List of Fake Crypto Exchanges 2024 – Avoid Scams and Stay Safe
Bitcoin and Ethereum, among other digital assets, are seeing yet another price explosion and are becoming more widely used, causing the cryptocurrency sector to experience another explosive boom. Cryptocurrency exchanges are becoming more popular for traders and investors to purchase, sell, and exchange these digital assets as more individuals get involved. Fake crypto exchanges and scams have become more popular and as a result list of fake crypto exchanges increasing day by day and people are curious if crypto mania real or fake because of the increasing number of cryptocurrency scams list. Still, they have also drawn bad people who want to exploit people who don’t know what’s happening.
In this post, we will go over the definitive list of fake crypto exchanges, list of failed crypto exchanges and list of fake trading websites also highlighting the typical strategies these fake cryptocurrency websites use. We aim to protect your cryptocurrency assets and help you recognize and prevent frauds like these.
What Is A Fake Crypto Exchange?
Fake crypto exchanges are fake platforms that pretend to be real cryptocurrency trading platforms to get users to put their online assets and money. These con artists trick people in many ways to steal valuable cryptocurrency investments.

Most Common Crypto Scams
Phishing Scams
Phishing scams are a popular way for fake crypto exchanges to get money. To trick people, scammers make fake websites that look and feel like real trades. Scammers get users to enter their login information or secret keys without them knowing, which allows the scammers to gain access to their crypto wallets and funds.
Exit Scam
Another common scam is the “exit scam,” in which fake crypto exchange owners suddenly shut down the platform and take all the cryptocurrency that was placed with them. To get people to fall for these scams, they generally promise returns or business opportunities that are too good to be true. Once they have enough money, they leave without a trace.
Pig Butchering Scam
Fake crypto exchanges are often used in the “pig butchering” scam, in which con artists use fake crypto exchanges and fake crypto applications to mix crypto dating scams with investment scams to steal people’s crypto assets.
Biggest Fake Crypto Exchange Incidents
The cryptocurrency sector has seen a number of cases that have involved fake cryptocurrency exchanges. Among the most recent high-profile examples are these:
- WEX Exchange, formerly BTC-e, sprung up after the notorious BTC-e exchange shut down in 2017. WEX was accused of moving money because it was thought to be a replacement for BTC-e. The exchange stopped working in 2018, and the person who ran it fled with the money of its users, which was thought to be worth hundreds of millions of dollars in digital assets.
- QuadrigaCX: The Canadian bitcoin exchange QuadrigaCX shut down in 2019 after its founder, Gerald Cotten, was said to have died. Later, Cotten messed up with users and stole their money. The exchange owed its customers about $190 million in coins.
- PlusToken: It was a fake cryptocurrency project that was a Ponzi scheme that looked like a cryptocurrency wallet and investing site. PlusToken was around from 2018 to 2019, and buyers lost over $5.7 billion. This would make it one of the biggest cryptocurrency scams ever.
- Tether/Bitfinex Controversy: Tether, a stablecoin creator, has been accused of not having enough funds to back its coins and possibly manipulating the market. In 2019, the New York Attorney General’s office said Bitfinex had hidden that $850 million in customer and business funds had been lost.
- Turkish Crypto Exchange Thodex: The CEO of Thodex, Faruk Fatih Özer, is said to have left the country with almost $2 billion in customer cash when the exchange went down in 2021. The event caused uproar and led to inquiries by the Turkish government. It showed the dangers of using uncontrolled and possibly fake Bitcoin platforms.
