Home News Cryptocurrency Is a Potential Investment but also Needs to Beware of Scams

Cryptocurrency Is a Potential Investment but also Needs to Beware of Scams

2022-06-06 16:46:49
A Good Cryptocurrency Exchange Gives You Peace of Mind When Investing and Trading
Cryptocurrency is now one of the ways that some people are investing. The Federal Reserve's annual report on the "Economic Well-Being of U.S. Households by 2021" states that the majority of Americans holding cryptocurrencies are high-income earners. With cryptocurrencies now available in many stores offline and online, they are becoming more integrated into people's daily lives, even though they have not yet become a mainstream payment method.

The Federal Trade Commission (FTC) recently released a report on crypto fraud stating that since the beginning of 2021, more than 46,000 people have reported losing a total of more than $1 billion to cryptocurrency scams, which is about a quarter of all losses reported and a higher amount than any other payment method. Individuals reported a median loss of up to $2,600. The most common cryptocurrencies paid to scammers include BTC (70%), USDT (10%), and ETH (9%), according to the reporters. At the time of writing, the Bitcoin price live was $31,211.07. Nearly four in ten losses due to social media-initiated scams are in cryptocurrency, far more than any other payment method. Several of the top-ranked platforms involved in these reports are Instagram (32%), Facebook (26%), WhatsApp (9%), and Telegram (7%).

Since 2021, the FTC has received $575 million of all cryptocurrency fraud losses related to bogus investment opportunities, far more than any other scam type. There is a common trope to the stories people share about these scams: scammers make false promises of high investment returns when people have limited understanding and experience with cryptocurrencies. Investment scammers claim that they can quickly and easily get huge returns for investors. But these crypto "investments" go directly into the scammers' wallets.

Choosing A Trustworthy Cryptocurrency Exchange Is Important

No cryptocurrency investment guarantees money, let alone riches, only scammers can guarantee profits or high returns. Before you choose to invest and trade cryptocurrencies, please understand it and choose a trustworthy cryptocurrency exchange for the relevant operation to avoid your money going into the hands of scammers by mistake.

Gate.io International Digital Currency Exchange is a classic cryptocurrency exchange with 9 years of trading history. It is the choice of many new and old investors. It is also the cryptocurrency exchange with the highest number of cryptocurrency types traded in the top 10 international rankings. Investors can not only invest and trade here freely and safely but there are also online, live and interactive communities for newbies to understand more about cryptocurrencies. The related financial products can also help investors to carry out their investments in a multi-dimensional way.

No legitimate institution will ask you to buy cryptocurrencies. Investors are advised not to take investment advice lightly and exercise more caution before investing.

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