The increasing popularity of cryptocurrency through BITCOIN mainly has brought with it lots of criminal activities that can lead to massive losses as you try to venture into crypto investments. While the most common crypto scams are those related to a criminal stealing your coins right out of your wallet, the emerging common scam is that from crypto signal providers. Crypto scams are arising from the increased complexity in crypto trading as cryptocurrencies, led by Bitcoin, are gaining acceptance in the mainstream financial sector. For example, while all signal providers call themselves experts, most of them are simply fraudsters masquerading as experts. There are good strategies to use to avoid falling for crypto signal scams in the booming crypto economy.
The first thing you must take note of is that any form of crypto scam is the approach crypto-con artists give when they want to convince you to buy into their con game. The mantra is, “convince any person interested that your signals will make them rich, so they can pay.” The crypto signal con knows that such a statement will evoke strong emotional greed in people through promises of fortunes and gold, and it’s emotions that drive people to take uncalculated risks.
There are hundreds, if not thousands, of crypto signal providers offering signals on the happenings of cryptocurrencies. Some of the common frauds include:
Fake crypto signal experts
Most crypto signal scammers have telegram accounts, where they publish complicated technical charts to demonstrate their “expertise”, talk about speculative information about insider dealings, whales, etc. With fancy names that make them even more appealing, these private traders will try to convince you to buy signals from them to make money.
You’d hear posts like,
“Be ready to make massive profit trading crypto because good signals are dropping in 2 hours (at exactly 15 GMT) Stay alert!” – pump and dump scam strategy
Staying away from those flattering promises is the best strategy you can adopt in your trade experience.
Signal provider leeching
The other type of group you should avoid are crypto signal aggregators. These are groups that buy membership and then “copy” signals from other groups, which they forward to their target in their own respective groups. Group members pay for the signals, only to lose massively when they invest based on these pirated signals.
Bitcoin trading systems
Bitcoin has had extraordinary volatility over the last few years, and automated trading systems have emerged all over. Fake signal providers have taken advantage of this situation by marketing their fraudulent crypto signals as the best in beating the market by arbitraging prices between different exchanges. Making use of legitimate Binance Bitcoin signals from top crypto signals can save you from massive losses as a crypto trader. The best approach to give any trading you initiate is to trade only what you can afford to lose because there’s no sure signal that will make you instant riches.
Final Thoughts
The best advice is that you should read reviews about crypto signal providers before engaging their signals in trading their hard-earned cryptocurrencies. It must be noted that the crypto industry makes news every day with new products and ideas on how to trade. Therefore, you can avoid fake signal providers by finding reliable, current information online. Learn about top crypto signals to make a realistic profit from your trading, and avoid those unrealistic claims about price growth.
