The market of cryptocurrencies has become very popular in the financial market. For this reason there are many services and tools that we have available to carry out our operations. However, we must bear in mind that this great acceptance can also play tricks on us, because some people take advantage of this situation to try to deceive us as much as they can.


The cryptocurrency scams are a fact that is present in the financial market and for this reason today we want to talk about them and we will tell you everything you have to know to avoid falling into the trap of fraudulent media that want to leave us to zero our current account.

Having said that, let’s move on to the following text where we tell you in great detail what are the most common digital currency scams and why these frauds happen.

Why happen cryptocurrency scams?

Due to the importance that cryptocurrencies are adopting in recent times, nowadays we can speak of a large number of digital currency scams since there are many media that take advantage of any opportunity to try to deceive us.

Actually, we know that there are many common scams within this market, but it is important that we are clear about the reasons why these frauds happen. One of the first that we must emphasize in this matter, is the great ignorance that exists in this market.

It is true that cryptocurrencies are not new assets, they have been in the sector for a long time, however, it must be said that even users do not know this market at all, as new digital currencies and tools to carry are emerging more and more frequently. out our operations.


Precisely this ignorance is fueled fraudulent media to try to deceive us into believing that we will be able to obtain a large number of profits, but the reality is very different, because once they have caught our attention, we will not see any benefit, since the services they offer are deceptive and in some cases even non-existent.

Why are scams still happening?

mobile-scamWithin this scenario, we also have to say that another reason why cryptocurrency scams tend to occur is because there are still many inexperienced users in this market.

If we take a look at the financial market, we know very consolidated markets, such as Forex, commodities or stocks, among others, however, that of cryptocurrencies is still growing and in many cases, it is not.

We know how to conduct our operations with these assets. Here come the fraudulent media, since they take advantage of that inexperience to try to coerce deceptions and lies, which will not lead us to anything good.

Another important reason that we should highlight about the scams in this market is that there are many cryptocurrencies, some of which are better known such as Bitcoin or Ethereum and others that are quite new.

We do not always know how the behavior of each virtual currency is, nor the trend it is taking in the market.

To know all these data, we usually use the tools provided by the media we have available, but not all are legal and safe, in fact, this great diversity is a trump card for them, since they have more possibilities to cheat with a large number of cryptocurrencies within this market.

This diversity encourages the fragmentation of the market, which means that there are many platforms that supposedly offer us the best services to operate with cryptocurrencies.

But we must take special care, especially with those that provide us with tools to work with a large number of cryptocurrencies and yet do not have any seal of quality nor the support of a corresponding entity.

Taking into account the latter, finally, it must also be said that cryptocurrencies move within a decentralized market, with which there is no fixed regulation to ensure the proper functioning of this market.

That which makes it much more favorable for those who want to trick us, since we will have to trust what they tell us on their website, because virtual currencies are governed by the law of supply and demand of the users themselves.

What are the most common scams?

Although we can speak of a large number of cryptocurrencies, at present there are some more common frauds that tend to occur more frequently.

Among the many that we can refer to, we must highlight three in particular: the scam platforms of quick money, the hacking of wallets and the impersonation. All these scams have a common goal: get our funds as soon as possible, but each of them works in a different way.


So now that you know what they are, next we will explain the main characteristics of the three scams that we have just mentioned. In this way if you find any of them you will can detect it right away.

Quick money scam platform

fast-moneyA quick money scam platform is one of the most common scams that we find in this market. We are referring to those media that, supposedly, offer us the best services so that we can carry out our operations, but from the first moment we enter their website, we realize that everything is a hoax.

Fake Promises: In case you do not have it clear, we have to tell you that this type of platforms usually include in their web portal deceptive messages where they promise us a great amount of money in a record time.

We know that cryptocurrency operations can be very beneficial, but the gains are not obtained in the blink of an eye, you have to know very well how to perform operations properly.

Bad Tools and Zero Support: Among the many features that we can highlight in this type of platform we have to remark that they do not usually offer us great tools, usually we have automatic support available and we can use it quickly.

Just by registering in the system we will have the opportunity to operate. But as we advance in this registry, the complications begin, since what was previously free, now becomes an investment that will never have a return.

