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Cryptocurrency Scams Are Everywhere: Here’s How To Spot & Avoid Them In 2020
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Last Updated on April 6, 2020
Whether you believe cryptocurrencies are a bubble or not, one thing everyone can agree on is that an investment frenzy attracts unscrupulous individuals looking to prey on trader greed. We describe some of the scams and lay out steps traders should take to be safe when trading cryptocurrencies.
Common Cryptocurrency Scams
It’s easy to think that everyone is getting rich investing in cryptocurrencies. This mindset leads many traders to fear missing out on the next big altcoin offering or the next leg up in bitcoin. Many scammers take advantage of trader greed with dubious products and services, including the following:
Initial Coin Offerings (ICOs)
These are fundraising mechanisms for newly launched cryptocurrencies. Investors in ICOs receive tokens in the new venture. Investors have poured billions of dollars into more than 1,000 ICOs over the past year. While many ICOs are legitimate, the vast majority have no real business plans or technology behind them. Many get launched with nothing more than a whitepaper by individuals with no technology or industry experience.
New altcoins often make unsubstantiated claims about their products. Recently the US Securities and Exchange Commission (SEC) filed fraud charges against two ICOs it says were sold on the basis of fraudulent claims. China has banned the sale of ICOs, and many individuals familiar with fraud, including the famed Wolf of Wall Street, Jordan Belfort, have described ICOs as the biggest scam ever.
Unregulated Brokers & Exchanges
There are dozens, if not hundreds, of unregulated online exchanges and brokerage firms offering cryptocurrencies and cryptocurrency trading products. Investors should be wary of too-good-to-be-true promotions and promises of quick riches. Once you deposit money, many of these firms will charge you outrageous commissions or make it very difficult to withdraw funds. Some of the worst offenders will simply steal your money.
Bitcoin Trading Systems
Bitcoin’s extraordinary volatility has spawned an industry of automated trading systems.
The promoters of these products promise traders a way to beat the market by arbitraging prices between different exchanges. Don’t believe the hype. Bitcoin exchanges often have expensive withdrawal processes and hefty fees for trading bitcoin with fiat currencies, such as dollars or euros. Also, settlement of bitcoin trades can take hours. These factors will eliminate any profits from bitcoin arbitrage and may even lead to losses.
How to Safely Trade Cryptocurrencies
Cryptocurrency trading is risky and highly speculative, so there is no low-risk way of investing. However, traders can mitigate some risks by following a few simple rules:
Invest only what you can afford to lose
Cryptocurrencies are far more volatile than stocks and bonds, and the industry evolves rapidly. An altcoin that is popular today may not exist a month or a year from now. In other words, traders should consider the possibility of losing everything when they start trading. For this reason, you should put only a very small portion of your portfolio in this sector.
Research investment opportunities carefully
Investors should read reviews on brokers and exchanges prior to opening accounts. The cryptocurrency industry has news every day on new products and exchanges, so finding good current information is vital. Forums such as CryptoCompare and BitcoinTalk can be a source of information and advice.
Trade cryptocurrency CFDs instead
If you want to speculate on the price of a cryptocurrency then the use of a Contract for Difference (CFD) is an option to consider. You won’t actually own the cryptocurrency, which means you don’t face the hassle and hurdles of trying to buy via one of the unregulated exchanges. Instead, a CFD is a financial instrument which allows you to speculate on price movements.
The value of a CFD is the difference between the price of a cryptocurrency at the time of purchase and the current price. In other words, the value of a CFD increases as the price of the cryptocurrency increases but falls if the price declines.
This can serve two purposes; firstly, CFDs are a regulated financial product which means the brokers who offer them should be licensed by a regulatory authority. The brokers we review are all regulated by reputable financial regulatory bodies, offering varying degrees of protection for your money – from ensuring it is held in a segregated bank account to participation in compensation schemes should the broker become insolvent. There are, of course, criminal CFD brokers operating outside the law so you should do your homework before depositing!
Secondly, many reputable CFD brokers have risk management tools which enable you to limit the amount you can potentially lose. For example, you can set a stop loss so that if a market moves against you, your losses are limited to a set amount. This is essential in the volatile cryptocurrency markets.
Finally, a regulated CFD broker will provide clear guidance on any applicable trading fees – this isn’t always the case when working with an unregulated cryptocurrency exchange or broker.
