How to recognize a crypto scam: the 10 signs that matter
6 min read · Updated September 3, 2026
Scams change their names constantly, but the tactics barely change at all. Learn these ten signs once and you will recognise almost every crypto scam on sight — no technical knowledge needed.
1. They contacted you first
A message you did not ask for — a wrong number text, a DM, a dating app match, a comment offering help — is the single most reliable warning sign there is.
Genuine investment firms do not recruit beginners in private chats.
2. A return is promised
Crypto prices go up and down and nobody controls that. Any fixed number — 1% a day, 20% a month, 'guaranteed', 'insured', 'risk free' — is fabricated.
3. You feel rushed
Countdowns, closing allocations, 'the price moves at midnight'. Urgency is manufactured to stop you checking. Real opportunities survive a night's sleep.
4. They tell you where to send the money
On a legitimate platform you open an account in your own name and fund it yourself. Being handed a wallet address, or being told to buy crypto elsewhere and forward it, means the money leaves your control permanently.
5. Someone else wants access to your account
Trading 'on your behalf', screen sharing, remote-access apps, or asking for your login. Nobody legitimate needs any of these.
Anyone asking for your seed phrase or recovery words is stealing from you — there is no other use for them.
6. The platform cannot be verified
No registration number, no verifiable address, no named people, a domain registered a few months ago, and licence badges that are just images. Check the regulator's own register instead of the company's page.
7. The name is almost a real brand
Impersonation is cheap: a letter changed, a word added, a different domain ending. Type the real exchange's address yourself rather than clicking any link you were sent.
8. Support only exists on a chat app
WhatsApp and Telegram groups, a personal 'account manager', no company phone number or ticket system. Real financial firms have auditable support channels.
9. Withdrawals cost money
A tax, commission, upgrade, or anti-money-laundering deposit demanded before you can withdraw is the definitive sign. Nothing you pay will release the balance, because the balance is not real.
10. You are told to keep it quiet
Advice not to tell your bank, your family, or 'people who don't understand crypto' exists purely to remove the person most likely to stop you.
What to do when you spot one
Stop replying, do not send anything further, and screenshot the conversation. Paste the name, website or wallet address into our free check to see whether regulators or other people have already flagged it.
Then report it. Reports are what make the next person's check useful.