How to avoid cryptocurrency scams

Many users go into crypto world for the first time with some fear. It is usual to find forums seek to solve the question of how to avoid cryptocurrency scams, and specifically those frauds that happen with the most famous of all cryptos: bitcoin (BTC).

Despite the fact that there are many news published about fraud related to the digital currency sector, not everything that surrounds this world should generate distrust when someone goes to buy cryptocurrency online.

As in many areas of life – and also on the Internet – there are people who try to take advantage of the inexperience and ignorance of the rest. However, in this situation there is only one solution: learn.

For this reason, in this post we aim you to teach how to avoid scams with your cryptocurrencies, while showing that bitnovo is reliable and secure as a cryptocurrency exchange platform. So take note!

• The biggest cryptocurrency scams… in bitcoin??

It seems like the biggest crypto scams are related to bitcoin (BTC). Is Bitcoin safe and anonymous? These are not really the reasons.

The answer lies in its popularity, because it’s one of the most famous cryptocurrencies and also one of the most demanded, so this generates more confidence in those users who want to start in the crypto universe. That is why most scams are focus on bitcoin (BTC), although it is not the only one. The rest of the cryptocurrencies that exist in the market also don’t escape of being the goal of hackers and scammers.

Tips to avoid becoming a cryptocurrency scam victim

1.- A good protection

Although not all scams have to be related to software or web pages, in the digital sector is inevitable that the first advice is to have a well protected computer.

It is recommended to have an updated and protected operating system with a good antivirus.

2.- Gather previous information

Buying a product in a store or supermarket involves a sum of factors that influence our final decision: the reputation of the brand, the degree of customer satisfaction, prior information on the features and quality of the service or product, etc…

When buying cryptocurrency it is advisable to proceed in the same way. What to look at? Mainly it is important to review the tax data of the company, as well as the opinions of other users.

3.- Access to secure websites

When buying cryptocurrency, check that the connection is safe and with https address. In other words, check if the web complies with security protocols.

If the web page you are accessing has a security certificate, the browser will have a padlock icon next to the url. In this way, you will prevent your data from being intercepted.

Furthermore, it is important access to the correct web addresses and no to fraudulent links that appear in Google ads, on social networks, in related forums or even by email. Check the sender of the email and pay attention to the writing, misspellings are frequent in phishing techniques.

4.- Control your own wallet

It is recommended, first of all, to know the safest wallets to store your cryptocurrencies. Cold wallets are very safe methods, although not suitable for clueless people.

Secondly, it is essential that the wallet is managed by the same person who buys cryptocurrency. Otherwise it will not be possible to reclaim the acquired cryptocurrencies.

To avoid all this, in bitnovo it isn’t allowed to put third party wallets. When confirming the transaction, the user must accept the condition of acknowledging that the wallet used is their property and not of a third party.

5.- Enable double authentication

Strengthen the security of your passwords. With double authentication or 2FA activated, a second password is required to verify your identity. Thus, even in the event that someone take over your passwords, a temporary code generated from your PC or mobile device will be requested to keep your data and your money safe.

If you are a bitnovo user, you can enable this tool through the web panel by following this 2-step verification procedure.

6.- Don’t believe in miraculous preachers

You will find on the Internet many users who pose as experts in the field, offering miraculous services and advices to multiply your cryptocurrency funds, encouraging participation in projects or investments with incredible benefits in the short term, etc. Always be clear that miracles don’t exist, if not everyone would be rich! Nobody gives anything away.

As a user, by following these simple tips, you already know how to avoid cryptocurrency scams or, at least, how to make it a little more difficult for cyber attackers.

From the other side, as an official easy to buy / sell cryptocurrency platform, bitnovo has always demonstrated its commitment to offering a service being  as secure as possible.

Bitnovo is safe and reliable to buy and sell cryptocurrency

At bitnovo we firmly follow the regulations for the prevention of money laundering and terrorist financing, as well as the Corporate Compliance Program. We also have, as a committed company, our own Code of Ethics and Conduct.

The vast majority of users who trust our services, for example buying cryptocurrency online or in cash from associated physical selling points, have a good experience and are familiar with how simple, fast and safe it is to make transactions with bitnovo.

However, there are some users who do qualify themselves as “bitnovo affected” for the fact that their transaction is not carried out as agile as it normally does. This is because, at certain times, more documentation is required to prevent possible crimes/fruds and thus comply with current legislation. A simple additional verification of data that may initially appear like suspicious.

So, as a summary, to avoid scams in the field of cryptocurrencies you must: inform yourself, protect yourself and trust in official platforms.