Ax Crypt Bit Reviews is Axcryptbit.com a Scam or Legit Broker

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Contents

FOREX

Smartfxbroker Review: Is Smartfxbroker.com Scam or Legit Broker?

SmartFXBroker Review: Scam or Legit Broker? smartfxbroker.com is a forex and cfd broker that offers trading in a huge range of assets spanning commodities, indices, stocks, currency […]

Aspen Holding Reviews: is aspenholding.com a Scam or Legit Broker?

Aspen Holding Review: Scam or Legit Broker? AspenHolding,com is a forex and cfd broker that offers trading in a huge range of assets spanning commodities, indices, stocks, […]

WandaFx Reviews: on Wanda FX, Before Risking Your Money..See Findings!?

WandaFX Review: Scam or Legit Broker? Wanda FX is a forex and cfd broker that offers trading in a huge range of assets spanning commodities, indices, stocks, […]

Ax Crypt Bit Reviews: is Axcryptbit.com a Scam or Legit Broker?

Ax CryptBit Review: Scam or Legit Broker? Ax Crypt Bit is a cfd and binary broker that offers trading in a huge range of assets spanning commodities, […]

Exen Markets Reviews: is Exenmarkets.com a Scam or Legit Broker?

Exen Markets Review: Scam or Legit Broker? ExenMarkets is a forex and cfd broker that offers trading in a huge range of assets spanning commodities, indices, stocks, currency pairs […]

Ma Banque Crypto Reviews: is Mabanquecrypto.com a Scam or Legit Broker?

Ma Banque Crypto Review: Scam or Legit Broker? MaBanque Crypto is a forex and cfd broker that offers trading in a huge range of cryptocurrencies assets like […]

Gelios Trade Reviews: Is gelios.com a Scam or Legit Broker?

Gelios Trade Review: Scam or Genuine Broker? gelios.com is a forex and cfd broker that offers trading in a huge range of assets spanning commodities, indices, stocks, […]

Trader-bank.com Review: Is Trader Bank a Scam or Legit Forex & CFD Broker?

Trader Bank Review: Scam or Good Broker? trader-bank.com is a forex and cfd broker that offers trading in a huge range of assets spanning over 800+ cryptocurrencies. […]

Bosmarkets.com Review: Is Bosmarkets/Bosti a Scam or Legit Broker?

Bosmarkets Review: Scam or Good Broker? bosmarkets.com is a forex and cfd broker that offers trading in a huge range of assets spanning commodities, indices, stocks, currency […]

Forex Incontrol Reborn 2020 Review: Is This a Reliable Forex EA?

Forex Incontrol Reborn Review: Is this Bot Safe or Scam? forex-incontrol.com reborn is an automated Forex robot that claims to be the best forex trading […]

TOP RATED LICENSED FOREX BROKERS

TOP RATED BINARY BROKERS

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TOP RATED CRYPTO EXCHANGE (BUY & SELL)

TOP RATED FOREX COURSES, EAs and ROBOTS

MAKE MONEY FROM BITCOIN MINING

HIGH PERFORMING CRYPTO BOT(uses AI technology)

RISK DISCLOSURE

Trading binary options may not be suitable for everyone and may also not be legal in your jurisdiction,make sure you are aware of the risks involved as there could be total loss of capital. Don’t trade with money you cannot afford to lose. Binary Options is prohibited by the ESMA. BestBinaryOptionsWatch.com cannot be held liable for any damage resulting from use of information on this website. The FTC Required Affiliate Disclosure: BestBinaryOptionsWatch.com is a professional review site that is independently owned and as such, opinions expressed here are our own. We receive compensation from companies whose products we review. However our professionals test each products thoroughly and recommend the best.

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  • Binomo
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Articles by Dave

Bilz Venture Reviews: is Bilzventure.com a Scam or Should I Invest?

Bilzventure.com Review: Scam or Paying? Bilz Venture claims it could make you good profits from forex trading. How true is this? Is it Legit? You may […]

Premium Trade Reviews: is Premium-trade.pro a Scam or Should I Invest?

Premium-trade.pro Review: Scam or Paying? Premium Trade Pro claims it could make you good profits from stocks trading. How true is this? Is it Legit? You […]

LiteCash Reviews: is litecash.ltd a Scam or Should I Invest?

