Entering the world of cryptocurrencies can be an overwhelming prospect with so much information to process.

There is also the fundamental concern of security. To help allay any apprehensions around this topic, we’ve put together some tips on how to be aware of and avoid some of the most common crypto scams.

Always Research Thoroughly Before Investing
Do as much digging as possible into a crypto project to find out the credentials and track record of its creators. Checking for reviews and white papers and where they have been referenced can give an indicator of credibility.

Be Wary of Unsolicited Offers
Any communications that come out of the blue or offers that just seem too good to be true are all red flags. Legitimate crypto companies rarely reach out to individuals.

Protect Your Private Keys and Wallet Information
Never share your private key with anyone. One of the safest ways to safeguard your private key is by using a hardware wallet, otherwise known as a “cold” wallet. This stores your private key offline.

Avoid “Guaranteed Returns” and Other Such Promises
Any scheme or crypto that offers a guaranteed or time-fixed return should be avoided at all costs. The nature of crypto is inherently volatile, meaning no guarantees can ever be made.

Be Very Careful With Crypto App Downloads
Only download cryptocurrency apps from official outlets such as the Apple App Store or Google Play. Always carefully check the download link before opening to ensure it is genuine.

Make Time Your Ally, Not Your Enemy
Always take your time before making any crypto purchase. Scammers often try to pressure and create fear of missing out on an opportunity to back victims into making rushed decisions.

Beware the Celebrity Endorsement
Big-name backing of a coin does not ensure credibility, and has in the past been used as a tactic to “pump and dump” a crypto. Treat all social media hype with extreme caution.

The descriptions provided about the above trends and products are all based on publicly available information and general knowledge about cryptocurrency. As such they cannot be considered as financial advice or encouragement to invest. All transactions involving digital assets involve certain risks, which you should familiarize yourself with prior to any investment.