Phoenixhash Reviews, Scam or Legit Bitcoin Mining

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Common bitcoin scams — and how to avoid them

Our guide to how to spot bitcoin scams and stay safe when trading and using cryptocurrency.

Last updated: 21 June 2020


Cryptocurrencies are complicated, very confusing to new users and lightly regulated — all of which makes them an ideal target for scammers.

But with a little bit of know-how and some good old-fashioned common sense, you can do plenty to protect yourself against cryptocurrency scams.

Keep reading for the lowdown on the most common bitcoin scams and how to avoid them.

8 common crypto scams to keep an eye out for

Watch out for scams

A number of concerns have been raised regarding the cryptocurrency and ICO markets, including that, as they are currently operating, there is substantially less investor protection than in our traditional securities markets, with correspondingly greater opportunities for fraud and manipulation.”

Checklist: How to detect a crypto scam

Unsure whether a particular crypto website is a scam or not? Use this checklist to help sort legitimate providers from those platforms you’re better off avoiding altogether.

Does the website connect securely over https (not http)? If the address starts with “http” instead of “https,” the data you send to the website is not secure.

Can you see the word “Secure” or an image of a padlock in your web browser’s address bar? This indicates that a website is secure.

Does the website’s URL have any noticeable spelling mistakes or errors? If so, it could be a fake.

Does the site feature bad grammar, awkward phrasing or spelling mistakes? If it does, this doesn’t necessarily indicate a scam, but it does mean you should proceed with caution.

Does the website promise abnormally high returns? (For example, does it claim you’ll be able to double your investment?) This should raise a big red flag and is a common indicator of a scam.

Is there an “About us” page? Does it show the real people behind the company? Does it provide any details about where the company is registered? If there’s little or no information about who the company is and what it does, you could be dealing with a scam.

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Do legitimate, reputable websites link to this site? This could indicate that the site is trusted and respected.

What do other users say about the website? Are there any negative reviews and, if so, what do they say? The crypto community is usually pretty quick to spread the word about scams.

Who is the registered owner of a domain or website? Is the owner hidden behind private registration? Has the domain been registered for less than six months? (You can find this information by searching for the platform’s URL registration details on a site like The more information you can find about the people/company behind a website, the better.

Is there anything else about the website that raises red flags or just seems too good to be true? If there’s something that just doesn’t seem right, trust your gut.

Please note that this checklist is far from foolproof, as it’s possible for a website to pass several of the above tests with flying colors and still be a scam. The important thing to remember is to do your due diligence before providing any personal or financial information to any website or app.

1. Phishing

The first scam on the list is one that you may well be familiar with already, as it’s also been widely used to target customers from major banks.

Known as “phishing,” this type of scam occurs when you receive an unsolicited email that looks as if it’s from your bank — or, in this case, from your crypto exchange or wallet provider. This email contains a link that takes you to a site that looks almost identical to the exchange or wallet you usually use, but is actually a scam site.

Once you enter your account details on this unofficial page, the scammers have everything they need to log in to your real account and steal your funds.

How to avoid phishing scams:

  • Always double-check URLs to make sure you’re visiting the genuine website.
  • Don’t click on suspicious links that are emailed to you.
  • Never disclose your private key.

2. Fake exchanges and wallets

In a similar vein to phishing scams, keep an eye out for fake bitcoin exchanges. They might walk and talk like a reputable exchange, but they’re merely a front to separate consumers from their hard-earned cash.

Some will entice users with promotional offers that sound too good to be true. Others pressure users into creating an account and depositing funds, perhaps even offering “bonuses” to those who deposit larger amounts. But once they have your money these platforms might charge ridiculously high fees, make it very difficult to withdraw funds or simply steal your deposit altogether.

Other scammers have turned their attention to creating quite sophisticated fake wallet apps that, once downloaded to a user’s smartphone, can be used to steal critical account details. These apps have even made it into official, legitimate app stores like Google Play, so it pays to do your research before downloading anything to your phone.