Please remember; CFDs are for experienced traders and can result in total loss of capital.
EarnCrypto Review: Earn Bitcoin And Other Cryptocurrencies For Free
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Want to earn cryptocurrencies but think they’re too expensive? That’s where EarnCrypto comes in. In this EarnCrypto review, we’ll explain how EarnCrypto rewards you in cryptocurrencies in exchange for tasks you already do online.
Earn free Bitcoin, Ethereum, Litecoin, Monacoin, and other currencies for completing surveys, playing games, watching videos and more. If you’ve used EarnCrypto, we’d love to hear about your thoughts in the comments below.
The best part? It’s 100% FREE to join. With that said, let’s get started.
What Is EarnCrypto?
As mentioned above, EarnCrypto is a free online rewards site that pays you in cryptocurrencies for tasks that you already do on the web on a daily basis. Here are the tasks that EarnCrypto pays you for:
- Watching Videos
- Completing Surveys
- Complete Jobs
- Data Entry
- Install Apps
- Referring Friends
Although the amount of ways you can earn with EarnCrypto is currently limited to just a few options, we expect them to have more in the future. They’re a fairly recent rewards site and are just getting their feet off of the ground.
The reason EarnCrypto is able to reward you cryptocurrencies for free is because they also earn cash. Each time you take a survey or watch a video, they earn a small amount of money from one of their advertisers.
Instead of keeping all of this money for themselves, they give it back in the cryptocurrency of your choice. Whenever you decide to cash out, select the type of cryptocurrency you want to earn.
From there, deposit it into your online wallet. For those who don’t have a wallet, we highly recommend Coinbase. They currently support Ethereum, Bitcoin and Litecoin. If you’re confused about how cryptocurrency wallets work, we’ve explained it more in detail down below.
What Tasks Can I Complete With EarnCrypto And Are They Worth It?
The amount you can earn with EarnCrypto depends on the type of task that you’re completing. Each task comes with a different amount of rewards. You can find the current ways to earn with EarnCrypto by hovering over “Earn Bitcoin” in the top menu.
We’re going to break down the different ways you can earn with EarnCrypto and tell you which ones are recommended. This way you don’t have to waste your time going through each one.
Keep in mind that each time you complete a task, you’re awarded a certain amount of points. These points can then be exchanged for the cryptocurrency of your choosing.
It’s difficult to determine exactly how much points are worth since the value of a cryptocurrency fluctuates so frequently.
Most of the surveys on EarnCrypto are composed of anywhere between 5 and 10 questions. This is great because you can quickly earn some free points if you have time.
When completing surveys, we highly suggest going with either OfferToro or PeanutLabs, as these survey suppliers tend to offer the highest payout rates. Sometimes they even have surveys that can be completed multiple times a day.
The only downside about the surveys is that you never know how long they’ll take before you actually start them. We do recommend this section, but only if you stick to the higher-paying surveys.
You’ll only want to stick with either Adwall or OfferToro with this task. This is because they tend to have the highest payout when it comes to watching videos.
The best part about watching videos? They’re completely passive. This means that once you hit the play button, videos will continue playing without the need to hit a button to play the next video. Essentially, you could keep this running 24/7.
While the payout with videos is quite low, it’s one of the easiest tasks you can complete. For this reason, we do recommend watching videos.
This is by far my favorite way to earn with EarnCrypto. You can complete simple jobs in exchange for cryptocurrencies. More often than not, these are usually offers in which you have to quickly sign-up so that EarnCrypto receives a referral bonus.
For example, last time I checked, someone was offering 100 points in exchange for signing-up for the Acorns App under his referral link. This is because they get a $5 bonus for referring a friend.
Not only that, but the person signing-up also gets a $5 bonus, and of course they get the 100 points for completing the task.
If you have a referral link to another app, you can also consider posting it on there to earn some extra cash. In any case, there are great offers to earn free points.
While data entry can be quite boring, it’s a great way to earn with EarnCrypto. The amount you can earn depends on how quickly you can complete your tasks. If you’re a fast typist, we do recommend this task.
However, if you tend to type on the slow side, it might be best looking to other tasks for money.
Installing apps is a really easy way to earn some extra points. All you have to do is install an app to your phone and open it – just one time. Once you receive your points, you can go ahead and uninstall it.
Since this task is so simple and is probably the task with the highest payout rate we definitely recommend it.