You have to be very careful with these things, since most of them are a total lie.

Terrible Security: These platforms also do not have a security backup. We know that the cryptocurrency market has no regulation, but this does not prevent the supports with which we can work do not offer good security measures, such as the SSL system.

If we do not see any of this on the web, it is more than likely that we are facing a scam platform, since the data we enter does not know where they are going to stop, so privacy and confidentiality are more than questionable.

Also, in the case that we introduce some financial information about us, such as an account number, we are probably lost, since these supports take advantage of it to get our funds quickly.

Expected Automatic Software: The normal thing in these cases is that, the system that we have in front of us promise us that we do not need to download or will we have to make big actions, because they take care of everything.

We refer to automatic softwares that carry out the operations for us, but logically these will never give us any benefit. It is easy to recognize this type of scam platforms because they are not transparent, they do not usually provide us with information about the support, so the guarantees are non-existent.

Wallet hacking

wallet-hackingIn order to work with cryptocurrencies, wallets have become essential elements, since these virtual wallets will serve to store all the cryptocurrency that we accumulate.

These wallets will be the place where we keep our funds safe and that is why they are a habitual focus of the hackers, who try to sneak into the system to be able to take our cryptocurrencies.

Most wallets work with the blockchain system, also known as chain block, in which all the transactions that are carried out are registered and each of them has a specific code. Actually, it is one of the safest systems there is, but not so much the wallets that we have available for the storage process.

Types of Wallets: there are some of them which could be intimidated by hackers

Wallet Online: It is the most vulnerable, since all the operations that we carry out are done directly from the network. So it is easier for the hacker to get in our wallet and stole everything we have in there. And you will not be able to anything because it is untraceable.

Desktop Wallet: Although we also have to say that desktops wallets can be hacked too. Typically, cybercriminals constantly analyze the system and enter it through a virus.

Then, our wallet will be infected resulting in that all transactions that we carry out with this portfolio will not go to the appropriate destination if not hackers divert the movements to keep our funds.

Mobile Phone Wallet: At last, we have to say that mobile phone wallets have similar systems to the desktop ones, but always its recommended to check each of their specs one by one to know if the security its good before start to work.

Virus: Today, there are many viruses that can completely destroy the wallet, one of the best known is the ransomware type. In this case, the virus what it does is encrypt all the codes of our computer and keep our funds away, so for recovering them the cybercriminals usually ask for a fairly high ransom.

Most viruses are used to enter desktop wallets, but they are somewhat more complicated to enter, since they are not found within the system, so many more filters have to be passed. Desktop wallets have more resistance to attacks, but they are not too easy to use.

Identity theft

Identity-TheftTo be able to work with cryptocurrencies in any service this will always ask us to register on the platform to have our personal account. It is a very simple process to carry out, but it can also bring us serious problems, since the cybercriminals are waiting to theft our identity and get our funds quickly.

Taking Your Personal Data: It is another habitual scam within this market, since in some occasions it is very easy to sneak into the account that we have opened and collect all our personal data and the information we have added.

Increasingly, the supports that offer this type of financial services have the two-factor authentication system. This means that, in order to open our account, we must not only fill in a form, we also have to establish a password and also wait for the system to send a security code to our mobile phone.

What happens is that many telephone companies do not have the appropriate security measures and for hackers it is very easy to access the data we have entered. Normally, what they usually do is call the company in question and ask them to change the telephone number that we have assigned to another telephone company.

Those companies that do not have the necessary security, perform this process quickly and in a short time, the cybercriminals can get all our data.

Getting Everything You Have: Once they have this confidential information in their possession, they can already operate by entering the account that we have previously opened and have the opportunity to change all the passwords they need, since they handle our personal data.

Quitting Risks. It is true that the system of double authentication is a good security measure to prevent them from entering our account, but we must be careful with the telephone company with which we work, because we can be involved in a situation like this.

For this reason, it is important that we inform ourselves in advance about how the company in question works and establish a totally private password. If we establish that we will can carry out any action in the market and we will make sure that no hacker can enter our system, so we will continue having the funds stored properly.