In December 2020, the bitcoin community and South Korean authorities exposed a fake exchange known as BitKRX.

By posing as a legitimate exchange and passing itself off as a branch of KRX, a large and reputable trading platform, it was able to ensnare innocent users.

How to avoid fake exchange and fake wallet scams:
  • Stick with well-known and popular exchanges.
  • Thoroughly research any exchange or wallet before creating an account — who is the team behind the exchange or wallet? Where is the company registered? Are there reliable reviews from other users confirming its legitimacy?
  • Don’t let yourself be pressured into depositing funds or providing any personal information.
  • Don’t just randomly pick a wallet from the app store — only download apps and software from legitimate wallet providers and exchanges.

Two of the apps, “Poloniex” and “Poloniex Exchange,” were downloaded more than 5,500 times before they were removed from the store. These apps asked Poloniex users to enter their account credentials, thereby giving fraudsters a way to perform transactions on behalf of users and even lock victims out of their own accounts.

3. Old-school scams

Cryptos may be based on new technology, but there are still plenty of scammers using old tricks to con unwitting consumers.

The classic example of this is an unsolicited phone call or email from someone claiming to be with the IRS. This fictional tax man will try to convince you that you owe the IRS money and you’ll be facing legal action if you don’t transfer them a certain amount of bitcoin as soon as possible.

The tried-and-tested “Nigerian prince” scam has also migrated into the world of cryptocurrency. So if you’re ever contacted out of the blue by someone overseas promising you a share in a large sum of digital currency if you help them transfer funds out of their own country, use your common sense and recognize it for the scam it is.

How to avoid old-school scams:
  • Use your common sense.
  • Don’t trust unsolicited emails or phone calls.

4. Fraudulent ICOs

Seduced by the astronomical price rises bitcoin has experienced since its inception, many everyday consumers venture into the world of cryptocurrency looking for the next big thing. After all, if “the next bitcoin” ever actually arrives, getting in at the ground floor could see early-adopters earn a fortune.

And if you want to get in on the ground floor, the easiest option for the average person is to buy coins or tokens in an ICO. There’s a huge appetite for new digital currencies — in the first half of 2020 alone, ICOs raised a total of $11.69 billion — and with many new buyers having limited knowledge of how the crypto industry works, it’s the perfect breeding ground for scammers.

Pincoin and iFan

In April 2020, the Pincoin and iFan ICOs, run by the same Vietnam-based company, are believed to have cheated more than 30,000 investors out of a combined total of $660 million.

iFan was meant to be a social media platform for celebrities and Pincoin promised 40% monthly returns to investors. Both were later shown to be multi-level marketing (MLM) scams.

This has led to the rise of fake ICOs which, with some slick marketing and a little bit of hype, can convince people to buy a cryptocurrency that doesn’t actually exist. For example, one report found that 78% of ICOs in 2020 were scams, while a separate report put that figure at above 80%.

Finally, if you’re dreaming of getting rich quick from a crypto ICO, be aware that for every ICO success story there are many, many more failures, even if the project isn’t a scam.

How to avoid fraudulent ICOs:
  • Thoroughly research any ICO before buying in. Look at the team behind the project, its white paper, the purpose of the currency, the tech behind it and the specifics of the token sale.

5. Ponzi or pyramid schemes

A Ponzi scheme is a simple but alarmingly effective scam that lures in new investors with the promise of unusually high returns. Here’s how it works: a promoter convinces people to invest in their scheme. These initial investors receive what they believe to be returns, but are actually payouts from the money deposited by newer investors. Now satisfied that the scheme is legit, those investors who received payouts pump more of their money into the scheme and encourage others to do the same.

Sooner or later, the scheme collapses when the promoter runs off with the money or it becomes too difficult to lure new investors. These types of pyramid schemes are nothing new and can be easy to spot, but that hasn’t stopped some crypto buyers from being scammed in a handful of high-profile incidents.