Refer A Friend
Referring your friends is definitely the easiest way to earn cash with EarnCrypto. When a friend signs-up using your referral link, you earn 10% of all of their earnings for life. A great way to spread the word is by posting to Facebook or Twitter.
If you’d like to support FFL, we’d greatly appreciate it if you’d use our referral link.
How Do I Get Started With EarnCrypto?
Getting started with EarnCrypto is incredibly simple. However, in order to make sure you don’t miss any steps, we’re going to walk you through the process in detail.
You can register for a FREE EarnCrypto account by clicking this link here. All you will need to enter is your username, email and to create a password. Don’t forget to confirm your email. Keep in mind that you can only have one account per IP.
2. Set your main currency.
Once you’ve confirmed your email, go ahead and log-in to your EarnCrypto account. If you haven’t already, you’ll need to set your main currency. This can be done by going into the menu and selecting Balances/Set Main Coin.
For the time being, we recommend selecting either Bitcoin, Ethereum or Litecoin because all of these coins are supported by Coinbase. Coinbase is one of the most popular cryptocurrency wallets out there and is very easy to use.
3. Complete tasks.
Now that you’ve got your account setup, it’s time to complete tasks online to help you earn free cryptocurrencies. Under the Earn Bitcoin menu at the top of the page you will find your options of earning cash.
Again, we highly recommend installing apps and referring friends as one of the quicker ways to earn cash.
4. Cash out.
If you withdraw a very minimal amount, there will be a fee involved. However, if you withdraw above their minimum of $10 USD, there is no fee.
It’s difficult to determine how much this is given that the value of cryptocurrencies fluctuates quite frequently. To withdraw, simply enter in your wallet address and click go. If you’re confused about how this works, we explain more below.
5. Refer friends.
Referring friends is the best thing you can do to earn with EarnCrypto. You earn 10% of all of their earnings for life, and you don’t have to do a thing. If you’d like to support FFL, please sign-up using our referral link. Thank you!
So How Much Can I Earn With EarnCrypto?
Obviously, the more tasks you complete with EarnCrypto, the more you’re going to earn. While it’s difficult to calculate an exact hourly rate, we’re going to do our best to give you a sound estimate.
As mentioned above, one of the most passive tasks to earn with EarnCrypto is by watching videos. Once you hit the play button, videos automatically keep playing until you decide to stop. This means you could even run them while you sleep.
When it comes to watching videos, you can either run them with either OfferToro or AdWall. OfferToro actually tells you how much you earn in a certain amount of time, so we’re going to base our calculations off of their videos only.
When you watch 14 minutes of video, you’re given 0.8 points, which is equivalent to 0.0000018 Bitcoin ($.01 cent at this time of writing). At this rate, you’re essentially earning only at about $.82 cents per day assuming you run it 24/7.
There’s also the mobile VideoLab, which pays you 0.8 points for only 12 minutes of video. At this rate, you’re earning around $.96 cents per day assuming you run videos 24/7.
Surveys pay at a much better rate. On average, we’ve seen that surveys usually pay you roughly 30 points for a 10 minute survey (.000054 BTC or $.30 USD at this time of writing). In other words, about $1.80 per hour.
When it comes to other forms of earning with EarnCrypto, it’s difficult to determine exactly how much you can earn since each task varies greatly. However, I usually find it to be no more than $5 per hour – and that’s being a bit generous.
So Is EarnCrypto Worth It?
That’s ultimately up for you decide. If you’re looking for a passive way to earn cryptocurrencies, then watching videos with EarnCrypto isn’t a bad way to do so – assuming you’re willing to leave your phone or computer continuously running. You literally don’t have to do anything
Another factor to keep in mind is the volatility of cryptocurrencies. Although you’re gaining a small amount in cash now, there is a chance Bitcoin could greatly increase in value. On the same token there’s a chance Bitcoin could also greatly decrease in value.
By looking at it in terms of pure dollars per hour earned at the current value of Bitcoin, we have to say that Cryptocurrency is not worth it. Surveys on average give under $2 per hour and at most you’re most likely going to making under $5 per hour.
You might be better off earning with other survey sites and getting paid in cash, and then using that same money to buy cryptocurrencies. This way you’d be earning more.
How Do I Actually Obtain And Use The Cryptocurrencies?
