Top Tips for Not to be Fooled by Scammers on the Blockchain

The advent of cryptocurrencies has opened up great opportunities for investors. However, numerous cyber scammers are also eager to take advantage of the chance to make high profits. In order not to lose capital and succeed, it is important to understand how to secure your own investments in tokens.

To protect your money, you should start by familiarizing yourself with the main tricks that the scammers resort to in the field of cryptocurrencies.

How is it possible to recognize the fake exchange apps

The rapid pace of life has shifted the digital priorities of mankind and desktop computers have given way to smartphones. This trend has not gone unnoticed by scammers. As a result, a lot of fake apps for smartphones appeared along with official mobile applications for cryptocurrency investors.

Financial security and protection from cybercriminals is in the hands of the users themselves, who are ready to invest in cryptocurrency.

This means that every such app needs to be thoroughly checked before installation.

Tip 1: Check at the exchange's official website.

There should be information about the presence/absence of a mobile trading app.

In the first case, the site offers a link to install it.

Tip 2: Read the reviews of the app.

The mobile app stores indicate the rating and reviews of users. Be sure to pay attention to these indicators, read the opinions of those who have already installed the application. Also, user feedback can be found on thematic sites and forums, in reviews.

Most often, by negative reviews and low ratings, this method helps to identify applications that are not worth attention.

On the other hand - applications in the top ranking places require the most in-depth verification. As you know, there are as many people as there are opinions. Therefore, the complete absence of negative reviews should make you wonder about the legitimacy and honesty of the app.

Tip 3: Check the developer of the app

As a rule, we are talking about the contact information. It is also recommended to check it on the Internet. This will allow you to understand what kind of application you are offered to use - fake or official exchange.

Tip 4: Pay attention to the number of installations of the application.

If the app is at the top of the rating, but the number of its downloads is minimal, then think twice.

Tip 5: Learn more about two-factor authentication on the account

Alas, this is not an absolute guarantee of cryptocurrency security, but this activation increases the degree of protection from risks by times: it is more difficult for fraudsters to bypass it.  

What's important to know about cryptocurrency

Top Tips for Not to be Fooled by Scammers on the Blockchain review

Every day new types and types of fake cryptocurrency wallet apps appear in the network.

Remember! Never give the following personal information when registering:

  • any wallet passwords;
  • any private keys data.

Without this secret information, the owners of fake apps will not have access to users' money, even with previously generated public addresses.

Attention to all cryptocurrency users!

  • Use reliable software.
  • Make sure the generation of new key pairs is not compromised when a legitimate wallet app allows exporting the private keys.
  • Verify whether public addresses can be derived and accessed from a private key even if the app provides it.

If the wallet app you choose allows you to import private keys or seeds to visualize the addresses and access the funds, do it after disabling the Internet connection on your computer.

What kinds of scam can be faced when working with cryptocurrencies

When devoting their time and money to cryptocurrencies, investors should have their eyes everywhere and not neglect to check information carefully.

More often than not, the prospect of easy profits with minimal investment and effort, the dividends from which can be received for quite a long time, attracts investors of cybercriminals.

Attention to all cryptocurrency users, who is interested in risk minimization:

  • you should download apps from official stores (Aple App Store, Google Play and others).
  • it's important to watch the battery of your smartphone - it should not overheat, and the charge should not reach its maximum or minimum.
  • regularly update the device and applications are preferable. This step is important to increase the level of cybersecurity for cryptocurrency transactions.
Top Tips for Not to be Fooled by Scammers on the Blockchain news

In general, to safe cryptocurrencies, just keep an eye on things/ You should be interested in legislative initiatives and trends in the field of cryptocurrencies, read reviews, be interested in innovations and possibilities of cryptocurrency capital protection.

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