In January 2020, bitcoin investment lending platform Bitconnect shut down its lending and exchange services amid allegations it was a Ponzi scheme. Launched in early 2020 with promises of returns of up to 40% per month, the platform was quick to attract criticism from the wider crypto community and soon drew the attention of regulators.

How to avoid Ponzi/pyramid schemes:
  • Look out for cryptocurrency projects that encourage you to recruit new investors to enjoy bigger profits.
  • Never trust a scheme that promises returns that sound too good to be true.

6. Malware

Malware has long been a weapon in the arsenal of online scammers. But thanks to the complicated and highly technical nature of cryptocurrencies, much of which isn’t well understood by most people, malware now poses an even bigger threat.

Rather than stealing credit card and bank account details, crypto-related malware is designed to get access to your web wallet and drain your account, monitor the Windows clipboard for cryptocurrency addresses and replace your legitimate address with an address belonging to a scammer, or even infect your computer with a cryptocurrency miner.

How to avoid cryptocurrency malware scams:
  • Update your antivirus software regularly to protect yourself against malware.
  • Never download and install programs unless you’re 100% sure they’re from a reputable, legitimate provider.
  • Don’t open suspicious attachments.

7. Mining scams

Cloud mining allows you to mine cryptocurrencies like bitcoin without having to purchase the expensive hardware required to do so. There are several legitimate cloud mining services that let users rent server space to mine for coins at a set rate.

However, there are also plenty of cloud mining scams out there. Some promise astronomical (and implausible) returns and fail to disclose a range of hidden fees, while others are fronts for Ponzi scams and are simply designed to part you from your money.

How to avoid cryptocurrency mining scams:
  • Thoroughly research any cloud mining operation before signing up. Does it use https? Does it have a public mining address? How long has it been in business? Can you find any legitimate reviews from other users? Does the site have a registered domain name? Can the company provide proof of equipment?
  • Be extremely wary of companies that “guarantee” profit.

8. Pumps and dumps

Cryptocurrencies are often dismissed as a speculator’s dream come true that are ripe for a little bit of market manipulation, which has led to the rise of what are known as “pump and dump” schemes. This is where large groups of buyers target an altcoin with a small market cap, buy that coin en masse at a particular time to drive its price up (which attracts a whole lot of new buyers fueled by FOMO — a fear of missing out) and then sell to take advantage of the significant price rise.

This sort of thing is illegal in traditional securities markets, but is a common occurrence in the largely unregulated world of cryptocurrencies. In fact, there are several online groups and forums dedicated to this exact practice, so it’s important that you stay savvy and know how to steer clear of these scams.

How to avoid pump and dump scams:
  • Be wary of low-market-cap cryptos that normally have a low trading volume but that suddenly experience a sharp price rise.
  • Keep an eye out for “fake news” on social media that hypes particular coins.
  • Carefully research the credentials of any cryptocurrency before buying.

In January 2020, a fake Twitter account purporting to belong to cybersecurity guru and crypto enthusiast John McAfee tweeted support for the GVT cryptocurrency, naming it “coin of the day.”

For some in the crypto community, this was good enough reason to buy some GVT, and just four minutes after the tweet was posted the price of GVT had jumped from $30 to $45 and trading volume had doubled. Fifteen minutes later, the price was hovering around the $30 mark once again, after early buyers “dumped” and ran.

On closer inspection, the Twitter account was revealed to be bogus and not associated with McAfee at all. Instead, it was simply a key player in a pump and dump scheme devised and implemented in a chat room called “Big Pump Signal.”

Simple tips to help you stay safe

There are plenty of other simple steps you can take to protect yourself against fraud, such as:

Use 2-factor authentication

If you’re using a crypto wallet or exchange that supports two-factor authentication, enable this feature before depositing any funds. It’s simple to set up and provides an extra layer of account security.

Use a cold wallet

A “hot” wallet is one that’s connected to the Internet, while a “cold” wallet is one that’s held offline. Storing your crypto offline in a secure physical cold wallet is usually considered to be a much safer option than using an online wallet.