In order to keep track of our cash, we often times put it in a wallet. Cryptocurrencies work in very much the same way. If you want to actually hold a cryptocurrency you need to put it in some sort of wallet.
These wallets allow your coins to be digitally secure and will let you quickly receive and transfer coins to other people. We highly recommend getting Coinbase since it’s free and easy to use. Not only that, but they support Litecoin and Ethereum in addition to Bitcoin.
What Are Some Other Programs Like EarnCrypto?
Just because you run out of surveys or videos with EarnCrypto doesn’t mean you have to stop there. Here are 3 more of our favorite rewards programs like EarnCrypto to earn free cash.
- Registration Bonus : $10
- Join Ibotta
Ibotta is the most popular receipt scanning apps out there. Get paid to take a picture of receipt when you buy groceries, electronics, meals at restaurants, prescriptions and more.
Here’s a quick demonstration of how it works:
- Sign-up for Ibotta for free by clicking this link here. Get a $10 bonus when you scan your first receipt.
- Browse their offers and activate them. Right now they have cash back offers on electronics, prescriptions, meals, alcohol, food, gas stations, shopping online and more.
- Make your purchase and match the offer on the app with your item on the receipt. Take a picture of the receipt, and make sure it’s clear and focused so that Ibotta is able to read it. Furthermore, take a picture of the entire receipt – otherwise you might not get credited.
- Earn anywhere from $.25 – $5 per offer. Keep in mind that you can claim more than one offer pre receipt.
- Once you reach a minimum balance of $20, cash out to PayPal, Venmo or for a gift card of your choosing.
Ibotta also pays you for linking loyalty cards and shopping through one of their partner apps.
- Registration Bonus : $3
- Join Shoptracker
Do you shop on Amazon? You might as well get paid for it. The Shoptracker app pays you to have them automatically track your Amazon purchases.
When you first sign-up you’ll be asked to complete a short survey about your shopping experience and to link your Amazon account. After this, you’ll be given a $3 bonus which you can cash out immediately for a $3 Visa gift card.
From there, for every month you leave the app installed you receive an additional $3 bonus. The surveys are usually anywhere between 3 – 5 questions and take under a minute to complete.
In total, your first year you can earn $39 for almost no work at all. Keep in mind that you must leave the app installed for the entire month in order to receive credit.
- Registration Bonus : $1 with promo u8hoq and link your card
- Join Drop
There’s never been an easier way to earn free cash than with the Drop app. Earn free cash by linking your debit/credit card and making purchases at specific retailers.
When you first sign-up for Drop, you have the choice to select up to 5 retailers to partner with. When you link your credit card and make a purchase at one of these retailers, they reward you a certain amount of points based on how much you spend.
These points can be exchanged for cool prizes or for a gift card of your choosing. Not only that, but Drop often has special offers that allow you to earn even more points. For example, earn an extra $80 when you apply and get approved for a specific credit card.
As of now, Drop is currently only available in the US and Canada. Use promo code u8hoq on sign-up to get a $1 bonus when you link your card.
Frequently Asked Questions (FAQ) With EarnCrypto
Here are some frequently asked questions that we tend to receive regarding the EarnCrypto rewards program.
How does EarnCrypto work?
EarnCrypto rewards you in points for completing tasks that you already do on a daily basis: watch videos, play games, take surveys and more. These points can be exchanged for cryptocurrencies of your choice.
We recommend exchanging for Bitcoin since they’re one of the popular cryptocurrencies out there and thus the easiest to exchange.
Why is it that EarnCrypto is able to give me free cryptocurrencies?
EarnCrypto partners with advertisers and helps provide them with market research through you. Each time you complete a survey or watch a video, the advertiser pays EarnCrypto a certain amount of money.
In exchange, they give a portion of this money back to you. Not only that, but you’re also helping companies improve their products and services.
Is EarnCrypto Free?
EarnCrypto is 100% FREE no cost to register. They will never ask for your payment information.
How soon are my rewards given to me?
When you complete a task on EarnCrypto, rewards should be placed in your account almost immediately. Yet when you go to cash out, it can take up to 7 days for the currencies to be transferred to your digital wallet. Again, we recommend going with Coinbase.
Can I have more than one account?
Unfortunately, you’re only able to have one account per household. For this reason, be careful when referring members of your household to EarnCrypto. If they suspect that there’s more than one account per IP, they may ban your account.
