To buy and sell Bitcoin in Nigeria can be complicated and a bit confusing for new users, which
makes them easy targets for scammers who are always on the lookout for their next victim.
Therefore, it is very important that you update yourself with the different and most common ways people get scammed when buying and selling bitcoin in Nigeria and take necessary actions to protect your investments and finance.
5 Ways People Get Scammed when they Buy and Sell Bitcoin in Nigeria
This is a means at which personal data such as passwords, security number and vital financial information are extracted from an individual through dubious and deceptive means.
Phishers usually use emails as their weapon of attack. In the case of Bitcoin, you may get an email claiming or mimicking one of the exchanges you use stating that your account would be closed if you don’t change your password immediately, then you will be required to put in your old passwords and other personal details, which then grants the phishers easy access to your bitcoin wallet.
2. Ponzi and Money Doubling Scheme
This is always just a classic case of robbing Peter to pay Paul. Unsuspecting new victims are
usually invited into a money doubling or tripling scheme and they are promised massive returns on their investment. Meanwhile, the investments of the new members are usually used to pay the already existing members/investors. The existing members are the luckiest as they usually get their first pay-outs as promised, just to gain their trust and build word of mouth referrals. However, immediately large investments are made, the system crashes and every other member loses their investment.
3. Money Transfer Fraud
Fraudsters will usually send you emails or text messages asking you to help them move some money as they are unable to do so themselves due to one reason or the other while promising a certain percentage for your assistance. The fraudsters do target the most credulous and vulnerable victims, and then abscond once the first bit of the transaction is done in their favor.
4. Fake Exchanges
It’s no news that bitcoin has become popular and people are venturing into this gold mine, however, scammers also know that this is another gateway to dupe people of their resources. So they take advantage of creating fake exchange sites or boards, by offering extremely mouth-watering market prices to users, and then run away with their money with no exchange done or completed.
5. Free Giveaways
In this digital age where information travels very fast, especially across all platforms on the internet, scammers tend to lure their victims through freebies and giveaways. The scammers then use this as an advantage to dupe people by offering free giveaways of bitcoin in exchange for paying a small registration fee. Do not fall for this trap. Avoid it, if it is too good to be true.
Ten Ways To Avoid Being Scammed When Buying and Selling Bitcoin in Nigeria
- Avoid clicking suspicious links sent to you via email, WhatsApp, text message, social media and other platforms.
- Never disclose your private key.
- Stick with only trusted exchanges like NairaDirect and Exchangeindeed
- Use your common sense and don’t be greedy.
- Don’t ever be pressured into depositing funds or providing any personal information.
- Watch the kind of wallet you download from the app store. Only download apps and software from Trusted wallet providers and exchanges.
- Make a thorough research on any exchange or wallet before creating an account.
- Never trust a scheme that promises returns that sound too good to be true. This is an easy way to scam people.
- Update your PC and smartphone antivirus software regularly to protect yourself against malware
- Don’t trust unsolicited emails or phone calls.
The best thing anyone can do to safeguard their investment is to do due diligence. Hence
make inquiries before you buy and sell bitcoin online. Check customer reviews online and
only buy from trusted and verified exchanges like NairaDirect and Exchangeindeed.