Cryptocurrency

Neilbrm

Is there any platform that is not a scam we all know bitcoin/crypto is a risk but would be great to know from the start if it’s legitimate 

MSE_Katie

https://www.youtube.com/watch?v=ZEXgEgR1ihY

Transcript of video above:

Scammers will often jump on really popular trends in order to get people to part with their hard-earned cash, and one of those things is cryptocurrency. There are a lot of people right now who are really struggling and want to make their money go a little bit further, so they're looking at opportunities to invest and get the great return that's promised to them.

However, scammers really do take advantage of things like cryptocurrencies that people don't fully understand. If you're looking at investing in cryptocurrencies, I suggest you read Martin Lewis's blog about whether to invest in Bitcoin or not. There’s a bit more in that. But I would say don't invest in anything that you don't understand.

Now, a lot of these are scams. You might see adverts online that feature celebrities or news articles promising massive returns or suggesting that somebody you trust has recommended this particular scheme. Now, with Martin Lewis, it's easy. Martin doesn't do any ads. With others it's a little bit more complicated because you don't know if they’ve actually engaged with a real company or not.

But I would say go and do your own checks. Check their social media feeds, have another look at the website address. Make sure you're dealing with a legitimate company. Don't respond to a general ad that you're served about it.

Katie Watts - MSE Scams Expert

This question and answer came about during the MSE Forum 'Ask An Expert' event. It won't be updated so may no longer be correct at time of reading. This info does not constitute financial advice: always do your own research on top to make sure it's right for your circumstances

Ask an Expert: Scams (Jan 2023)