Is EarnCrypto A Scam Or Legit?
One of the most frequently asked questions we get about EarnCrypto is whether it’s actually a scam or legit. From my personal experience, they’ve always paid me the right amount and always on time.
However, is it worth it? While they may not be technically scamming me, I find that the amount you can earn with EarnCrypto is so low that they’re scamming me out of my time.
Yes, you can earn money with EarnCrypto. Yes, they will pay you and will pay you on time. But will you earn a decent amount of money for the time you put into it? Most likely not.
If you’re looking for the best way to earn with EarnCrypto, stick to watching videos, installing apps and referring friends. Otherwise, we suggest looking toward other rewards programs that are better worth your time.
What Are Others Saying About EarnCrypto?
Important Update : As of recently many Reddit users are complaining about the customer support. They are not hearing responses or are now having to wait days before payout. In other words, we suggest from now on to proceed with caution and to try and cash out frequently.
Just because we say that EarnCrypto is a legit site, don’t take our word for it. Here are a few other reviews from other sites and their few on this cryptocurrency rewards program.
- Easy Counter states that it is in fact a trustworthy and legitimate site. Many users have cashed out successfully not only in Bitcoin, but other currencies as well.
- Reddit users also state that EarnCrypto is a legit site. However, they agree with the fact that the amount you can earn is quite minimal and might not be worth your time if you choose to partake in low-paying tasks.
Unfortunately, since this is a fairly new website there currently aren’t that many reviews on it. Once new reviews are up we’ll be sure to update the article. In short, it seems that most members feel that EarnCrypto is not a scam.
EarnCrypto is a great and easy way to earn some cryptocurrencies. With Bitcoin and other coins on the rise, it’s best to get in now before they come too expensive. Registration is 100% free, so it doesn’t hurt to at least give it a shot.
If you’re using EarnCrypto, we’d love to hear your thoughts. Thanks for reading, best of earning, and happy frugaling.
My name is Jason Wuerch and I’m currently located in Madrid, Spain running a personal finance blog called Frugal For Less. My goal is to help everyone and anyone willing to make and save money through easy and simple ways that don’t require much effort. Just because you’re frugal doesn’t mean you have to give up life’s luxuries.
bitance.net: SCAM or LEGIT? [SOLVED-SCAM]
Тему создал/а teminalibug, October 7, 2020 in Trading
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SCAM Cryptopia Reviews: SCAM or LEGIT?
Thread starter nyc3650 Start date Aug 20, 2020 Tags cryptopiaexchange
What is Cryptopia?
Cryptopia is an exchange with the largest choice of coins to trade.
An exchange is a site on which you can trade bitcoin or other coins for a small fee with other users. It works the same as the stock market, but with cryptocurrency.
There are many cryptocurrency exchanges but Cryptopia is used by a lot of people because they list coins very fast, and allow new cryptocurrencies to join pretty fast, compared to other exchanges that have a low approval rate.
With a low minimum amount required to trade its a perfect exchange to start day trading for the first time, and not lose all the earnings you made online.
They charge a 0.2% fee on every trade, which also helps you with day trading.
You can make an account by registering and verifying your email, after that you are all set to use the exchange. I recommend using 2FA so hackers can not access your account.
Is Cryptopia a Scam?
Cryptopia is a legit site, I successfully withdrew and deposited multiple coins on the exchange.
Sometimes the deposit can take a long time because the coin is new, and they want to make sure that you are not double spending the coins (this can happen if there is a 51% attack on the cryptocurrency network).
If you like new coins, Cryptopia also offers a page in which you can track newly listed coins and buy them fast so you are ready when the coin will rise in price.
Cryptopia also offers rewards to users that enabled the feature in their profile to get coins for doing certain actions like chatting or trading.
If you are a webmaster Cryptopia offers an affiliate program.
When you grab your referral link from your profile page and get people to sign up below you, you get 10% of the trading fees (converted to DOT cryptocurrency).
Whenever they trade you will receive a small amount of cryptocurrency.
It doesn’t matter what coins they trade, you always receive a part of the trading fees.
For example, if I sign up below someone and spend 1 BTC on the site, the site makes 0.002 BTC in trading fees, and they will give the person who signed me up 0.0002 BTC. Your rewards are converted to DOT, but you can easily sell it for BTC or any other cryptocurrency.
What’s your experience with Cryptopia? SHARE IT!
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