Common Types Of Cryptocurrency Scams & Tips To Avoid Them. Part 4

3. Fake Pools and OTC scams

Fake pools are groups that offer allotment for upcoming ICO’s through telegram, discord and slack groups. These groups usually offer you 5-10% surcharge on current prices and require you to send funds in the name of ‘ contributing to the pool.’

They promise you the ICO tokens in return but once you transfer the funds, boom! They disappear.

OTC or Over the counter scams are scams where the transaction takes place off-exchanges without any intermediary. Here, fraudsters offer incredible prices for buying and selling cryptocurrencies at a fixed trading charge.

Some pools are genuine, but those are very lucrative and follow a proper procedure to ensure the authenticity of the members in the group.

How to Avoid This:

  • Perform OTC transactions with people you know and trust
  • Use P2P exchanges for OTC transactions.
  • Don’t be greedy
Courtesy : COIN SWITCH - KUBER Cryptocurreny Exchange in India.

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