“Buyer beware!”

This adage is well known to investors in stock markets, but it’s worth bearing in mind in life generally — and especially when doing anything online. Scams have evolved fast to embrace digital, and unfortunately as a result we’re seeing increasing levels of fraud involving crypto markets and cryptocurrency products.

So it’s hardly surprising that the majority of people searching for advice about scams on the website of the UK’s Financial Conduct Authority are looking for help with digital assets. Scammers use social media to advertise their schemes, and even sometimes fake investment recommendations from famous business people or celebrities.

But of course social media is also used by legitimate firms like ours to update the community on their projects. So it can be hard to know what’s genuine and what’s not.

At OAX Foundation, we want to make sure everyone interested in the work we do keeps themselves as secure as possible from scams. We’re also all about promoting a safe and secure digital asset trading ecosystem. So here are our top four tips for staying safe and avoiding the scams:

Watch out for unverified social media accounts. Always check that the links are verified by the company. For example, OAX’s official social accounts are these:

2. Watch out for anyone promising high returns on digital asset trading. Always be wary if you’re pressured to invest quickly or promised returns that sound too good to be true — they probably are!

3. Do research on the company and examine its background. Make sure that the projects a digital asset claims to support are actually in existence. Whitepapers (like ours here) and project updates (like this one) will show you that the company actually does what it claims to do, and isn’t out to scam you.

4. Think twice and don’t be rushed into make an investment decision. A genuine bank or financial organization won’t force you to make a financial transaction on the spot.

At OAX Foundation, we’re building a platform to offer a transparent, secure and fast way for everyone to trade digital assets.