Litecash.ltd Review: Scam or Paying? LiteCash Ltd claims it could make you good profits from cryptocurrency mining. How true is this? Is it Legit? You may […]

Return Time Reviews: is Returntime.us a Scam or Should I Invest?

Returntime.us Review: Scam or Paying? Return Time claims it could make you good profits from investments in cryptocurrency cloud mining. How true is this? Is it […]

Cxmin Ltd Reviews: is Cxmin.com a Scam or Should I Invest?

Cxmin.com Review: Scam or Paying? Cxmin Ltd claims it could make you good profits from forex, stocks and gold trading. How true is this? Is it […]

Fbafba Limited Reviews: is Fbafba.com a Scam or Should I Invest?

Fbafba.com Review: Scam or Paying? Fbafba Limited claims it could make you good profits from investments in forex trading. How true is this? Is it Legit? […]

BitClick Reviews: is Bitclick.club a Scam or Should I Invest?

Bitclick.club Review: Scam or Paying? Bit Click claims it could make you good profits from investments in cryptocurrency mining. How true is this? Is it Legit? […]

Keephourly.info Reviews: is Keep Hourly a Scam or Should I Invest?

Keephourly.info Review: Scam or Paying? Keephourly claims it could make you good profits through their online investment platform. How true is this? Is it Legit? You may […]

Jadoti Limited Reviews: is Jadoti.com a Scam or Should I Invest?

Jadoti.com Review: Scam or Paying? Jadoti Limited claims it could make you good profits from cryptocurrency trading. How true is this? Is it Legit? You may […]

Coin Studio Investment Reviews: is Coinstudio.xyz a Scam or Should I Invest?

Coinstudio.xyz Review: Scam or Paying? Coin Studio Investment claims it could make you good profits from the cryptocurrency markets. How true is this? Is it Legit? You […]

TOP RATED LICENSED FOREX BROKERS

TOP RATED BINARY BROKERS

Subscribe to our newsletter

TOP RATED CRYPTO EXCHANGE (BUY & SELL)

TOP RATED FOREX COURSES, EAs and ROBOTS

MAKE MONEY FROM BITCOIN MINING

HIGH PERFORMING CRYPTO BOT(uses AI technology)

RISK DISCLOSURE

Trading binary options may not be suitable for everyone and may also not be legal in your jurisdiction,make sure you are aware of the risks involved as there could be total loss of capital. Don’t trade with money you cannot afford to lose. Binary Options is prohibited by the ESMA. BestBinaryOptionsWatch.com cannot be held liable for any damage resulting from use of information on this website. The FTC Required Affiliate Disclosure: BestBinaryOptionsWatch.com is a professional review site that is independently owned and as such, opinions expressed here are our own. We receive compensation from companies whose products we review. However our professionals test each products thoroughly and recommend the best.

Copyright © 2020 | WordPress Theme by MH Themes

Beware of These 5 Bitcoin Scams

Bitcoin’s meteoric rise in prices in 2020 awakened mainstream interest in the original cryptocurrency.   But the rise in interest has not been without consequences. One of the downsides of new investors entering the market is the increase in the number of scams, frauds, and stories of retail investors who lose their coins to shady ventures. From ICO scandals to wallet theft and fraud, regular consumers can fall prey to crime easily.

It may seem as though it’s the Wild West for investors, but it doesn’t have to be. While there are certainly risks in the market, the opportunities may be irresistible for some. However, being cautious is always a must, and there are clear signs of scams that investors can look for. By avoiding these traps, users can better their chances of success and protect their investments. These are some of the most common scams and how they can be avoided.

Key Takeaways

  • Bitcoin investors can increase their odds for success by identifying common scams, such as Ponzi schemes, fake ICOs, and fraudulent exchanges.
  • One common scam, exposing bitcoin users to theft, is the sale of a hardware wallet with a compromised pre-configured seed phrase, which allows hackers to steal funds.
  • Since bitcoin exchanges are unregulated, fraudulent exchanges can trap investors with the promise of unrealistic prices and heavy discounts on use.
  • Websites featuring fake ICOs instruct users to deposit funds into a compromised wallet through their site, resulting in the theft of funds.