Stick with established providers

Avoid new and untested platforms. Let the early-adopters take the risks and make sure you don’t get involved with an exchange or wallet until you can be sure it’s legitimate.

Make sure your PC is protected against malware by keeping your antivirus software up to date.

Always double-check addresses

Get into the habit of scanning the URL bar to look for the https and “secure” lock symbol, and remember to double-check the URL to make sure you’re visiting the correct site.

Never share your private keys with anyone

You need your private key to access your crypto holdings, so make sure you never disclose any of your private keys to a third party.

CoinEx Review – is scam or a good cryptocurrency exchange?

Trading Accounts & Conditions

Account type Min. Deposit / Withdrawal Leverage Taker fee Withdrawal fee
Standard 0.001 BTC/BCH/ETH N/A 0.1% 0.001 BTC

Founded in December 2020 with its headquarters in Hong Kong, CoinEx offers low-cost coin-to-coin trading in wide range of cryptocujrrencies . It appears this exchange focuses on Bitcoin Cash and also plans to launch its own coin, CoinEx Token (CET), in the near future. CoinEx also plans to build a decentralized exchange which uses CET as “gas”.

CoinEx Advantages

Low trading fees

CoinEx has a transparent fee structure, which always leaves a good impression. It charges only market takers with a fee of 0.10%. Those who provide depth for the market on the exchange, a.k.a. market makers, are not charged. Such trading fees are really low. By comparison, major exchange Bitfinex charges takers with 0.20% and makers with 0.10% per trade.

Solid number of altcoins

CoinEx supports the most popular digital assets, such as Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and several other coins (Bytom, Bitcoin Candy ) . The most heavily traded pairs at the exchange currently are BTC/BCH, ETH/BTC and DASH/BTC .

N ice trading platform with advanced charting

The web-based platform provided by CoinEx s eems simple at first sight . Nonetheless, when you click on the “Charting”, you get a set of advanced tools, powered by TradingView. The trading pairs are arranged in three categories: BTC, BCH and USDT Markets. Here is a preview:

CoinEx’ s platform. Click on the image to zoom-in .

In addition, trading apps for Android and iOS will be developed soon .

CoinEx Disadvantages

F iat currenc ies not supported

F iat currencies, like US or HK dollar s are not accepted at CoinEx. Supporting fiat currencies is an advantage, especially for investors who don’t have any coins yet . Accordingly, the only payment methods accepted by the exchange, are blockchain transfers.

Although transfer fees at CoinEx are not as high as on other exchanges that also accept traditional money , these charges are not to be underestimated. Coinex does not charge deposits in digital assets, but withdrawals incur certain fees. Most coins are charged with 0.001 upon withdrawal. However, w ithdrawals in Bitcoin Cash, which seems to be the base currency on C oinex, are free of charge.

Min. deposit and withdrawal amounts required

T his exchange has set certain minimum amounts for withdrawals and deposits, which are not high, but are still sort of unpleasant and restrictive form user’s point of view. Here are the details:

No Margin trading

Like t most crypto-exchanges, CoinEx des not offer leverage d trading . If you need to gear up your rading on cryptocurrencies, you may check out what other exchanges, like Bitfinex, or Kraken, have to offer . Besides, you can also choose another option – margin trading in cryptocurrencies with forex brokers. Many of them offer CFDs on Bitcoin and other coins with leverage.

CoinEx is a newly launched cryptocurrency exchange that has rather ambitios plans, involving development of a decentralized exchange and its own coin. What we like about CoinEx is that it offers a solid amount of coins for trade with low fees on its advanced trading platform. However, it does not accept any fiat currencies and has set certain minimum transfer amounts, which we find a bit restrictive.

The only information on CoinEx’s website regarding the company that owns and operates the exchange , Coinex Technology Limited, is that it is incorporated in the United Kingdom and based in Hong Kong. Our research revealed that CoinEx was launched by Ch i n ese mining pool ViaBTC following the closure of its previous exchange on September 30th due to the Chinese cryptocurrency crackdown.

