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“My son buys crypto by giving money to the trader he met on Instagram”
Answers to your questions
Investing in cryptocurrency is high risk. Stock photo:
Gráinne Griffin, Director of Communications at the Competition and Consumer Protection Commission
Yesterday at 3:30 a.m.
Q My son recently started his first job and says he is now “investing” in cryptocurrency. He spoke to a crypto trader who contacted him on Instagram and paid €250 into his account. He thought this money was his to start trading. It turned out that the €250 was just a membership fee to access a Telegram group, and he needs to deposit more money into that account to actually start trading. The trader recommended adding between €250 and €500 to your account to start. I am very skeptical. Is there a way to check if this merchant is legitimate?