Cryptocurrency investors are being targeted by an increasing number of Bitcoin trader scams.
Bitcoin, a decentralised digital currency, was introduced to the market in 2009 by a mystery developer named Satoshi Nakamoto.

It was created to act as a virtual coin and a form of payment beyond the authority of any individual, group, or entity, thus terminating the necessity for third-party involvement in monetary transactions.

It is rewarded to blockchain miners for the work done to demonstrate trades and can be bought on multiple exchanges.
Currently, it is the leading cryptocurrency in the market. Its popularity has resulted in the development of multiple other cryptocurrencies. There are, at present, 21 million Bitcoins in the market.

Tricksters are always waiting for a chance to steal investors' money. The massive popularity of Bitcoin and the technological advancement in recent years resulted in numerous Bitcoin trader scams. According to [blockchain data firm Chainalysis](https://blog.chainalysis.com/reports/2022-crypto-crime-report-introduction/), cryptocurrency scams had a record-breaking year in 2021 – scammers stole $14 billion of crypto last year. Investors interested in Bitcoin must know how to recognise these ongoing crypto scams and the best practices to avoid them and save their money.

## How to Recognise Bitcoin Scams?

Caution signs to look out for include:

1.   Assurances of guaranteed returns:
 Bitcoin is a volatile investment. It has its ups and downs in the market. No monetary investment can assure future returns because investments can go down and up. Any Bitcoin offer that guarantees you future returns is a big red flag.
2.   Free money:
Free money is a scam. Free money is a myth, any investment opportunity, be it cash or digital coin promising free money, is likely to be fake.
 Any individual or company asking you to invest in Bitcoin and enjoy free money return is scamming you.
3.   Exaggerated marketing:
All enterprises advertise themselves. But one way that crypto scammers lure people is by investing in a hefty marketing strategy. This could include online advertising, paid influencers, and offline promotion. This is planned to reach as many individuals as possible to raise finances fast in the shortest time feasible. If the crypto offering marketing feels heavy-handed or drives grand claims without backing them up, break and do detailed research to save yourself from such a scam.
4.   Bitcoin craze:
Bitcoin rose dramatically in value because genuine investors consider it a promising investment to buy at the right time, hold, and sell when the market is high. Always avoid "investment opportunities" that promise you a good return and ask you to invest in Bitcoin for Bitcoin's sake.

## 5 Common Cryptocurrency Scams

Cryptocurrency has evolved as a hunting ground for scammers. Let's dive into some common cryptocurrency scams.

1.   Fake websites

Fraudsters create phony cryptocurrency trading platforms or fake interpretations of authorised crypto wallets to scam gullible investors. These fake websites generally have similar, but slightly distinct domain titles from the sites they try to emulate. They look identical to legal sites, making it hard to differentiate. Fake crypto sites usually function in one of two ways:
•	As phishing pages - All the data you share, such as your crypto wallet's password, recovery phrase, and other monetary data, end up in the tricksters' hands.
 
•	As straightforward theft - Initially, the site may allow you to withdraw a small number of funds. As your investments function well, you tend to invest more money in the site. However, the site closes down or rejects the request when you want to withdraw your money later.
2.   Pump and Dump Scams
 
This scam sees a specific coin or token being promoted by scammers via an email blast or social media such as Twitter, Facebook, or Telegram. Traders often fall prey to such schemes and rush to buy the coins promising huge returns in a short time. Having thrived in raising the price, the tricksters then trade their holdings, resulting in a crash as the investment's value sharply falls. This can occur within minutes.

3.   Phishing Scams

Crypto phishing scams usually target data related to online wallets. Fraudsters target crypto wallet private keys, which are needed to access coins within the wallet. Their working method is similar to other phishing attempts and connected to the fake websites explained above. They send an email to draw gullible investors to a specially designed website asking them to enter personal critical data. Once the scammers have received this data, they steal the cryptocurrency in those wallets.

4.   Blackmail and Extortion Scams

Another trick crypto fraudsters use is blackmailing. They send emails that proclaim a history of adult websites accessed by the user and threaten to reveal them unless they share private keys or send cryptocurrency to the scammer.

5.   Scheming Initial Coin Offerings (ICOs)

An ICO is a mode for start-up crypto firms to raise funds from future customers. Usually, users are guaranteed a discount on the new crypto coins in trade for sending popular active cryptocurrencies like Bitcoin.

