FIFO Bitcoin Scam watch
Its rough and tumble in the crypto space!
Read below to help you navigate the bullshit
from legitimate investing
Is FIFO Bitcoin a scam?
First up, lets get this out of the way !! As FIFO Bitcoin is new in the Bitcoin space, the first thing people are going to ask is, “is FIFO Bitcoin a scam?”.
The best way to address this is; we do not offer investment packages, fantastical returns or new crypto currency. We simply give FIFO workers the ability to quickly and easily purchase Bitcoin and load it onto their own wallet.
We do not hold onto your Bitcoin and we certainly don’t want to. If you are investing in Bitcoin, understand that there is no Bitcoin Help Desk and you and only you are resposible for securing your Bitcoin.
So that you know the companies and people behind FIFO Bitcoin, we encourage you to check out our About Us page.
The Golden Rule of identifying a scam!
We always ask first time Bitcoin traders – why do you want to invest in Bitcoin?
If they respond that they want to use it in an investment trading platform, we advise them against it in the hardest possible terms.
Why is that….. its because…
If you’re asked to send Bitcoin or other Crypto for investment purposes with the promise of high returns it’s a scam. 100% of the time.
You are absolutely being scammed!!
Various Scam Methods we've come across
Unfortunately, as Bitcoin is decentralized and difficult to trace, it is also being used by unscrupulous scumbags in many variations of scams. Throughout our years in Bitcoin trading we have seen many types, but most of them can be boiled down into three main types and by following some simple rules you can avoid them easily.
BItcoin Investment or Bitcoin Mining Scams
Almost always these operations guarantee a daily return of 1% or more and they are presented in a flash looking website. The most common indicator is that they have something like this up on their website:
The low life pieces of sxxt behind these scams promise to generate these fantastic returns through “smart crypto investing done by their team of experts” or through investing in Bitcoin mining operations. These are complete lies. They will fabric you a “log in” and even send you excel sheets or live data feeds of your “investment returns”. However as soon as you try to withdraw funds, things start falling to pieces like a 2012 Great Wall Ute. They will give you bullshit excuses like technical issues, or you need to send more Bitcoin to make a withdrawal. Not even banks, as bad as they are, would try that on their customers!!
The Celebrity Endorsed Bitcoin trading platform and Youtube data harvesting
Scammers have been able to gain interest from people starting out in Bitcoin by using fake celebrity endorsements. Everyones favourite Waleed Aly (jokes), Mike Baird, Eddie Maguire, Hugh Jackman and other prominent Australians are illegally used as “promoting” these investments. They most certainly are not promoting them and have not given permission for their images to be used for this purpose
If you see facebook or other ads on the internet similar to the below pic, DO NOT OPEN THEM.
Something to look out for when first looking at investing in Bitcoin is commenting or giving thumbs up to Bitcoin Youtube channels or new Crypto Chat groups on facebook.
More recently scammers have been using Youtube and Facebook as a platform
to contact scam victims. They will set up a Youtube channel and post in general
about the great returns of Bitcoin. If you comment or like the video, they then
reach out to you via email, Whatsapp or Facebook chat to “discuss Bitcoin investing”. This
invariably leads to them asking you to invest with them.
If this happens to you, block the person and whatever you do DO NOT ENGAGE with them!
They are invariably silver tongued bastards who will do their best to suck you dry of as much Bitcoin as they can get out of you.
Brand new Crypto Launch Investments
We have seen recently scammers purporting to offer traders a
“ground level entrance” to a brand new crypto currency!
They will tell you it’s a once in a life time opportunity to get in on the ground floor of a new crypto
currency that is only available – at the moment – on one exchange. They will claim
that it is about to be launched on all the main exchanges and you can get in
early and buy at a cheap price. However they only accept Bitcoin as the trading
The exchange they will show you where this “new crypto
currency” is being traded will look legitimate for first time traders.
Unfortunately it is as fake as a Bali Rolex!
If a crypto currency is only available on one exchange and is not available on Binance, Bitmex or Kraken, it is almost certainly a non starter and in most cases a complete scam.
The most recent one that we have seen like this is a supposed digital version of China’s currency the Yuan. You guessed it, you can only trade on the one platform and you have to pay with it in Bitcoin!
Tips on how to identify and avoid Bitcoin Scams
If you are unsure if the investment you are being enticed into is a scam, refer back to our initial No Ifs – No Buts message at the start.
If that hasn’t made you change your mind use the following check list. If ANY of these points ARE applicable, then its definately a scam.
- Is there a person you have not met contacting you about investing in Bitcoin and wants you to send Bitcoin to their investment platform?
- Is the company you are wanting to invest with offering what appear like fantastic returns, i.e. 1% or more per day?
- Is the company you are wanting to invest with NOT based in Australia and don’t appear to have any official country that they operate in? * Check their About Us page to find this.
- They are endorsed by a celebrity
- They didn’t ask to verify your identity.
If you think that that some bastard has or is trying to take advantage of you by any of the above or like scam operations, we recommend the following:
- Cease ALL communication with whatever person or group is communicating with you. If they are communicating with you via Whatsapp or other chat services block them. Excpect them to reach out using another number or profile. Block them there as well.
- Do not share any personal information with the person if not too late.
- Keep your Mobile phone and Computer up to date with the latest anti virus. Don’t be a tight ass, spring some dollars for a good one!
- Reset all your passwords and don’t use the same password for all your accounts. Again spend some of that hard earned $ on a password manager, they are only about $20 a year.
- Get in touch with your local coppers. They will be able to point you in the right direction re legal recourse if required.
To wrap up, we recomend having a read through the ACCC’s Scam watch site HERE for more info.
Finally stay safe out there people. Bitcoin is fantastic in its own right, you don’t need to chase high returns for it to be an excellent investment!
What are you waiting for?
Deciding where to invest your hard earned money is a serious step. The team at FIFO Bitcoin understand this and are here to assist. We’ve helped Australians trade Bitcoin since 2019 and our payment partners have been involved since 2014. Both Australian-based teams are passionate about crypto and are here to make the process easy!