Many individuals are lured by free cryptocurrencies to a scam crypto trading platform through social engineering tactics. These scammers create a website that looks just like a legitimate exchange but uses tricks like fake URLs. This type of site will build a level of trust in users by offering false information that leads them to believe that the site is legitimate. Then they try to trick people into investing in their cryptocurrency. While this method is not foolproof, it is an effective way to avoid becoming a victim.
In addition to being unscrupulous, a scam platform will offer cheap trading fees and a commission structure that rewards excessive trading. However, their true motives are unethical. These sites will set arbitrary prices and gain profit every time you sell your coins for a lower price than you paid. This type of behavior is not only unethical, but also illegal. Therefore, if you’re considering investing in cryptocurrencies, it’s important to stay away from these websites. Instead, look for a legitimate platform that has transparent rates and no transaction fee.
Another common scam method is to hire fictitious characters as representatives of the company. For example, the Crypto Advantage team uses non-existent traders in advertisements, which makes it more likely that they’re a scam. These non-existent characters may be a sign of a fraudulent company. The truth is, you should only invest in trustworthy platforms, which offer transparent rates and no transaction fees. You should also avoid using fictitious names and email addresses of bogus companies.