Cryptocurrency scams are exploding: fake investment platforms, identity theft, phone scams, promises of unrealistic returns… Many investors lose significant amounts after making transfers to fraudulent platforms. Yet there are simple warning signs to spot.
In this article, we give you 7 essential checks to carry out before investing, along with the right steps to take if you’ve been scammed.
1. Check the website’s HTTPS protocol
A secure website always starts with https://. The small padlock visible in the address bar guarantees that data exchanges are encrypted. The absence of HTTPS is an immediate red flag. It means your data (password, bank details, etc.) could be intercepted.
2. Analyse the platform’s Terms and Conditions
Take the time to read the Terms of Use (ToU) and the Terms and Conditions of Sale (T&Cs).
- Is the information vague or contradictory?
- Are users’ rights clearly defined?
- Does the platform specify the applicable jurisdiction in case of dispute?
Incomplete, copied or generic T&Cs are often a sign of a fraudulent platform.
Terms and Conditions are essential legal notices for any professional website (GDPR web compliance guide 2025).
3. Verify the platform’s identity
A serious company clearly displays:
- Its trade name and registered company name
- Its registration number (Companies Register or equivalent)
- A verifiable postal address
- A professional contact email (avoid Gmail/Yahoo addresses)
- The name of an identifiable person in charge
A platform with no legal notices or whose details cannot be found online should be avoided.
4. Test the withdrawal process
Victims often report that they were able to deposit money… but never withdraw it. Before investing further:
- Run a test with a small amount
- Try to withdraw your funds
- Check user reviews about this feature
Blocked withdrawals are a typical sign of a crypto scam.
5. Enable two-factor authentication (2FA)
Even on a reliable platform, secure your account:
- Choose a strong and unique password
- Enable two-factor authentication (2FA) via app or SMS
- Never share your login credentials with a third party
A compromised account can be used to carry out transactions without your knowledge.
6. Assess transaction security
A serious platform:
- Uses encrypted connections
- Offers suspicious activity alerts
- Involves identity verification (KYC) processes
Avoid platforms that allow you to deposit large sums without any identity verification.
7. Research the platform’s reputation
Before transferring money:
- Check the blacklists of the AMF and the FSMA
- France: AMF blacklist
- Belgium: FSMA warnings
- Search for reviews on Google, Trustpilot, Reddit, crypto forums
- Check whether the site has been the subject of complaints, investigations or press articles
Have you been scammed? Here’s how to react
In Belgium:
- Report the scam via the FPS Economy’s Point of Contact
The Federal Public Service Economy has set up a dedicated platform for reporting fraud, deception, scams and swindles. You can file a report online via pointdecontact.belgique.be.
- File a complaint with the local police
It is recommended to go to the police station in your area of residence to file an official complaint.
- Consult the FSMA
The Financial Services and Markets Authority (FSMA) provides information and warnings about financial scams. Check their website to see if the platform in question is listed as fraudulent: fsma.be.
In France:
- File a complaint online via the THESEE platform
The Ministry of the Interior has set up the THESEE platform (Traitement Harmonisé des Enquêtes et Signalements pour les E-Escroqueries) allowing victims of online scams to file a complaint or report an offence. Access this platform via service-public.fr.
- Report fraudulent content on PHAROS
PHAROS is the official platform for reporting illicit content and behaviour online. You can file a report via internet-signalement.gouv.fr.
- Contact Info Escroqueries
A telephone helpline staffed by police officers and gendarmes is available to inform and advise you on fraud matters. Reach them on 0 805 805 817 (free service and calls) Monday to Friday from 9am to 6.30pm.
- Go to the police station or gendarmerie
You can also go to the police station or gendarmerie brigade in your area of residence to file a complaint in person.
It is essential to act quickly in case of a scam in order to maximise the chances of recovering funds and preventing further potential victims.