In general, there are five types available on the play store namely, Crypto Price Tracking Applications, Crypto News Applications, Crypto Wallet Applications, Crypto Trading Applications, and Crypto Mining Applications
Each cryptocurrency has a different purpose. However, I will primarily be focusing on how to spot fake cryptocurrency android applications and also explain their intentions.
Spot fake Cryptocurrency android apps
As cryptocurrencies’ value is growing, hackers have found a new market to continue with their fraudulent activity, smartphone applications. A study shows that most of the android applications are vulnerable to many security risks.
You can follow these few steps to spot the fake applications, check the legitimacy of the application, analyse the ratings, downloads, and reviews, check the reputation, read scam news on Crypto news sites and do some research on the person or organisation behind the application.
No matter how careful you are, you cannot eliminate the security risks, but you can significantly reduce the chances of falling into a trap. Now let’s discuss every step in detail.
Check the legitimacy of the Application
First of all, check the legitimacy of the application with the utmost care. If you are downloading a new application, then you need to be very careful about your choice.
Even when you are downloading an application with a good reputation, you have to check its legitimacy. Hackers try to trick the user by building fake applications in the name of a reputed crypto application.
For instance, Poloniex is one of the most trusted and popular cryptocurrency exchange applications, but hackers replicated the layout on the play store to make it appear genuine. Here you may fall into the trap of the hackers.
Analyse ratings, reviews, and downloads
Check the number of downloads or ratings on the play store before you consider the application. If you find low ratings and a low number of downloads, then conduct more research about the application.
Read the user reviews and make sure verified users give feedback. It is possible to generate fake reviews, so be careful while checking the reviews.
Check the reputation
Once you analyse the apps’ legitimacy and reviews, check the reputation of the application from different resources. Read articles, watch videos, and interviews of varying crypto experts to support the crypto application you want to download.
You can read news from different authentic news sites related to cryptocurrencies to find out whether there is any scam news around the app. You can type the application name, followed by scam reports or information on Google to verify. You can follow some of the popular crypto news sites called Cryptocurrency News (CCN) and Cointelegraph CoinDesk.
Research the people or organization behind the app
Always use an application that is backed by a reputable crypto organisation or crypto expert. It is also a good idea to conduct background research of the persons or group that supports the crypto android application.
Use the above steps every time you want to download a crypto android application so that you know you’re downloading it from a reliable source. If you are interested in buying cannabis with the crypto tokens, then the bitcoin loophole is a secure platform for trading different cannabis stocks. I hope the above information has helped you learn how to spot fake crypto apps from the play store and don’t forget to share your take from this post.