## 10 Best Practices to Avoid Bitcoin Trader Scams

Many crypto scams are sophisticated and influential. Here are measures to save yourself from such situations.
1.   Don't believe in celebrity-backed offers:
One of the significant crypto scam trends includes fake celebrity-backed offers. BBC TV show Dragons' Den was one of them. The scam involved people going crazy behind Bitcoin investments because it was presented as celebrities supporting Bitcoin. But it was fake and was a trick used by fraudsters to steal investors' money.
2.   Protect your wallet:
To invest in Bitcoin, you require a wallet with confidential keys. If a company requests you share your keys to partake in an investment chance, it's highly likely to result in a scam. Make sure you don't share your wallet keys with strangers.
3.   Keep a watch on your wallet app:
In the initial stage of transferring money, make sure first to check the legality of a crypto wallet app. Do it by performing a small test of sending a small amount first. If, while updating a wallet app, you detect questionable behaviour, close the update, and uninstall the app instantly.
4.   Take your time:
Fraudsters often use high-pressure techniques to pressure you to invest your funds fast – for example, by assuring rewards or discounts if you partake instantly. Take your time and conduct your own analysis before financing any money in Bitcoin.
5.   Be cautious of social platform adverts:
Crypto fraudsters often use social platforms to boost fraudulent tactics. They may use unauthorised pictures of superstars or high-profile business individuals to build a sense of legality or guarantee giveaways or free cash. Beware of such tactics and don't fall prey to such scams promoted on social media. 
6.   Avoid cold calls:
If a person suddenly contacts you to tell you about a crypto investment opportunity, immediately cut the call, block the number and inform the police. Never reveal personal data or transfer money to a person who reaches you in this way.
7.   Do your research:
If you are new to Bitcoin investments, it's good to conduct thorough research about the digital coin before investing your funds. Look if there is a whitepaper you can read, find out who handles it and how it functions, and scrutinise for honest reviews and testimonials.
8.   Examine Links:
Before downloading any document or accessing any links online, examine the website to ensure it is trustworthy and is SSL-certified. With technological advancements, scams related to fake websites are increasing, so it's good to avoid landing on unsecured websites.
9.   Companies too good to be true:
Businesses that promise assured returns or overnight riches are scams. These companies have their chain set up to lure investors into investing in their fraud schemes by attracting them with positive Bitcoin returns.
10.   Only install apps from authorised platforms:
Although phony apps can end up in the Google Play Store or Apple App Store, installing apps from these mediums is more secure than elsewhere.

## Final Thoughts

[Bitcoin](/coins/btc) is the most popular crypto coin in the market. With its popularity comes a high possibility of fraud. Crypto fraudsters tend to sell the information they have collected to other scammers. So, investors must scrutinise before investing funds and update their usernames and passwords across the board to avert further damage. Remember, keep your wallet key private, double-check every URL, and if something appears too good to be true, avoid it as it will probably be a scam.

Finally, as with any investment opportunity, never invest money you can't afford to lose. Even if you're not being scammed, cryptocurrency is volatile and speculative, so it's critical to comprehend the stakes.


Bitcoin Trader Scams - Best Practices to Avoid Them

Tricksters behind the Bitcoin Trader scam have been exploiting pictures of celebrities from the hit TV show Dragon's Den to attract gullible investors to invest.

It is a scam. The pictures and false quotes have attracted investors into a get-rich-quick [bitcoin](/coins/btc) scam on websites and social platforms.

Let's discuss in detail the Bitcoin Trader scam.

## What is Dragon’s Den?

[Dragons' Den, produced by the BBC](https://www.bbc.co.uk/programmes/b006vq92), is a popular UK reality TV show. Promising entrepreneurs put their business visions to professionals and ask for investments.

The show features a board of investors known as "dragons" who are ready to place their own money in potential business visions.

## What is the Bitcoin Trader Scam?

The Bitcoin Trader scam is a phony investment opportunity that falsely asserts that it is connected with the famous BBC show. The scam has distinct versions, but all share one common trait; they ask for money from unsuspecting investors in trade for a fake investment option.

Tricksters draw gullible investors into trading with their money by manipulating pictures of celebrities from the TV show on websites and social media platforms.

The Bitcoin Trader scam is an example of how phony sites exploit the names of renowned public figures, superstars, and TV shows to encourage a get-rich-quick strategy. It's not a genuine investment opportunity, but something to trick innocent people and take their money by luring them with false promises.

Some of the well-known false claims from the Bitcoin Trader scam include:

•	A phony news report asserting Deborah Meaden, one of the investors on Dragons' Den, made a £250,000 investment in bitcoin. It is not true.
•	A bogus interview with Sarah Davies and Jenny Campbell, two new investors on Dragons' Den, asserting they had invested in bitcoin. Again, it's completely fake.
•	A fake interview with Peter Jones claimed he was initiating a bitcoin investment program after witnessing the get-rich-quick bitcoin scheme. This is also false.
•	Last, but not least, Theo Paphitis is said to be backing bitcoin as a lucrative cryptocurrency on the Dragon's Den show. This, too, is phony.

## In Summary

Bitcoin Trader is a scam. It's a phony get-rich-quick system that falsely promises investors enormous profits within a short span.

It is not legal.