Like most similar platforms, CoinEx is not regulated, but this is currently the case with most exchanges worldwide . If you prefer to trade in Bitcoin and other altcoins via a regulated entity , we remind you that you can do that with forex brokers, many of which are reliable and properly licensed .

To sum up the advantages and disadvantages of CoinEx :

Coinmama Bitcoin Exchange Review – Legit or Scam?

Updated on Oct 23, 2020 by Tuan Do

Coinmama is the Bitcoin exchange I use recently after reaching limits on the others. The exchange has been around for a while but I was hesitant to use it because I heard some complaints about their service. I gave it a try and here is the review.


Coinmama is registered in Slovakia but they offer the service worldwide. You might have limited functions in some countries but overall, the service is available in the widest range of countries.

Payment Methods

You can buy Bitcoin or Ethereum with your credit/debit card. I used my debit card to buy because it’s faster, however, it’s also more expensive.


I was quite disappointed with Coinmama’s customer support. The verification process was fast but when I had a request regarding my transaction, it took 2 days for the response. The good thing is that they explained thoroughly and keep me assured that I would receive my Bitcoin eventually.

Processing Time

The processing time varies depending on the workload. My first transaction went well and I received Bitcoin to my wallet in about 4-5 hours. The second transaction takes much longer and I didn’t receive my Bitcoin until 2 days later. There was a message saying: “Simplex, our credit card processor, are currently under heavy load. You may experience delays in processing your payment.

The 3rd transaction was completed within an hour when the service is less busy.

The price you see on Coinmama’s homepage has a huge markup because it includes the service fee of 8.5%. If you pay with cash, you don’t have to pay any more fee. But if you use your credit/debit card, you will have to pay additional 5% for Simplex, the payment processor. And that’s not all, I had to pay the currency exchange rate for my bank as well, so the transactions become so expensive. You should expect a 15% markup for your purchase.

Update: Coinmama now does their own processing which enables us to provide end-to-end support, and makes all transactions instant. The service fee is 5.50%, which is included in the prices on the website.


Overall, Coinmama is a legit Bitcoin exchange but I don’t recommend it because of the high fees. You should only use their service when you can’t buy anywhere else.

Bitcoin Review, SCAM Cryptocurrency or Legit Way to Make Money?

Welcome to our detailed and informative Bitcoin Review and investigation: Have you ever asked yourself what is Bitcoin, and can I make money with it? Well, we have been receiving multiple queries about Bitcoins Scams and if this new currency can be trusted. We have also heard scary stories about hackers using Bitcoin as their preferred currency when they extort innocent victims via ransomware attacks. If you find all of this confusing and are looking for some clarity about Bitcoin, and how it works, Bitcoin alternatives, and how it can benefit you personally you have reached the right review.

Bitcoin: Definition
According to Wikipedia, Bitcoin is the “first decentralized ledger currency” or blockchain. Cryptocurrency with the most famous, popular, notable and highest market capitalization”.

Well, what does all of that mean? It means that this currency is not exposed to the rules, fiscal regulations, and political agendas driving the more traditional currencies we all know. A Blockchain is basically a transaction which is recorded chronologically and publicly so people can evaluate and perform risk analysis on the currencies.

Who is Satoshi Nakamoto?
Satoshi Nakamoto is supposedly the name of the person who originally invented Bitcoin. It is said he is of Japanese origin, however this has yet to be confirmed. What we do know is that the people (or person) who invented this currency are cryptographers and computer programmers. Whoever the creator of this cryptocurrency is, he is now valued at 2.2 Billion Dollars and owns about 1 Million bitcoins. Regardless of who he or they are, the name Nakamoto has become synonymous with the growing trend of bitcoin technology.

Our fair and impartial Bitcoin review will attempt to dispel any myths and obtain the truthful facts. You’ll find out if Bitcoin is just another fad, a full-fledged SCAM, or a legit currency that can be traded and used for payments on a daily basis.