List of Fake Crypto Exchanges and Scammers
Fake cryptocurrency exchanges have struck the market for quite some time. Check out this section for a rundown of all the known list of fake cryptocurrency exchanges, list of fake trading websites and cryptocurrency scammer list or cryptocurrency scams list and how they operate:
Sr No. | List of Fake Crypto Exchanges | Description |
1 | CryptoWallet.com | A phishing site impersonates a legitimate cryptocurrency wallet service to steal users’ login credentials and private keys. |
2 | BitcoinPrime.io | A fraudulent platform claiming to offer automated trading bots and promising unrealistic returns on Bitcoin investments. |
3 | FXCryptoClub.com | A phishing site mimicking a legitimate cryptocurrency exchange, luring users into entering their sensitive information. |
4 | UFCasino.website | A phishing site disguised as an online casino, targeting cryptocurrency users. |
5 | CryptoCoinXchange.com | A fake exchange website designed to steal users’ login credentials and funds. |
6 | BitcoinGoldScript.com | A phishing site impersonating a legitimate cryptocurrency project, aiming to steal users’ private keys and digital assets. |
7 | PlusToken | A fraudulent cryptocurrency project that operated as a Ponzi scheme, defrauding investors of over $5.7 billion. |
8 | Wotoken | A Ponzi scheme disguised as a digital asset investment platform, promising unrealistic returns on cryptocurrency investments. |
9 | Bitconnect | A notorious Ponzi scheme collapsed in 2018, leaving investors with losses worth billions of dollars. |
10 | CryptoMiningMachines | A scam that promised high returns by investing in cryptocurrency mining hardware but never delivered the promised equipment or returns. |
11 | CryptoPoint.Club | A fraudulent investment platform that claimed to offer high-yield returns on cryptocurrency investments but turned out to be a Ponzi scheme. |
12 | CryptoJunkies | A Ponzi scheme masquerading as a cryptocurrency investment platform, promising unrealistic returns and bonuses. |
13 | WEX Exchange (formerly BTC-e) | A fake exchange accused of money laundering activities that ultimately shut down and disappeared with users’ funds. |
14 | QuadrigaCX | A Canadian cryptocurrency exchange that collapsed in 2019, owing customers around $190 million in cryptocurrencies. |
15 | Thodex | A Turkish cryptocurrency exchange whose CEO allegedly fled the country with around $2 billion in users’ funds. |
16 | Wexly.io | A fake cryptocurrency exchange that claimed to be associated with the infamous WEX Exchange, engaged in an exit scam after collecting user funds. |
17 | BuyBitcoinMining.io | A fraudulent platform that promised investors the opportunity to invest in Bitcoin mining rigs but disappeared with the funds. |
18 | PoolinWallet.com | A fake cryptocurrency wallet and exchange platform that abruptly shut down, leaving users unable to access their funds. |
19 | Pines Investor Scam | A fraudulent investment scheme that promised returns through cryptocurrency trading but turned out to be a Ponzi scheme. |
20 | Clubillion.io Scam | A fake cryptocurrency project that claimed to offer a blockchain-based social media platform but turned out to be a Ponzi scheme, defrauding investors of millions of dollars. |
21 | CryptoComSite.com | A phishing site impersonating the legitimate Crypto.com exchange, aiming to steal user credentials. |
22 | BTCRevolution.cloud | A fake cryptocurrency trading platform that promised unrealistic profits through automated trading bots. |
23 | Gemcoin | A fraudulent cryptocurrency project that claimed to be a decentralized Universal Basic Income (UBI) but turned out to be a Ponzi scheme. |
24 | Bezop | A Ponzi scheme that promised investors high returns through a cryptocurrency mining operation but never delivered. |
25 | EtherDelta | A decentralized cryptocurrency exchange that was hacked in 2017 led to the theft of users’ funds and the platform’s eventual shutdown. |
26 | AlphaWallet.net | A fake cryptocurrency wallet service that disappeared with users’ funds after promising secure storage and trading features. |
27 | Sheep Crypto Scam | A scam targeting the Chinese community involving fake cryptocurrency investment platforms promising guaranteed returns. |
28 | Bitcoin Revolution | A fraudulent cryptocurrency trading platform that used fake celebrity endorsements to lure victims into investing. |
29 | Apyeth Gifts (apyeth.gifts) | The website claimed to offer a free NFT but tricked victims into entering their crypto wallet passcode, leading to the theft of their crypto assets. |
30 | cglobalw.com (Entity Impersonating CoinW) | A fake crypto exchange that lured victims to invest in crypto assets, resulting in a $45,000 loss for one victim. |
