🛑 The Rise of Fake Crypto Arbitrage Trading Platforms: A Growing Scam You Must Know About.
Over the years, we've seen many crypto scams, but this one stands out as one of the most dangerous: ⚠️Crypto Arbitrage Trading.
What is crypto arbitrage? Why is it being used for scams? Let's break it down 👇
🔍 What is Crypto Arbitrage?
Well, crypto arbitrage trading simple means trading between two exchanges, you buy a particular coin at the lowest price on first exchange and sell it at the highest price on second exchange. So simple right?
Now why is it dangerous and scam?
🛑 Here's the Danger Part.
There are a lot of ads, fake account, or sites promoting crypto arbitrage trading. These platforms claim to use advanced algorithms to exploit price differences between exchanges "aka crypto arbitrage".
Sounds legit, right? But here is the tricks..👇
🛑 The New Scam Format 🛑
These scammers operate a network of cloned or rebranded sites claims to offer a higher prices, secure swap, risk free trading and etc... it's all fake. Once you deposit crypto you see profits but it's fake. Don't fall for it. Here's Why! 👇
⚠️This is what happens after making a deposit:
🔺Lock Withdrawal: All funds will be frozen and you won't be able to withdraw your funds.
🔺Demands KYC or more deposit to unlock funds: The site or their customer assistance will ask you to complete invasive KYC via a suspicious third-party or deposit a minimum of some amount before you can make a withdrawal or get no refund at all.
This sites often uses fake 5-star reviews floating on some legit review platforms.
Some users reporting losses ranging from $200 to $80,000, thinking they have discovered a new crypto trading strategies.
Yeah! there's real arbitrage trading but it's competitive, complex and never risk free.
Protect yourself and use trusted exchange like..#Binance
END OF POST.
🔗 Share this post to protect others,
Let's raise awareness and the more people we reach, the few people will fall for this scammers trap. Don't forget to always #DYOR #ScamAlert 🤝
