Beware of dubious crypto trading platforms

Cryptocurrencies are currently a big topic. Many Crypto -trading platforms often present themselves as a dubious out, explain the consumer center and the State Criminal Police Office of Rhineland-Palatinate. Fraudsters fool consumers into believing that they can quickly make high profits with small investments on a corresponding trading platform.

Those who register receive guidance from an alleged trader – by phone and messenger service. In the course of the supposed advice, however, those affected are then pressured to invest increasingly larger sums after an initial low deposit.

How to recognize dubious crypto trading platforms?

Die Angebote entpuppen sich später häufig als Betrug. Das investierte Geld wurde in Wirklichkeit nicht in Cryptowährungen angelegt. Die angeblichen Gewinne sind nur simuliert. Drei Tipps, wie man dubiouse Geschäftemacher entlarven kann:

Check imprint

The first step should be to check the imprint. If an imprint is missing on the homepage of the trading platform, it is important to keep your distance. If, according to the imprint, the provider is based abroad, it may be difficult to enforce one’s own rights.

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Make sure that the provider is licensed

Before investing, it makes sense to check whether it is a company licensed by the financial regulator Bafin or another EU country. This can be queried, for example, via Bafin’s company database.

Check the business model for its transparency

If you receive more detailed information about the business model only after contacting or registering, you should be suspicious. One should always seek advice before depositing an amount. If you fear that you have fallen for a dubious scam, you should report it to the police and file a criminal complaint.