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Almost like clockwork, the increase in cryptocurrency interest paved the way for common crypto scams that target those who have just gotten into the investment game or even young children who are still not tech-literate enough to recognize a scam when they see one. It should not come as a surprise that nefarious parties are trying to swindle people out of money (digital or otherwise) by promising something false, but here are some effective ways to avoid crypto scams and keep your investment safe. 

Read Reviews 

Certified reviews are an effective tool for deciding whether or not a service is legitimate, allowing you to avoid scams by transferring your money to the wrong place. For all the positive examples, such as DiversyFund reviews, you will find alternative services set up purely to scam people out of their hard-earned money. 

If a service doesn’t look right to you, do not hesitate to do your research and dig a little deeper. You should never send money to something suspicious, and even the slightest uncertainty should be a sign that you should ignore it. 

Keep Your Info To Yourself 

Cryptocurrency is one of the most secure currencies in the world because of the steps taken to keep it safe. Your unique passcode and two-factor authentication act as an essential barrier to those who want a piece of your portfolio and it serves as an exceptional deterrent. 

But smart scammers will have tactics that could encourage you to hand over your information willingly and steal your money before it's too late. Just like your PIN or passwords, you should never share information with anyone, because you never know what they might do with this info. 

Be Smart About Giveaways 

If you're on Twitter or Instagram, you may have seen posts from celebrities announcing how generous they feel and how they want to give back to the community. You may have seen the likes of Elon Musk or even President Biden offering people the chance to double their investments by sending crypto to a specific link. 

Do not send anything to this link under any circumstances. While most people should recognize this as a scam, others won’t. It requires simple common sense, because why would the world’s richest man need you to send him money to send it back out doubled? 

Report Regularly 

Even if you never fall victim to crypto scams, you can still do your part to help others avoid them by reporting any suspicious activity to the FTC by following that link. It can feel like an uphill battle, as for every scam brought down, it seems that five pop up in its place. 

Still, the crypto community must work together to prevent people who may not have the best grasp of English or feel desperate from handing over information and falling victim to scams that could be financially ruinous. 

Secure 

Even people who do not have a stake in cryptocurrency can fall victim to these scams, so it’s worth telling as many people as possible how to recognize scams and avoid them. The more education provided, the more astute individuals will be, which helps them keep their portfolio and information secure.