Unfortunately, as cryptocurrency becomes more popular in Malaysia, so are scammers. You may have seen colorful ads on social media or gotten messages that promised cheap money, quick returns, or “guaranteed” benefits. These deals may seem too good to be true, but the only thing more spectacular than the promises is the deception that is hidden behind them. Being careful and knowing the common methods that scammers employ is the first step to keeping your hard-earned money safe. Read this!
First of all, always use platforms that are fully registered with the Malaysian Securities Commission (SC). Don’t hurry for a website or app that promises really high rates or perks. Fake exchanges may look and sound like authentic ones, but they are really trying to steal your money. Check the official SC website to make sure the exchange is real before you put money in. Save the true site as a bookmark and don’t click on links in emails or texts that you don’t know.
Keep in mind that reliable exchanges or customer service would never contact you out of the blue and seek for personal information. If someone says they are from the support staff and asks for your password, one-time code, or seed phrase, block them right away and report them. No legitimate platform will ever need this information from you to fix an issue.
Be careful of those who call themselves “crypto gurus” or investing groups, especially on chat platforms like WhatsApp and Telegram. Scammers like to create groups that say they have “signals” for buying coins or that they know something that other people don’t. If someone asks you to pay up front, tells you to move quickly, or keeps saying “seats are limited” or “the price is going up any minute,” it’s probably a scam meant to scare you and make you act without thinking.
Stay away from programs that promise extra rewards or bonuses for getting friends and family to sign up. These are usually multi-level marketing (MLM) schemes or blatant Ponzi schemes, where you make money by getting additional people to join instead of really trading. If a program promises returns and makes it hard to get your money back, that’s a big red flag.
Be careful of phishing attempts as well. These could be emails or websites that seem a lot like your favorite crypto platform but have a web address that is a little different. Always type down website URLs yourself, and never believe communications that say you need to do anything right away. If you’re not sure, use the details on the main website to get in touch with official support channels, not the email or message.
If you’re ever not sure, stop and ask someone else. You can ask questions on well-known public crypto forums or talk to experienced members of well-known Malaysian crypto clubs. A real chance won’t make you behave in secret or make you make judgments quickly.
You need to be skeptical and use common sense to stay safe in the world of crypto. There are chances to make money, but there are also frauds. Taking your time and doing your research will help you avoid scams and keep your experience with bitcoin good. Even experienced traders can get caught up in the excitement, so it’s always a good idea to remain on the lookout.