Bitcoin & Cryptocurrency Scams
Bitcoin and other cryptocurrencies have fluctuated wildly in value since the introduction of Bitcoin in 2009. There’s been extreme growth overall, but many crashes along the way. This cycle of “booms” and “busts” is accompanied by waves of Bitcoin scammers. They pop up whenever Bitcoin starts to climb again.
Most of these brokers say they offer “cryptocurrency trading” but are actually selling CFDs on cryptocurrencies. They don’t communicate clearly what traders are even buying. They also use deceptive marketing to draw in victims. Many cryptocurrency scams use fake articles about celebrities making money with them in their advertising.
Cryptocurrency scams regularly claim to offer automated trading. Traders looking for easy money believe their claims and quickly lose their deposits. The brokers’ promise of automated trading algorithms that can guarantee gains simply isn’t true. Avoid any broker that offers robot trading accounts, and try to pursue a refund if it’s already too late!