We live in a world whereby the crypto world is full of opportunities, but it also has many scams. I have tried to grow financially several years and I have come to conclude that, you must be careful. Many people have lost their hard-earned money to fake projects, false promises, and greedy fraudsters. Most of the time, the big question people ask me or others is how can they know that one project is a scam and one is true? Well I will be talking about some of the ways you can today.
The first is most of those scams projects are always too good to be true. What do I mean by that? One of the easiest ways to spot a scam is when the offer sounds too good to be true. For example, if someone tells you, “Invest ₦10,000 today and get ₦100,000 next week,” please run away. You should already know that it is a lie.
One of the things a whole lot of people did not understand is that In real crypto investments, profits don’t come overnight. Even Bitcoin, which is the most popular coin, took years before its price rose. So, any platform promising quick and guaranteed returns is most likely a scam.
Not also limited to that. One of the ways I believe you can spot scams in the crypto world is when the project does not have any team or have any face also. A genuine crypto project will always show the team behind it. You will see their names, pictures, and profiles on the website. You can even find them on LinkedIn or other social media platforms.
But scammers usually hide their identity. You won’t see who created the project. If they show pictures, those pictures may be fake or stolen from the internet.So, before you invest, check if the people behind the project are real. If you can’t find clear information about the team, it may be a red flag.
Another way I recommend for you to be able to spot scams in the crypto world even though it is not that really popular is the fact that some of the projects have fake websites and social media also. Scammers often create websites that look professional, but when you look closely, you’ll see small errors.
Some of these fake websites from my experience may have spelling or grammar mistakes. For some of them, there may be no contact information. In fact sometimes, that particular site may ask you to connect your wallet before explaining anything. Also, be careful of Telegram and WhatsApp groups where people are always saying good things about the project without asking questions. Sometimes, these people are paid to promote the scam. Before you trust any website or group, take time to do your own research.
Another point I want to share which is even common mostly when the scam is working in the form of the Ponzi scheme is the fact that they will always pressure you to actually invest quickly For me, I believe that real investments give you time to research and decide. So, if anyone is rushing you to send money or connect your wallet quickly, that’s a big warning sign.
Before you invest in any new coin or token no matter the hype, check if it is listed on popular sites like: CoinMarketCap, CoinGecko, Binance
TrustWallet. If you can’t find the coin on any of these platforms, be very careful. It may be a fake or “shitcoin” that has no value. Also, check the token’s liquidity and market cap. Some scams use bots to show fake trading volumes. So always dig deeper before you trust what you see.
In fact, some crypto projects will tell you, “We will become the next Bitcoin,” or “We will change the whole world.” But when you look at their roadmap, it’s either too short or full of lies. They may promise a mobile app, NFT marketplace, blockchain, exchange, and staking system, all within 2 months. That’s not realistic. For me, I strongly believe that real projects take time to grow. If their promises sound too easy or fast, they are probably lying to collect your money and disappear.
The last one I will like to talk about as I conclude on how you can spot scams in the crypto world is for you to trust your instinct. What do I mean by that? if something doesn’t feel right, trust your gut. If your mind is telling you, “This looks strange,” take it seriously. Don’t allow greed to lead you into a scam. Ask questions. Do research. Talk to people who understand crypto better. There is no shame in asking for help.
Scams in the crypto world are many, but if you stay sharp, you can avoid them. Always take your time. Don’t rush to invest just because someone promised you big profits. Use trusted wallets, follow verified projects, and protect your seed phrase. Crypto can change your life for good, but it can also bring pain if you’re not careful. Stay safe. Stay smart. And remember, if it sounds too good to be true, it probably is.