31 | ethernet035.com | A fake crypto mining platform that tricked victims into making deposits, leading to the theft of their funds. |
32 | ethereumxcorp.com | A fraudulent crypto wallet application prompted victims to transfer their crypto assets, which were stolen. |
33 | wmt-exchange.org | A fake crypto exchange that persuaded a victim to invest over $300,000, which was eventually lost. |
34 | ccy-space.com | A fake trading platform that promised high returns but prevented victims from withdrawing their funds, demanding additional fees. |
35 | lidcoin.vip and h5.lidcoin.vip | Fake crypto exchanges where victims deposited funds but were unable to withdraw, with suspicions of trading fake crypto tokens. |
36 | legalcryptocoinstrade.com | A fake trading platform that tricked a victim into depositing funds and paying additional fees, resulting in a $6,000 loss. |
37 | vexjex.cc | A fake crypto exchange that persuaded a victim to invest over $1.5 million but ultimately froze their account and prevented withdrawals. |
38 | getbonusx2.com and getx2.net | Fraudulent platforms that claimed to double investors’ cryptocurrency but were likely part of a livestream scam. |
39 | CDFXTrade.online | A fake cryptocurrency trading website associated with a romance scam, where victims were instructed to pay fees and taxes but were unable to withdraw funds. |
40 | bitso-crypto.top | A fake crypto exchange that froze victims’ accounts and demanded additional deposits to unlock them. |
41 | XHEX | A fake crypto exchange associated with a romance scam, where the victim was persuaded to invest by a person they met online. |
42 | Suniths Smith Gowda | An individual who persuaded a victim to transfer funds under the guise of investing in Ethereum but cut off contact after receiving the money. |
43 | JessicaPTrades (Jessica) | A romance scam involving a fake crypto trading “coach” who instructed the victim to deposit funds on a fraudulent platform and pay various fees. |
44 | John Joseph Travolta Imposter | Multiple accounts impersonating a famous actor, convincing a victim to send Bitcoin and gift cards. |
45 | Amead Digital Currency Co. LTD (tyshw.com) | A fake crypto exchange that lured victims to invest, demanded additional fees, and ultimately locked accounts preventing withdrawals. |
46 | Bytobit.com | A fake crypto exchange that displayed inflated account balances and demanded more deposits to allow withdrawals. |
47 | Coinegg (ceggcc.vip) | Fake crypto exchange associated with a pig butchering scam, where victims were persuaded to invest large sums of money but were unable to withdraw funds. |
48 | ExNow (ExNow-Digital Currency Exchange) | A fake crypto exchange that demanded upfront tax payments before allowing withdrawals, resulting in victims losing their investments. |
49 | Kenskr AI (kenskrksr.com) | AI investment platform froze victims’ accounts and demanded additional payments for taxes and deposits, ultimately leading to the loss of funds. |
50 | MindStone Technology Ltd (mindstoneltd.org) | A fake crypto exchange where victims deposited funds but were unable to withdraw them. |
51 | Whitcoin Pro Exchange (Whitcoinpro.net) | A fake crypto exchange that accused victims of money laundering and demanded payments to release their funds. |
52 | Coin Pro X US (coinproxus.com) | Fake crypto exchange associated with a hacking scam where victims were lured to invest but were unable to withdraw their funds. |
53 | X Coin Trading (xcoin-trading.com) | Suspected fake crypto exchange with a disclaimer warning against depositing funds. |
54 | Sundell Ltd (Sundell-fx.com) | Fraudulent gold trading platform that lured victims into investing large sums but prevented withdrawals by demanding additional tax payments. |
55 | FX Alliance Traders (fxalliance-trader.com, fxalliance-traders.com) | A fake crypto exchange that promised high yields on crypto assets but stole people’s money instead. |
56 | drwaps.com | Fake crypto exchange associated with a pig butchering scam, where the victim was coached to invest and was unable to withdraw funds without paying additional taxes. |
57 | Spotalertweb.com | A fake crypto exchange that gained access to the victim’s crypto wallet and drained their funds. |
58 | FPMOTC (fpmotc.vip) | Fake crypto exchange associated with a romance scam, where the victim’s account was frozen, and they were demanded to deposit more funds. |
59 | bitcoin-win.com | A fake crypto exchange that continually demanded additional payments for taxes, fees, and deposits, preventing the victim from withdrawing funds. |
Bityard (bityardpro.com, bityardit.com) | A fake crypto exchange that claimed to collect taxes on behalf of the IRS and prevented withdrawals until taxes were paid. | |
Moodysfx Global Limited (moodyfx.com) | Fake crypto exchange associated with a pig butchering scam, where the victim was persuaded to deposit large sums but was unable to withdraw funds. | |