Hardware Wallet Theft

For users who are concerned with security and privacy, a hardware wallet—a physical device that stores their private keys—is an increasingly popular option. Usually, as small as keychain USB drives, these wallets offer an offline way to help crypto investors protect their bitcoin even further. However, there have been reports that some of them have built-in vulnerabilities that open them to hackers that could easily steal all a user’s holdings. 

This is far from the only issue, however. According to Ofir Beigel, the owner of 99Bitcoins.com:

One scam entails selling hardware wallets to users with a ‘pre-configured’ seed phrase hidden under a scratch card. The new user is told that he should scratch the card . and set up the wallet with the compromised seed.

This creates a backdoor that allows hackers to drain funds once a wallet is activated. These scams are becoming more common, but they can easily be avoided by only accepting wallets from trusted sources. 

Exchange Scams

Despite their decentralized nature, most cryptocurrencies are still bought and sold at exchanges. While this makes it easier to find the coins investors desire, there is still no regulatory body overseeing these exchanges in many countries. Thus, many investors have been left penniless when the exchanges they signed up for turn out to be traps. In December of 2020, several South Korean exchanges were exposed, leading to promises of stiffer regulations by the country’s authorities. 

These scams are not hard to spot but can be costly if not avoided. One of the biggest red flags is the promise of unrealistic prices. Exchanges that promise heavy discounts on bitcoin use this strategy to lure in unsuspecting victims.

Additionally, users can check exchanges’ URLs. Web addresses should always begin with HTTPS, a sign that traffic is encrypted. Visiting unsecured websites is a bad idea, but alert investors can avoid losing thousands by looking for the right signs.

Fake ICOs

One of the best results of the cryptocurrency boom has been the rise of the initial coin offering as a way for companies to raise capital. With thousands of new blockchain-based companies entering the market with unique ideas and exciting projects, users can now back their favorite businesses easily. However, this massive explosion of ICO opportunities has inevitably raised the specter of fraud.

There are several ways scammers can separate investors from their bitcoin. One popular method involves creating fake websites that resemble ICOs and instructing users to deposit coins into a compromised wallet. Other times, it’s the ICOs that are at fault.

Centra Tech, for example, a blockchain venture backed by several celebrities, has been sued in the US. The company stands accused of portraying fake team members, misleading investors, and lying about their products.   The best way to avoid these scams is close research that involves picking apart the white paper, reviewing the team behind the venture, key board members, and investors. Before making any investment, it’s vital to learn as much about the company as possible to avoid any unpleasant surprises.

Cloud Mining Schemes

Mining is the only way to extract new bitcoins without buying or exchanging them, but it has become an incredibly resource-intensive activity. Due to the unique way new coins are mined, it takes massive amounts of processing power and electricity, and thus money, to mine a coin. However, many companies now offer regular users the ability to rent some server space to mine coins for a set rate.

Some companies offer “lifetime contracts” that keep costs the same and supposedly offer outstanding returns. However, as the difficulty of mining increases, the same investment will return smaller amounts each time. Moreover, some companies make bold claims regarding their returns without being transparent about the true costs and diminishing returns. Others operate Ponzi schemes that can lead to massive losses. It’s vital to look into opportunities and understand the risks and costs associated with mining before investing.

Multilevel Marketing

Even in the digital spheres, many multilevel marketing schemes have emerged that offer naïve investors excellent “opportunities” for progressively larger sums of bitcoin. MLMs, as they’re known, are predicated on offering quick returns, but involve taking more money for the promise of even higher profits.

One major company that has been repeatedly outed is OneCoin, whose owners were implicated in several other shady operations. The company offered investors massive earnings, as well as luxury goods and perks for paying more. 

However, there is little information on the company outside of its site, and users have left scathing reviews online. It’s important to pay attention to a company’s fine print and ensure that their claims are feasible and real. Avoiding these scams early can protect investors’ wallets.

With the current craze, being vigilant and doing one’s due diligence are a must before investing in bitcoin. The market is also showing signs of maturity, leading to better transparency and clearer rules. Regardless, a smart investor’s first step should always be careful research to ensure their investments are winners.

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