Crypto currency: Steer clear of schemes that promise quick returns | Hyderabad News

Crypto exchanges are urging investors to stay away from schemes that promise doubling of investments and to be wary of fake apps and sites that try to extract personal details. Avinash Shekhar, Co-CEO, ZebPay, explained that most scams follow a similar pattern, which is asking you to transfer your crypto to an address to double it overnight or to share your personal information. “Any such scheme that offers an overnight doubling of your asset or that asks for your personal information falls in this category. If you want to invest in crypto currency, look for legitimate exchanges that offer a secure platform,” Shekhar said. He also warned about impersonators of popular crypto exchanges on social media. “We recommend following official channels,” he said. Ramalingam Subramanian, head of brand, marketing & communications, CoinDCX, said one needs to have a fundamental understanding of technology. “Thorough research is important. While investing, one should ensure the app or platform is genuine and has a proper KYC protocol,” he explained. Subramanian said new investors should invest minimal amounts. “While investing, one should make sure they invest in genuine tokens instead of fake ones that promise to double your returns quickly,” he said.

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