Advances in technology bring advances in digital fraud, and cryptocurrency is not immune. Investors should conduct thorough research of the website or social media platform before investing their money.


Bitcoin Trader Scam: Dragon's Den

In this review, we discuss [Bitcoin Trader](https://www.bitcointrader.com/), a cryptocurrency trading bot whose aim is to improve the profitability of crypto traders within the market. 

The [Bitcoin](/coins/btc) robot was developed as a flexible trading tool, merging automated and manual trading tools to benefit a wide range of traders. It is easy to operate and works based on predefined rules set by users. These can be altered at any time; the rules can be changed based on the trader's preference, experience level, or risk appetite.

Machine learning models and artificial intelligence are used by Bitcoin Trader to analyse the markets and spot movements of various trends. Thus, finding the best entry and exit points for trades and increasing the trader's chances of a higher return. The developers of this robot state that it scans the latest market news, analyses trends, and enters trades quickly and frequently, with the system being 0.1 seconds faster than the market itself.

## Strain on Users Reduced

They add that the bot can help with market analysis and reduce the strain of extensive research on users. It is also believed that the bot is 85% accurate. Furthermore, it ties traders with brokers across the world. The broker then bears the responsibility of position sizing and trade execution. 

The system also allows you to set your specifications and trade based on your research. This suits more experienced traders, who better understand the market and are more comfortable conducting their research. The goal is for you to make a profit regardless of your trading strategy or system.

The robot’s speed also extends to its transactions, processing deposits within minutes. Withdrawals are also processed in 24 hours. The bot doesn’t charge any fees for transactions or account maintenance, nor are commissions taken on your trades. This greatly benefits the customer, as your only cost is the minimum deposit, which currently stands at $250. This price is in line with many other crypto trading bots in the financial space. With the demo account, you get the chance to do proper research and improve your position. There is also customer support via email and phone.

#No Software Installation Needed

Bitcoin Trader is a web-based platform, so no software installation is needed, and no updates need to be downloaded. It can be used from any desktop, laptop, tablet, or mobile phone worldwide, providing there is a stable internet connection. Also, even though the name is Bitcoin trader, you can trade a vast number of cryptocurrencies on the platform. Verification is also quick, with the only information required being the user information and their payment details.

The Bitcoin Trader robot seems credible, with a success rate of 85%, and there are no fees apart from its minimum deposit amount. However, there are risks involved, as with any form of trading, that can lead to you losing your initial deposit. Therefore you must approach the bot with caution and proper research before using it to put on trades. You must start with funds that you can do away with and only trade within the appropriate risk parameter and don’t trade over the minimum balance.



Bitcoin Trader Review: What Is It?

This is the story of the bitcoin trader and the TV series Dragons' Den and how crypto scammers falsely used Dragons' Den as a front for a Bitcoin scam. 

There are 21 million [Bitcoin](/coins/btc) in existence, and, right now, 16.3 million have been mined and are being traded. It is widely believed that the last Bitcoin will be mined by 2140. This has made investors, enthusiasts, and others interested in the cryptocurrency.

Bitcoin is the world's most popular cryptocurrency; it is digital money to replace traditional currencies. All Bitcoin transactions are processed by a technology called blockchain, which is considered revolutionary and has the potential of changing economics and finance.

And now, Bitcoin scammers are eager to get a hold of any Bitcoin they can, and they can go to any lengths. A recent story to hit the news is how scammers used images of stars of the popular TV show Dragons' Den to lure victims into giving them the digital currency Bitcoin.
It was the story of Bitcoin trader Dragons Den and a scam to take investors' money.

These scammers use social media to post these stars' images and fake quotes to lure their victims into the con. Peter Jones and Deborah Meaden, both stars on the show, were among those whose images were used to lure unsuspecting victims.

Bitcoin trader platform claims that they offer automatic trading that helps customers make over $10,000 daily. Even claiming their customers work 20 minutes a day. Stars of Dragons' Den were a front for these outrageous claims. It was claimed that Jones invested £2 million for a 25% share, and it was falsely stated that Meaden invested £250 to test the service and made £100 in profits in eight minutes.

This isn't the first time scammers have pulled off scams like this, using pictures of famous people to lure people into making investments that are scams. Images of other Dragons' Den stars have been misused for scams like this.

In March of 2018, scammers used the faces of the stars on the Irish version of the show to promote their scam activities. These people use the faces of famous people or business magnates to lure victims because they are influential and can easily convince victims and people into making investments. The faces of business leaders Elon Musk and Bill Gates were used to scam victims in 2020.

## Dragon Den Denied Any Involvement

Dragons' Den strenuously denied involvement in this scam. Meaden herself said it's essential to do a thorough check before making online transactions because online fraud is rampant and sophisticated.

Does it sound like it might be too good to be true? Then it probably is. Online crypto scams are everywhere now and it's advisable to take care before committing to any investment online, especially where outrageous profits are promised.


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