How to Avoid Scammers in Cryptocurrency Trading?

2 Mins read

Cryptocurrency trading is very demanded by the users, especially those who read stories about people getting rich. 

Of course, it is possible to earn money with crypto but you need to know that this field is full of scammers and if you know how much does it cost to create an app you understand that if they are active, they can cover all the costs which are high. 

It is very hard to distinguish scam crypto wallets, bots, or exchanges because here you need to go through the open-source code if it is available, and if you are not the developer, don’t think you will understand something. 

In this situation, I would advise you to find all the possible reviews on the verified websites and check all the info they offer. If the service is made to steal the users’ money, you will definitely find this info somewhere. 

Remember than it is better to spend more time than usual reading and reviewing than lose all the money you invested because you didn’t check the service.

And now I want to talk to you about Telegram crypto channels because the percentage of scammers here is the biggest. 

There are currently around 500 Telegram channels that offer crypto trading signals mostly. 


90% of them are scammers. 

And the worst thing here is that people still believe them and give a lot of money believing that this money will be returned with profit. 

This is the craziest thing I have ever seen – you understand that you need to send money (some people send 1 BTC or more) to the person without any guarantee that you will get it back, and people do this. 

And then, when they realize they were scammed, they are trying to get the money back. Remember! A cryptocurrency wallet is not PayPal or bank transfer – if the person you sent money to doesn’t want to give it back, you won’t get it and no one can help you. 

That is why don’t do this! Legit channels don’t work like that – well, they do, but only with the trusted party!

While choosing the crypto signals channel, pay attention to the admin’s way of chatting, recent activity, feedback in Reddit, Internet reviews, etc. 

And make the decision only when you are 100% sure the channel is legit.

Invest wisely!