercise caution. Do not give the representative any personal information and do not give them your password or private keys under any circumstances. Remember, in general exchanges do not make use of brokers.

2. Fraudulent companies provide clients with AltCoinTrader’s banking details.

In an effort to sell the same item to a number of unsuspected clients, fraudulent companies provide clients with AltCoinTrader’s banking details. The client will deposit the money into AltCoinTrader’s bank account. From there, the funds will be allocated to the scammer’s AltCoinTrader account by using their unique reference code. The scammer can buy cryptocurrencies with the funds and transfer the cryptos to another wallet. In order to avoid falling victim to this scam, simply do a bank account verification on your banking app or site.

3. Emails claiming change of banking details

Be careful when you receive an email notification that an exchange’s banking details have changed. The scammers may try to get you to deposit funds into their own bank account. Be sure to verify any changes with the exchange itself. This type of announcements would typically be made on official communication channels such the exchange’s blog page and social media channels.

How to avoid crypto scams and fraud

Here are a few tricks to avoid falling victim to crypto scams:
  • If it looks too good to be true, it probably is. The old adage will keep your cryptos safe.
  • Protect your basic personal information. Scammers may call or message you regarding your account or promise instant returns on your investment. Do not give them any information regarding your account.
  • DYOR. Do Your Own Research on cryptocurrency companies before committing. You can do this by simply doing a Google search. You may be surprised.
  • Beware of influencers/celebrities asking for cryptos. In most cases, their social media accounts may have been hacked and followers may lose their cryptos.

Talk to us

AltCoinTrader is not affiliated with any brokerage. Please use extra caution when responding to advertisements that promise unrealistic high returns and which claim to be associated with AltCoinTrader. AltCoinTrader is a safe and secure platform for South African investors to trade with Bitcoin and other cryptocurrencies. If you have any doubts about whether or not you may be targeted by scammers, send us a message at support@altcointrader.co.za.