us.gocoinoptions.com | A fake crypto exchange that displayed inflated profits and demanded additional payments for taxes and commissions. | |
Julysil (julysil-support.com, julysil-bit.com, julysil-coin.com, julysil-pro.com, julysilcoin.com, julysilpro.com, juzhiju.com) | A fake crypto exchange that claimed to be under review and demanded payment for priority review, preventing withdrawals. | |
MT7 Coin (mt7coin.com) | A fake crypto exchange that demands additional payments as a prerequisite for withdrawals. | |
Pinance.io | Fake crypto exchange that shut down, resulting in the victim losing their invested Bitcoin. | |
Entity Impersonating Radiant Capital (appradiantcapital.com, appradiant-capital.org) | Imposter website attempting to gain access to the victim’s crypto wallets and assets. | |
Dahua Top VIP (dahuatop.com, uobvip.com, dahuagvip.com) | A fake crypto exchange that demanded additional payments for taxes and fees, preventing withdrawals. | |
Bitcoin Vest Cloud (bitcoinvestcloud.com, Cryptovestcloud) | Fake crypto exchange associated with a pig butchering scam, where the victim was instructed to invest and pay additional fees for withdrawals. | |
Unix FX Trades (unifxtrades.live) | A fake crypto exchange that was associated with a pig butchering scam, where the victim was coached to invest and continuously demanded to pay commissions and additional fees. | |
Crystal Linkz FX (crystallinkzen.com) | Fake crypto exchange associated with a liquidity mining scam, where the victim was continually demanded to pay additional fees and upgrades, ultimately preventing withdrawals. | |
Coinrus.com (Entity impersonating Korean Crypto Exchange Coinone.co.kr) | Fake crypto exchange associated with pig butchering scams, where victims were persuaded to invest and were unable to withdraw funds without paying additional taxes and fees. | |
CME Coin VIP (cmecoinvip.com, fileserverj.com) | Fake crypto exchange associated with a romance scam, where the victim was unable to withdraw funds after making initial small withdrawals. | |
Bitglobal (Bit Global Options, bitglobaloptn.com, bitglobaloptions.com) | Fake crypto exchange associated with a pig butchering scam, where the victim was denied withdrawals until paying an “IRS tax.” | |
Entity Impersonating Kuna.io (www.kubhc.vip, www.kubkhy.vip/download) | Fraudulent websites impersonating the Kuna.io exchange, where the victim was persuaded to invest and was unable to withdraw funds without paying additional taxes. | |
Entity Impersonating Coinhako (coinhakoxds.com) | Imposter website impersonating the Coinhako exchange, where the victim was persuaded to invest and was unable to withdraw funds without paying additional fees. | |
Hong Kong Selead Group Limited (hkselead.com) | Fake crypto exchange associated with a pig butchering scam, where the victim was persuaded to invest large sums but was unable to withdraw funds without paying additional taxes. | |
Copper Crypto (Entity Impersonating Copper Technologies) | Imposter entity impersonating Copper Technologies, where the victim was instructed to transfer funds but was unable to withdraw them without paying additional taxes. | |
File Coins Foundation (File-coinfo.com) | A scam where the victim was lured with promises of “fast profits in Bitcoin investments” and was convinced to invest money, but eventually asked to pay a “profit tax” before withdrawing their supposed profits. | |
Win Coining (wincoining.com) | A “pig butchering” scam where victims were convinced to invest in a crypto trading platform, shown fake profits, and then asked to pay fees to withdraw their funds. | |
Defi Protocol (defi.wallet-usdt-eth.com, defi.wallet-usdt-erc20.com) | A liquidity mining scam where the victim was lured into investing in a fake “defi protocol” platform, shown fake mining rewards, and then asked to pay taxes and additional investments before their funds were taken. | |
The Big Mars (thebigmars.com) | A website advertising a fake “5000BTC Giveaway” that lured victims into sending Bitcoin with the promise of receiving a multiplied amount in return (an advance fee scam). | |
bybpoz.com and imxofz.vip | Fraudulent crypto trading platforms used in a “pig butchering” scam. Victims were convinced to install apps and invest, shown fake profits, and then asked to pay additional fees to unblock their accounts. | |
Aspro ex (asproex.com) | A fake crypto exchange used in a “pig butchering” scam, where victims were promised high returns on investments and “transaction nodes”. Funds were eventually locked, and the website became inaccessible. | |
88 Trading LLC (Impersonating DBS Banking app) | A scam involving impersonating a legitimate banking app from Singapore. Victims were tricked into sending crypto assets to the scammer’s wallet under the guise of a legitimate investment platform. | |
