Crypto

The increased number of fake cryptocurrency apps and how to avoid them

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how to avoid fake cryptocurrency apps
how to avoid fake cryptocurrency apps

Recent statistics show that more than 42 million dollars were stolen from investors by fake crypto apps in only one year. The FBI has found out that a total of 244 investors were deceived by scammers in 2022, and they have deposited funds on fraudulent mobile applications. If we look at the overall picture, over 46,000 people have lost more than $1 billion to crypto scams since the beginning of 2021. This number will certainly grow if novice traders don’t know how to avoid fake crypto apps. Hence, we are here to help you with this very topic.

How To Avoid Being Scammed

Therefore, it is important, especially for novice traders, to know how to differentiate fake apps from real ones in order to avoid being scammed. Scammers use all kinds of methods to lure and deceive people, and sometimes they are successful in this task as a vast number of newbies are easily swindled. They create social media accounts across many platforms and post extremely attractive and tempting proposals. Traders need to pay attention to every detail when reading about crypto app services, and in case they sound “too good to be true”, you are most likely dealing with a scammer.

Social media platforms are doing their best in order to get rid of fake suggestions, but this process is very hard sometimes as more and more scammers appear on a daily basis. They constantly recommend people to report scam pages as soon as they notice them, so that’s all you can do when encountering one. What’s more, scammers often use logos and brand names of famous companies and individuals in order to trick people. So, when you notice a familiar picture it is crucial to check whether it is legitimate or not. Sometimes fake platforms provide similar logos of original companies that are very hard to recognize at first glance, thus, you have to thoroughly observe pictures in order to be assured of safety.

What’s more, scammers often distribute fake cryptocurrency apps through official app stores, which is another method to deceive people. When it comes to app stores, you need to pay attention to several details such as user reviews, number of downloads, descriptions, icons, app permissions, and so on. If you come across a lot of negative reviews, then the app is most likely fake. The same happens in case it includes a very low number of downloads, highly appealing descriptions, fake icons, etc… All these factors are perfect indications that we are dealing with scammers and should absolutely refrain from downloading crypto apps from them.

Top Regulated Crypto Apps

First things first, you need to check the legitimacy of a crypto app before using it. In case, it lacks information regarding licenses and regulators, then most likely it is another fake application. We would suggest to follow this link in order to find out about trustworthy and regulated cryptocurrency apps in the market today. When a broker is regulated, you have a chance to open a dispute in case you encounter some kind of unlawful behavior on their end. We would like to review several licensed crypto apps down below.

Pionex

Pionex is a very famous crypto app that offers a wide range of top-class services. Users are eligible for 16 free in-built trading robots here that will make their life easier in terms of automated trading. This app is especially suitable for novice traders since it includes very low trading fees on every transaction, and more importantly, you will run into one of the highest average returns when it comes to crypto staking. Moreover, Pionex provides a highly revered MSB license by FinCEN, so you don’t need to worry about anything when depositing money in this app.

Bitstamp

Bitstamp was launched back in 2011 and has not lost popularity throughout these years. This crypto app is available for both iOS and Android users, and they have the possibility to carry out all kinds of tasks including trading, sending, receiving, investing, and holding over 50 cryptocurrencies. What’s more, if you wish to buy digital coins, Bitstamp is offering a wide range of payment options, and you can simply use a QR code in order to send them anywhere. The user-friendly interface will help visitors to surf the app easily and enjoy its appealing services all the time.

NAGA

NAGA is one of the best crypto apps when it comes to adapting innovative products. Customers here have the opportunity to copy expert traders without directly creating trading strategies from their skills. The app supports over 40 digital coins, including Bitcoin, Ethereum, Litecoin, Dogecoin, Bitcoin Cash, and many others. Furthermore, apart from cryptos, you are able to trade Forex, stocks, indices, CFDs, ETFs, and several other financial instruments. Newbies will enjoy NAGA since it lets them save nearly 50% in trading fees, and lastly, we want to note that you will come across one of the highest numbers in terms of leverage in this app as it goes up to 1,000x.

Choosing the online trading software that is right for you

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