Cryptocurrencies & Blockchain
Bitcoin is a type of cryptocurrency that became decentralized in 2009. In theory, this type of digital currency essentially transforms the entire financial system from printing to accounting and conversions to a digital platform that is safer, less vulnerable to fraud or corruption, and easier to maintain and manage. This form of digital money is not to be confused with virtual currencies which have no value outside of the internet.

The bitcoin systems are managed through the use of blockchains, which are simply databases of information that continuously grow as more blocks of information are recorded. The blocks of information being recorded for our case here, involve the creation, distribution, and usage of bitcoins. Every time a bitcoin is produced, distributed, or transferred, the transaction is recorded. Blockchains are protected by extremely high-end security features, include a time stamp, and are tied to the previous block of information. These features secure the entire system since there can be no tampering or altering of data within a block once the data is recorded. To further the security of the system, the entire chain of information is made public, so anyone can access and see the information at all times. The system is therefore maintained autonomously and openly, so every transaction has a record.

What is Bitcoin Mining?
Bitcoin mining is the process of adding new blocks of information to the public blockchain ledger that constitutes the bitcoin logs. This also includes creating new bitcoins. Unlike traditional currencies which are printed based on a decision by the central government, bitcoins are produced by mining software and each time a new bitcoin is produced, it becomes harder to generate new ones. This effectively regulates the value of these coins, ensuring issues like inflation or counterfeit do not occur.

What is a Bitcoin Exchange and How is it Different From Traditional Currencies?
There is a lot in common between bitcoin and traditional currencies. For example, bitcoins are found all over the world and can be used to pay for many items. There are even bitcoin casinos that run exclusively on this form of currency. As with other global currencies, bitcoins are found in the public stock market and available for trading. There are also some slight differences that traders should be aware of when opting to deal in digital versus traditional currencies. For example:

  • There is no risk involved that fraudulent trades may occur when trading in bitcoin digital currency. Meaning, if a trade is placed, there is no risk of the other parties involved not paying up as is the case with standard Forex trading. This makes some trades much more profitable than in the standard market.
  • The entire system is completely transparent and consistent, something all traders can appreciate.
  • Not all currencies can be traded for bitcoins. The ones generally accepted include USD, EUR, JPY, GBP, Russian rubles, and Pecunix Gold.
  • There is a slightly higher risk of charge back frauds (disputed transactions) since you are trading a hard currency for a soft one in certain situations. PayPal scams are frequently the source of such fraudulent charge backs.
  • There is a greater tendency for bubbling up market before a crash with bitcoins than with more traditional currencies. On the other hand, with the current global economy in flux, bitcoins have been somewhat of a more reliable investment than many of the other common currencies available. During the Brexit crisis, for example, many currencies were converted to bitcoins to protect the investments from devaluing with the drop in the EUR’s value.
  • Accessibility to this currency is more limited, with only a handful of bitcoin exchanges and bitcoin brokers available to trade in bitcoins.

Centralized Versus Decentralized Currencies
Simply explained, centralized currencies are controlled by a central governing body, generally the government of the country. This body manages, controls, regulates, and is responsible for the currency and its value. Bitcoins are decentralized, meaning there is no central governing body controlling the entire process. Available to the public via the internet, and with a globally-accepted value, bitcoins are decentralized. Many of the services involved in bitcoin currency are centralized though.

Transaction Fees
There is generally some combination of exchange, withdrawal, and deposit fees. However these fees are often waived or reduced for larger transactions.

Secure Transactions
As mentioned above, bitcoins run on the blockchain system, making the transactions safer and more secure than the average financial transaction. The sophisticated algorithm involved in each transaction, along with the high-level encryption, ensures maximum security.

Why Are Governments Afraid of Bitcoin?
The real reason governments are afraid of the bitcoin is because there is essentially no difference between this form of currency and traditional ones. After all, the reason bitcoins are valuable is because people trust that the backers behind the digital currency will value these coins. In essence, that is the same for any government or currency around the world. The dollar only holds as much value as the people attribute to the government to come up with if asked to.

