A crypto exchange scam imitates a real cryptocurrency trading platform: polished design, live chat support, a balance that grows every day. The problem starts when you try to withdraw. Here are the five signs we see in almost every case we analyse.
1. The crypto exchange scam starts with a message
It all begins with a message on Telegram, Instagram or WhatsApp, often from a very polished profile. Real exchanges do not look for clients this way. Also, the “adviser” pushes you to open an account straight away, with a small test deposit.
2. Profits that are too steady
High, steady returns do not exist in real markets, where prices go up and down. A chart that only goes up is the first clue that the numbers on the screen are made up.
3. The crypto exchange scam asks for a tax to withdraw
This is the clearest sign. When you try to withdraw, taxes, anti-money-laundering checks or “release fees” suddenly appear, to be paid in advance. Sadly, every further payment is almost always lost.
4. The website is new or keeps changing address
Domains registered only a few months ago, or that change name often, are a warning sign. Before investing, also check the warnings published by the Consob and by your own regulator about unlicensed platforms.
5. Pressure and urgency
“Offer valid today only”, “your account will be closed”: the rush is there to stop you thinking and asking someone you trust for advice. A genuine service always gives you time to check, read the terms and talk to a family member or your adviser.
What to do after a crypto exchange scam
Do not send any more money and save all the evidence: chats, wallet addresses, transaction hashes and receipts. Then report it to the police and follow our guide on what to do after a fraud. Finally, ask for a case assessment: with on-chain fund tracing we can work out where the cryptocurrency sent to the fake platform ended up.