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Cryptocurrency scams are rife, here’s our quick guide to avoiding getting scammed in crypto currency.
Cryptocurrencies are here to stay, but with all new asset classes, it’t a bit like the wild west out there until the regulators catch up.
Cryptocurrencies are more of a commodity are the moment, more like Gold or silver than the GBP or USD. Except of course they have no intrinsic value, other than what people will pay for them.
Here’s three rules to avoid cryptocurrency trading scams.
- First thing first, if you don’t understand something, stay away from it.
- Never trade or deal with a firm that is not FCA regulated (you can see FCA regulated FCA crypto brokers in our crypto currency broker comparison tables or check the FCA register directly).
- Always take independent advice before investing in anything.
If you suspect you have come across a cryptocurrency scam you can report it to the FCA here.
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