This is why global currencies rise and fall, why markets are bullish and bearish depending on traders’ sentiments, and why the entire trading system is held at a precarious balance at all times. Governments fear that bitcoins will gain popularity among the growing technology-loving generation, who just might begin to put more faith in their digital currencies than the greenbacks that Fort Knox is printing to date.

Bitcoin Regulation
The legality of bitcoins varies from one location to the next according to that country’s regulation laws. In general, trading in bitcoin is not forbidden in most countries, the various regulatory implications and monetary value of the currency fluctuates according to jurisdiction.

Alternatives to Bitcoin
Bitcoin is but one of many cryptocurrencies available today. Other options include Litecoin (LTC), Ethereum (ETH), Zcash (ZEC), Dash (AKA Darkcoin), Ripple (XRP), Monero (XMR). Each has its own benefits and a growing audience which supports it.

Why are Bitcoins Used by Ransomware Hackers?
Among the highest complaints against bitcoins is that the currency is frequently used for illegal purposes such as ransomware and spam. Hackers love bitcoins for two reasons:

  1. The system is decentralized, with no middleman in between, so illegal transactions are quick and easy to execute, with no questions asked. Bitcoins have the anonymity that hackers love.
  2. They’re easy to convert and can be used all over the world and for many different uses.

Simply put, bitcoins are the preferred currency of the dark web crawlers who are out to steal money. There are services such as bitcoin mixer and torwallet which employ “mixing algorithms” and make transactions completely untraceable and impossible to detect. These are the types of services the hackers use to hide their tracks, but it has nothing to do with the actual currency.

Is Bitcoin a Scam?
Bitcoin in and of itself is not a scam, it’s merely a genuine form of currency that you can choose to trade in or not. Just like with real money, there are always people who will abuse the system. There are those who abuse it and usually if falls under one of these categories:

Bitcoin Phishing and Impersonators: This is very common on Facebook and fake new articles where someone poses as a legit Bitcoin broker and illegally solicits you.

Flipping Scams: This is where you are offered an immediate way to exchange your BTC for USD or EUR. Then they just steal your money.

Pyramid Schemes: This is where you are asked to invest with BTC and your money is sucked into a big pool of other investors with little or no chance of getting it back.

If you are not sure if you have been targeted to be a victim of a Bitcoin scam, simply contact us for a free consultation.

Other Bitcoin Scams
Here are a few of the well-known deceptive bitcoins scams that are run by con artists just out to steal money. Don’t let their misleading lies and deceptive advertising practices trick you into depositing with their programs.

Bitminer, Startminer, Kryptotrend,,,,, GUS Finance,, Dripcoin Mining, and Bitcoin Unlimited (partial list). The common denominator with all of these schemes is that they have been set up to accept money but not payout.

Bitcoin Review – Summary and Conclusions
There are a few select bitcoin brokers and exchanges which are considered legit, however we recommend Etoro as it is the only regulated platform we are aware of which offers this cryptocurrency and has been around for ages. Etoro also offers Ethereum as mentioned previously, so in this context we feel very comfortable endorsing it. There are various other Bitcoin brokers and platforms, however those are still relatively young so they haven’t been tried and tested fully, making it difficult to do a full-scale comparison. Additionally, we recommend you don’t believe the fake reviews or fake testimonials out there that are generally just misleading and deceptive ploys from affiliate marketers. Some bitcoin stock exchanges do boast convenient features such as auto-pilot and demo accounts – and these are what you should look out for when choosing a trading platform. The concept of bitcoins is a breath of fresh air for anyone who is looking for a new or interesting trade option, or for something that isn’t tied to the centralized governments that have a precarious hold on their currency markets, so in this context we feel very comfortable endorsing it. Again, should you have and questions of comments feel free to reach out and contact us via our Facebook Page and YouTube channel.

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