Crypto scams can be pretty unsophisticated at times and a fake trading platform called FATF5 is one of these.
It was flagged up to me by an unfortunate victim of the OGC Wallet scam which I’ve written about before.
Fortunately, this time the individual was wary about being burnt twice and got in touch before parting with any cash.
The FATF5 platform carries the grand claim that it’s ‘Singapore’s largest Bitcoin and cryptocurrency contract exchange’, yet you wouldn’t guess it by looking at the site.
Here, I’ll explain why FATF5 is a fake site that should be avoided at all costs.
Tell-tale signs that FATF5 is a scam site
The website is basic to say the least and only carries rudimentary crypto price information on the homepage, with the other links all leading to a suspicious-looking login page.
No legitimate crypto exchange would present itself in this way. They carry substantive information about the company, team, official registrations and much more.
With the FATF5 website there isn’t even a registered trading address visible. In fact, there’s no information about this setup anywhere, either on its own website or online.
The domain was registered in July 2022 and has only been bought for a year – something that smacks of a scam operation.
All information about the person who has registered the site has been hidden as well – another warning sign.
Links that don’t lead to the information they claim to be offering are another common theme on scam websites.
The website looks like it was hastily thrown together and does not feel like one that would belong to a legitimate financial institution in any way.
Should I buy crypto through the FATF5 exchange?
No. FATF5 is clearly a scam site and is not legit in any way. You should not engage with it or part with any cash – you’ll never see it again.
If anyone contacts you claiming to represent the site, block them straight away.
Ignore any Telegram messages as this seems to be a common modus operandi for crypto scammers.
Tips to avoiding crypto scams
Spotting crypto scams is often quite easy when you know what to look for.
Check out my guide to spotting fake cryptocurrency exchanges and platforms. It may save you money in the long run.
As a golden rule you should never invest any money with anyone until you’re absolutely sure they’re legit, no matter what they’re promising.
This means carrying out extensive research into the company, and reading reviews and user experiences.
If you can’t find anything about a platform you’re looking at, do not get involved as it’s almost certainly a fake site.
Have you had any experience with this platform? Kindly share your thoughts in the comment section to help others stay informed and safe.
