Crypto Face Shares Tips to Avoid Crypto Scams

Crypto Face is a seasoned cryptocurrency trader and veteran of the space and he has a few tips on avoiding cryptocurrency related scams. 

“I’ve seen it all,” says Crypto Face. “People are quick to call everyone in this space a scammer but they rarely talk about the real scammers lurking behind every corner. My brother and I compiled a list of rules for our followers to look out for.”

The first rule is never trust random direct messages on any social media platform. The most common form of scam is someone impersonating an influencer or creator on social media and messaging that person’s following with exclusive deals. Often these impersonators will try to get your 12-word phrase which can jeopardize your entire crypto wallet. Most creators don’t offer copy-trading or other get-rich-quick schemes so please never fall for this scam. Go through official verified websites and never share your crypto safe words with anyone no matter how benevolent they may seem. Always verify that the person you are speaking with is actually who they say they are.

The second rule pertains to shitcoins, which are low market cap alt coins that promise high yield returns on investment. Never invest in or mine any shitcoin you aren’t able to sell on an exchange. If you are unable to retrieve your initial investment when you want, that is a huge red flag. It doesn’t matter how good a project sounds because 99% of cryptocurrencies fail in the long run. If there is no liquidity, no ease for buyers and sellers to transact a coin, is it even a crypto at all? If you are going to dabble in low cap coins, make sure there is an exchange with good liquidity for you to take our profits.

The third rule has to do with affiliate links. Beware of any advertisements promoting a project with an affiliate link. This means that the individual or entity advertising to you is working for that project and their testimony may not be genuine. Always conduct your own research and decide for yourself if this person or entity is worthy of your affiliation before you get under them in any coin or project. 

The fourth rule is all about how you are holding your cryptos. There have been many points in history where entire exchanges or wallets exit-scam, rug pull or go down. Make sure you not only enable two-factor authentication on all the places you are storing your crypto but also diversify your cryptos among these platforms to protect yourself from any one exchange or wallet going down. Storing your cryptos on a hard wallet is typically the safest method, but if you are actively exchanging your coins, just make sure you are diversified and only working with reputable, secure platforms.

“Stay safe out there folks,” says Crypto Face.” “This is the wild west and it’s up to you to be your own bank. Be a skeptic. Be vigilant. Never underestimate the extent a scammer will go to rob you of your cryptos.”