The crypto trading market has come a long way and is far easier to engage with than ever before. Traders can download any one of a number of different crypto-related apps directly from the App Store, but does that mean they are all equally trustworthy?
Modern cryptocurrency trading is very different to its earlier iterations. Cryptocurrency exchanges have invested a lot of money into making trading digital assets simpler and more accessible, and this can be seen from the range of different crypto-related apps available directly from the Apple App Store. Unfortunately, scammers and other bad-faith actors are using the increasing number of legitimate apps to blend in and hoodwink traders, and a number of fraudulent crypto apps have stung Apple users over the years.
With so many crypto apps, how can users tell a legitimate and useful service from a fraudulent one? There are, as you might guess, a number of ways that discerning Apple users can assure themselves of a crypto app’s legitimacy before downloading it. Crypto apps can range from exchanges and platforms that allow users to check the XRP price live, or any other live cryptocurrency prices they might be interested in, to services that promise secure storage of crypto, but all of them can be checked in relatively short order for legitimacy by conducting just a little research.
Let’s take a closer look at crypto app scams and how Apple users can discern the legitimate from the not-so-legitimate apps.
Why Are Crypto Apps a Good Vehicle For Scammers?
Part of the reason that crypto apps seem like a good vehicle for scammers is simply the speed at which the cryptocurrency industry has grown. The growth of the modern crypto industry has attracted plenty of legitimate businesses and companies, but also bad actors looking to exploit unaware people. There have been a number of apps listed on the App Store that have seemed legitimate, but have been, in the end, scams. Fraudulent apps might appeal to people by offering things like:
- Trading without risk.
- Guaranteed return on investments.
- Offers that are only valid for a limited time.
- Profits that are high on a daily basis.
- Opportunities that are exclusive.
Unfortunately, many of these offers are mimicking things that legitimate crypto apps might also offer. A good rule of thumb is that if it sounds too good to be true, it probably is. In the past, fraudulent crypto apps have stolen not only funds deposited into them, but also other sensitive user information.
While Apple does review every app before it is listed on the App Store, their review process is far from perfect, as history shows. This means that users should perform their own research and be diligent when downloading any apps, rather than simply assuming an app listed on the App Store will be 100% genuine.
Only Download Apps From Trusted Sources
While it might seem obvious, one of the best ways to stay safe is to make sure that you only download apps from trusted sources. Now, as we specified above, that doesn’t automatically include the App Store. It’s better to do some research, find a cryptocurrency exchange that you can trust, and download their app directly from their website, or ensure that the one listed on the App Store is indeed from them.
Most legitimate crypto companies will have invested in consistent branding, so it should be relatively obvious when you look at the apps in the App Store which ones are associated with which brands. But look-alike imitation scams can exist, and you should double-check before downloading, even if the branding looks right.
Do Your Own Research
Before you download any app, especially one that includes financial transactions such as a cryptocurrency exchange, you should do a little research. And by research, we don’t mean just reading some of the reviews on the App Store; research includes snooping around for information like:
- Where is the physical location of the company?
- How long have they been operating?
- Is their leadership structure publicly listed?
- What security practices do they follow?
- Are they regulatorily compliant?
- Is there independent news coverage that aligns with their press releases?
Services like crypto exchanges, especially ones that have existed for any length of time, are going to have a trail of evidence to their legitimacy. Independent news stories, user reviews and press releases about their activities should all be easy to find. The less information you can find about a company, the more suspect you should be of them.
Before creating an account or depositing funds, spend a few minutes researching the company.
Practice Good Cybersecurity Hygiene
This is advice that should be followed regardless of whether you are engaging in crypto trading or not, but it needs to be said. Practice good cybersecurity hygiene and keep your devices secure. For Mac owners, good cybersecurity hygiene includes:
- Using two-factor authentication.
- Using passwords that are unique and strong.
- Keeping your macOS up-to-date.
- Keeping other security software up-to-date.
- Remaining cautious about phishing scams.
- Staying away from suspect downloads.
It doesn’t matter if you are using the most trustworthy crypto trading platform; if your device’s security is as full of holes as Swiss cheese, you aren’t secure.
Credit: Source link