Energise Trade (energisetrade.com) | A fake crypto exchange used in a “pig butchering” scam. Victims were convinced to trade on the platform, shown fake profits, and then asked to pay taxes and additional fees before being unable to withdraw funds. | |
LIQULDOHN.COM | A fake crypto exchange used in a “pig butchering” scam. Victims were lured into investing large sums of money, shown fake profits, and then asked to pay additional fees to “unfreeze” their accounts. | |
Bitcoin Bonus (pro-btmining.site, MineSlot.site, RedParNet.site) | An advance-fee scam involving fake Bitcoin mining platforms. Victims were shown fictitious account balances and asked to pay fees to withdraw funds, which they never received. | |
A16Zcrypto (a16zcrypto.cc, a16zcrypto.buzz, a16zcrypto.com) | A fake crypto exchange impersonating the legitimate venture capital firm Andreessen Horowitz (a16z.com). Victims were convinced to invest and trade on the platform, shown fake profits, and then asked to pay penalties or fees before being unable to withdraw their funds. | |
BC Group (bcgros.vip, bcgmnt.vip, bcgmts.vip) | A fake crypto exchange used in a “pig butchering” scam. Victims were convinced to invest and trade on the platform, shown fake profits, and then asked to pay various fees and taxes before being unable to withdraw funds. | |
Changellytrade.com (Impersonating Changelly exchange) | A fake crypto exchange impersonating the legitimate cryptocurrency exchange Changelly (changelly.com). Victims were lured to invest and trade on the fake platform, shown fictitious profits, and then had their accounts blocked when trying to withdraw funds. | |
ICEX/ICEAX (icexas.com, iceax.com, icextee.top, icetrad.cc) | A fake crypto exchange potentially impersonating the Intercontinental Exchange (ICE). Victims were convinced to invest and trade on the platform, shown fake profits, and then asked to pay various fees and taxes before being unable to withdraw funds. | |
user.fcrown.info | A fake trading platform used in a “pig butchering” scam involving romance fraud. Victims were lured into investing in fake “spot gold trading” on the platform. | |
Foundry Pro Node Mining (foundrypro.net) | A fake crypto exchange claiming to offer “node mining” and “swap contracts” for trading Bitcoin. Victims were shown fake profits and then asked to pay various fees before being unable to withdraw funds. | |
OpenSoil / Open Soil X (h5.opensoilx.com) | A fraudulent trading platform claiming to offer “arbitrage trades” but with no evidence of actual trading occurring. Victims were unable to withdraw their funds, and the website is no longer operational. | |
Claims | Falsely claimed to be approved by a non-existent “California Banking Regulatory Commission”. | |
247 Trade Growth (247tradegrowth.net) | A fraudulent trading platform used in a “pig butchering” scam. Victims were shown fictitious profits on the platform but then asked to pay various withdrawal fees and upgrade fees before being unable to access their funds. | |
Entity impersonating Prosperous Group Ltd (prospers.business, profintech.live) | An impersonation scam where scammers posed as representatives of a legitimate company to gain victims’ trust and convince them to invest in fraudulent platforms. | |
HOO.com (HOO Tech Ltd) | A potentially fraudulent trading platform where victims’ funds were converted into an obscure token, rendering their accounts valueless. | |
NYMEX (Impersonating New York Mercantile Exchange) | A fraudulent trading platform impersonating the legitimate New York Mercantile Exchange. Victims were convinced to invest large sums of money but unable to withdraw their supposed profits when trying. | |
BakerySwap (bac-snx.com/bakery/BAKEV2/SNX) | A fraudulent website promoting a crypto “staking” scam promising unrealistic returns of 718%. Victims’ tokens were stolen when connecting their wallets. | |
AnaBrokersTrade / Becky Bitcoin Analyst Trader | An impersonation scam where scammers hacked victims’ Instagram accounts and posed as “analysts” or “traders” to convince victims to send funds. | |
Entity impersonating Benito Revilla (benitorevilla.com) | A fraudulent website impersonating a legitimate broker-dealer agent to lure victims into an investment scam promising profits in 10 days. | |
Rapid Forex Trade (RapidForexTrade.com) | A fraudulent trading platform used in a “pig butchering” scam involving Bitcoin mining. Victims were shown fictitious profits but were unable to withdraw funds without paying additional fees. | |
Dapps-eth.io | A potentially fraudulent DeFi trading platform where victims’ funds were effectively frozen by claims of “anti-money laundering” concerns and demands for further deposits to enable withdrawals. | |
