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Reports: 3 ways of knowing if Cryptocurrency is legit or not

(Source: www.gobankingrates.com)

Whenever you hear people talk about cryptocurrency trading or investing, there's always that uncertainty that comes with it since it's done online. Evrn though there's some great stories surrounding cryptocurrencies in the world, but one horrible one ends up trending which affects this type of online investment. All thanks to certain individuals that utilise their time to scam cryptocurrency investors with their bogus links and websites. As these individuals can be able to create their own fraudulent types of cryptocurrencies such as Bitcoin and Ethereum. This is unfortunate for the investors since all they want is to put their money into good use. Rather than spending their money on scams disguised as good investments options.


Hence, it's ideal for people who wants to venture into different types of investments options such as cryptocurrencies need to do their research thoroughly. No-one wants to lose millions of rands on illegal investments. Nevertheless, the Go Banking Rates has decided to school about how to spot if Cryptocurrency is legit or not. Let's take a look at the best three ways that you can save yourself from being scammed by bogus cryptocurrencies in the world.


1. Non-Secure Websites :- this one might be something that's easier for most people to digest, but they still fall into this trap. Most cryptos will attract their investors by creating fake websites and it works well for the cryptocurrency that have been made it to the news. Since numerous people would want to buy it. Hence, the scammers will use a website that seems legit and requires people to make purchases on it. Make sure that you only use secure websites with "https" in their name and they must have a pedlock icon in their address bar so that you will not get scammed.

2. Overhyped Coins - if people are constantly talking about a certain cryptocurrency, then you don't have to invest in it as you could lose money. Since, the fraudsters will use the overhyped coins to get buyers and trap them with big and bold words that will make the crypto investors fall for the scam.

3. Pump and Dumb Schemes - scammers have gotten wiser since they're constantly studying the online investment such as cryptocurrency. What they do is load a lot of no-name cryptocurrencies then let the market decide on which attracts them and then they spend a lot money on marketing. The more people see the cryptocurrency, the more they buy it and that lead to getting scammed.


Source Link:

https://www.gobankingrates.com/investing/crypto/how-to-tell-whether-a-cryptocurrency-is-legitimate/

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