Crypto attracts a lot of scams, and because crypto is largely unregulated in the UK, getting your money back can be very difficult. A few habits go a long way toward keeping you safe.
Warning signs of a scam
- Promises of guaranteed, fixed, or unusually high returns.
- Pressure to act fast, or to deposit more to “release” withdrawals.
- Unexpected contact, fake celebrity endorsements, and lookalike apps or websites.
- Anyone asking for your recovery phrase or remote access to your device.
Simple ways to protect yourself
- Check firms on the FCA Register and the FCA Warning List.
- Turn on two-factor authentication and never reuse passwords.
- Never share your recovery phrase — no legitimate service needs it.
- Be sceptical of “opportunities” found through social media or messaging apps.
If you think you’ve been targeted, you can report it to Action Fraud. See also our UK crypto safety guide.
Crypto is high risk and largely unregulated in the UK. You could lose all the money you invest, and most crypto is not protected by the FSCS or the Financial Ombudsman Service. This is educational information only, not financial advice. Only invest what you can afford to lose.