Mana Pool (manapool-eth.com, www.manapool-eth.info) | A fraudulent decentralized trading platform that defrauded victims by continuously demanding payment of exorbitant “fees” and “deposits” in order to allow withdrawals of supposed profits. | |
Entity impersonating legitimate platforms (Coinbase, Crypto.com) | Scammers posed as representatives of legitimate crypto exchanges like Coinbase and Crypto.com to gain victims’ trust and convince them to transfer funds. | |
ETH Finance (ETH-Finance.io) | A fraudulent trading platform used in a “pig butchering” scam, where victims were shown fictitious profits but then asked to pay “taxes” before being able to withdraw funds. | |
Hydefieco (hydefieco.com) | A fraudulent platform luring victims with promises of qualifying for lucrative “token drops” if certain investment goals were met, but actually just stealing victims’ funds. | |
OS Option Exchange (osoptionexchange.com) | A fraudulent trading platform where victims sent funds but were unable to withdraw supposed profits. | |
Tahoe Digital Exchange (Tahoe-dex.com) | A fraudulent exchange used in a “pig butchering” romance scam, where the victim was promised big returns but then asked to pay taxes and additional fees before funds were frozen. | |
Uniswap.LLC (uniswap.llc) | An impersonation of the legitimate Uniswap platform, used to lure victims into a fraudulent “liquidity mining pool” investment promising high returns but unable to withdraw funds. | |
VoyanX.com | A fraudulent trading platform used in a “pig butchering” scam where victims were shown fictitious profits but continually asked to pay additional fees to withdraw funds. | |
Penzo Limited (penzolead.com) | A fraudulent trading platform where scammers demonstrated fake investment profits to victims before claiming the victims lost all their money due to “bad trades”. | |
Wintermute impersonation (eth-wintermute.net) | A fraudulent website impersonating the legitimate Wintermute platform, used to convince victims to transfer cryptocurrency for fraudulent “liquidity pool” investments. | |
Unison FX Limited (unisonfx.com) | A fraudulent trading platform used in a “pig butchering” scam involving fake “insider trading signals” where the victim’s account was eventually drained. | |
Reliable Option Trade (reliableoptiontrade.com) | A fraudulent trading platform used in a “pig butchering” scam involving continuous requests for more deposits, with promises of being able to withdraw funds after paying fees. | |
RB Hood (rbhoodc.com, rbhoodz.com, rbhoodd.xyz) | A fraudulent trading platform impersonating Robinhood, used to continuously extract more funds from victims under the guise of paying “taxes” to enable withdrawals. | |
Dilong Trading Limited / Affirm Rich Trading Company Limited | Fraudulent trading platforms that were part of a “pig butchering” cryptocurrency investment scam. | |
Infinity Option (infinityoption.net) | A fraudulent trading platform where victims deposited Bitcoin but were then extorted for more funds. | |
GE Chains (gechains.com) | A fraudulent trading platform where victims were relentlessly pressured to deposit more funds and pay excessive “commissions” and “taxes” in order to withdraw supposed profits. | |
Tony Alin Trading Firm (tonyalinberker.com) | A fraudulent platform demanding continuous deposits from victims for supposed “investment” fees, but never delivering any returns. | |
MUFG Pro (mu-fgpro.info, Mufg-Pro.com) | A fraudulent trading platform used in a “pig butchering” scam, where victims were shown fictitious profits but continuously asked to pay exorbitant “taxes” and “freezing fees” before being unable to withdraw funds. | |
Trade 1960 (trade1960.com) | A fraudulent trading platform where victims were lured into depositing funds but then denied withdrawals or asked to pay excessive “broker fees” to access their supposed profits. |
These are a few of the most popular fake cryptocurrency exchanges. These aren’t all of them, though, and we’ll keep adding to the list of fake cryptocurrency exchanges as well as fake cryptocurrency app as they show up.
How to Identify Fake Cryptocurrency Exchanges
Cryptocurrencies are always changing, which can be dangerous for investors. You must stay alert and learn how to identify fake cryptocurrency exchanges and short term crypto trading scams quickly. While assessing a crypto exchange, be aware of the following typical warning signs:
- Not licensed or regulated: Trustworthy companies are usually licensed and controlled by the right authorities. Suppose an exchange can’t inform you about its licenses and how it follows the rules. In that case, you should be very suspicious of it right away.
- Unrealistic Promises: Avoid transactions that promise absolute returns or offer unreasonably large gains. Scammers often use these tricks to get people to follow their promises of easy money.