Methods to avoid being hacked

The cryptocurrency scams are the usual at this days, and when we least expect it we can be victims of a fraud, although it must be said that there are several reliable methods which can help us avoid this type of situations.


So let’s see what can be done to avoid the risks and enjoy our operations in a much safer way. We always have to think about the future and in what can happen if we don’t have enough security with our accounts.

Security system and encrypted codes

security-systemsEven the blockchain is a fairly secure system in itself and has a large number of encrypted codes that are difficult to decipher, knowing all the types of scams that exist it is never too much to give our computer a good antivirus.


It is not going to be very complicated to get a powerful one, since in the market there is a wide variety of antivirus that can give us the best results.

Primarily with the antivirus, we will have much less chance of being robbed of our account, entering our wallets or supplanting our identity, which is why they are quite advantageous tools to operate with cryptocurrencies.

In addition to get a complete antivirus, it is also convenient to analyze the legality of the service that we have chosen, not download anything until we are clear that it is a completely secure system and of course, it is very important that we establish a personal and untransferable password.

In this matter, the code we introduce is recommended to be a combination of uppercase and lowercase letters, as well as containing numbers and other typographical elements.

Double authentication

The double authentication system is one of the best verification processes that we find in the market. It allows us to make use of a large number of passwords and codes that will hinder the entry of cybercriminals into our account.


When we work with cryptocurrencies the system already has an encrypted code, independent of each of the transactions we are going to carry out, but it is always convenient to work with this double authentication, since we will verify our identity in two ways, through email and our mobile device with a text message.

Taking into account that this process has become very popular and gives very good results, today the best supports with which we can operate with cryptocurrencies include it as a more added security measure.

Web Analysis

web-analyticsKnowing the web portal that presents the service that we have chosen is very important because the page will give us all the clues we need to know if it is a secure system that we can trust.

Security Companies

That said, it is essential that in this portal we find the seal of a security company, for example, VeriSign, McAfee Secure or even SSL.

We must also ask the support all the accreditations that are necessary to know that it is a legal system, the same is obliged to offer all this information and the usual is that we can easily see it from the support website itself.

Other things that we must take into account is the type of platform that provides us to operate, the cryptocurrencies that we have available, the registration process, the tools it has or the storage form, among other elements.

The perfect combination of all these things will be the one that tells us if we are facing adequate support, hence the importance of analyzing the platform beforehand before working with it.

Internet connection

connectionThe Internet connection is another method that must be taken into account, since we can not forget that in the network, we are always going to expose ourselves to a greater number of risks, with which we must be clear that we are going to work with a secure connection unifying all the passwords and codes that are necessary.

If we are using an insecure connection, can be possible to leaks happen, mainly from our personal data, with which, we will be leaving an open door to cybercriminals. So that this does not happen, the ideal is that we make sure that our connection meets all the requirements to carry out the operations in the best possible way.

If we have been scammed … What can we do?

  1. If none of these methods has given us results and we have been scammed, the first thing we have to do is send an email to the service, explaining the reason for our complaint and our willingness to file a complaint.
  2. In the case that we do not get an answer, which is the most usual, we will have to make a claim to the bank or financial institution with which we work, always respecting the deadlines, not being able to exceed 3 months from the date of the fraud.
  3. To make a formal claim, in addition we must ask for a specific form for it, since also we will have the possibility to complain to the Financial Ombudsman, in this case we will have 4 months to put the claim.
  4. If all these things have not worked for us, we will have to do the same in the courts and also claim the amount owed to the corresponding regulatory bodies. Knowing this, we have to say that this process can be carried out individually, although it is always more convenient to do it collectively, since several complaints will be much stronger and we may obtain better results in this regard.


Taking into account all that we have just commented, it is evident that cryptocurrency scams exist and are becoming more frequent due to the popularity that these digital currencies have adopted.

scams conclusions

To avoid being scammed, we have several security methods available, which are usually very beneficial and, in addition, we must also know what are the main characteristics of fraudulent media to not fall into their trap.

Nowadays, we have it very easy to operate with cryptocurrencies, but it is recommended that we know all these aspects so that we can make the best choice, a service with all the guarantees.