- Unusual Website Design: Websites with typos, bad design, and cheap branding can indicate that they are not real crypto exchanges. Legit platforms usually put money into skilled web designs and user experiences.
- Pressure tactics: If an exchange uses intrusive marketing methods, like calling or emailing you repeatedly to say you need to spend immediately, it could be a scam trying to make you feel like you need to act quickly.
When someone asks for your secret keys or seed phrases, it’s not a real trade. They should never ask for these things. This is very important information that lets people into your Bitcoin wallets and assets.
How to Stay Safe from Crypto Scams
To avoid falling for a fake crypto exchange, you should watch out for warning signs of scams and make sure that other crypto exchanges are real, but you should also make security a top priority and follow best practices. Listed below are some ways to keep your property safe from bad people:
- Use Trusted Crypto Exchanges: Above all else, it’s important only to use the virtual currency platforms that are trusted and controlled. These platforms usually go through many checks to ensure they follow all the rules and standards in their field. This adds another level of security and safety for customers.
- Enable multi-factor authentication (MFA): To secure cryptocurrency profiles and wallets. In addition to your password, MFA requires another form of proof, like a one-time code or fingerprint identification, to make sure you are who you say you are.
- Practice Good Security Hygiene: Following best practices for cybersecurity is also very important. This means making sure each account has a strong password different from the others, ensuring your software and devices are always up to date with the latest security patches, and being careful when giving out personal or financial information online.
- Contact authorities immediately: If you’ve encountered a crypto scam or a fake crypto exchange, you should report it to the right authorities. Not only does this prevent other people from being scammed, but it also helps with investigating and maybe prosecuting the scammers. You can inform the Federal Trade Commission (FTC) or the Securities and Exchange Commission (SEC) about scams you think are going on. You may also inform industry groups and defense companies specializing in bitcoin theft, like TechForing.
- Stay informed: It’s also important to know about the newest crypto scams and how they’re using them. Trustworthy sources, like trade magazines, online communities, and cybersecurity alerts, should be checked often to learn about new risks and the best ways to keep your digital documents safe.
Remember that the world of cryptocurrencies is always changing. Scams and other forms of theft can start up at any time. You need to know what’s happening in the crypto world to avoid becoming the next scam victim.
Signs of Legitimate Cryptocurrency Exchanges
Because there are so many crypto scams and fake crypto exchanges, it’s important to know how to spot real and reliable coin trading platforms. Here are some important signs that can help you tell the difference between real and fake platforms:
- Transparent Fees: Trustworthy companies are honest about their trade fees, transfer fees, and other costs that come with using their service. They clarify how much they charge, so there are no surprises or extra fees.
- Strong Security Measures: Reliable swaps put users’ money and personal information safety first. Look for swaps that use strong security measures, like storing most of your money in a cold location, two-factor identification (2FA), and protected routes for conversation.
- Compliance With Rules and Regulations: Real markets follow the rules and get the right licenses to work where they do business. They usually have to go through regular checks and follow know-your-customer (KYC) and anti-money laundering (AML) rules.
- Speedy And Helpful Customer Service: A trustworthy exchange should have a customer service team that is quick to respond, knows what they’re talking about, and can handle user questions and concerns professionally.
- User Reviews and Reputation: Look into user reviews and comments from trustworthy sources to understand how well-known the exchange is in the Bitcoin community. A site with good reviews and a long history of success may be safe to use.
- Robust Trading Features: Reliable platforms usually have a lot of trading tools, like advanced order types and tracking tools, while backing many cryptocurrencies and regular currencies.
- Security And Insurance: Some markets might provide insurance or use protected cold storage to protect user funds from hackers and other security problems.
When choosing an exchange, you can greatly lower your chances of falling for fake crypto exchanges and scams by giving these traits more weight. Even though it’s important to know that every site has risks, you should always be careful and do a lot of research before giving your online assets to any exchange.
Conclusion
The rise of fake crypto platforms and scams has badly hurt many people’s finances. The crypto industry has also lost a lot of trust and safety. You can fight these scammers and keep your important investments safe by staying alert, putting security measures first, and doing a lot of research.
TechForing will help you if you ever fall for a fake crypto exchange or cryptocurrency scam. We can also help you keep your digital assets safe. Crypto scam recovery is what our team of experts does best. They can help you regain control of your crypto assets and protect your funds for the future.