Free Cryptocurrency: Is It Too Good To Be True?
When you get offered anything for free, it’s easy to be sceptical. In the case of free crypto, it’s understandable that you should be cautious.
After all, receiving free crypto is akin to getting free money. Free cash seems too good to be true, and while there are some strings attached to most free crypto contests and platforms, they usually won’t cost you any money.
For example, here at Traders Of Crypto we offer a selection of crypto competitions, which allow users to win cryptocurrency according to their portfolio value or trading profits.
As a community of dedicated traders, we benefit from boosting trades, building our network, and encouraging new investors to explore different cryptocurrencies.
If you’re curious about the other ways that you can get free coins without spending a penny, then we’re happy to share the secrets behind free crypto schemes.
Why Do Sites Give Out Free Tokens?
The first question most novice traders want an answer to when they find out that sites offer free coins is simple: why?
What possible reason could crypto exchanges have for giving away their precious tokens when they could get users to pay for them?
There are many reasons why exchanges and cryptocurrency networks offer users the chance to earn cryptocurrency for free.
For major exchanges, giving users the chance to get free crypto and, essentially, get paid to use their site can increase the number of people signing up for the site.
Most of the ways to get free coins involve users having to set up an account before they can start reaping the rewards.
As such, the exchange can gain new members and bolster its network of traders, all by offering them the chance to earn cryptocurrency.
For cryptocurrency communities like Traders Of Crypto, free crypto contests allow us to broaden our reach and welcome new members to join us.
In other cases, exchanges and crypto sites might offer free tokens in return for skills, similar to an ordinary job.
There are some job sites that will let you earn cryptocurrency , including the popular coins called Bitcoin. You can get free Bitcoin by sharing your skills.
Whatever the reason why the exchange offers free Bitcoin or another type of cryptocurrency, most of the time, the reason is perfectly benign, and the transaction is safe.
In some cases, you might encounter a fraudulent cryptocurrency platform or website, so you should learn how to spot a cryptocurrency scam . In particular BEWARE of the many scams on social media asking you to send crypto to an address and they will send more back. They Wont, they will just keep what you send! Often these are faked celebrity accounts too making them all the more plausible, but usually they won’t be a verified account
One of the best ways to check if a cryptocurrency website is legitimate is to check if it is linked to a renowned crypto exchange.
Find out about the most popular and respected crypto exchanges out there right now, and then consider entering their tournaments or other contests that allow you to earn cryptocurrency for free.
If you’re considering earning free tokens from a new platform or a new type of coin, then you should check out the Blockchain to ensure that the coin is legitimate.
If in doubt, you should consider becoming a part of a crypto community such as Traders Of Crypto. Our members benefit from our advice on the cryptocurrencies on the market, so you can find the best ones that will fit nicely into your trading portfolio.
You’ll also be able to find new ways to get yourself free cryptocurrencies that you can use to bolster your trades or buy the items you desire online.
How Can You Get Free Coins Safely?
One of the most popular and enjoyable methods that you can use to get yourself free coins is to enter into crypto competitions, such as the ones that we run.
Our contests allow traders the chance to pit themselves against other members of our online trading community.
You can either earn prizes based on your portfolio value or the overall profits that you make on your trades over a month.
If you want to find out more about entering crypto competitions, then check out our ultimate guide entering cryptocurrency competitions .
Additionally, you can check out our FAQs to find out more about entering our competitions and getting free cryptocurrencies to enhance your wallet.
Many major trading platforms, including Binance , Bybit , Coinbase and more, offer trading competitions so that you can find one that suits your trading skills and allows you to start earning free crypto.
Alternative Ways To Earn Free Coins
If you don’t want to enter a competition, or are seeking an alternative way to receive free coins, then there are plenty of other techniques that might be worth exploring.
Some other ways that you can get free virtual coins are:
- Airdrops: When they’re seeking to expand their network and meet new traders, some individuals or start-up businesses that are investing in crypto will send free coins to a number of random wallets. These coins are free and usually come without any strings, although sometimes companies ask that Airdrop recipients share the news with their followers to provide the organisation with further publicity.
- Mining: If you’re technically-minded, then mining crypto could be a lucrative way to enhance your virtual wallet. You get given free tokens in return for completing sections of a coin’s Blockchain. Putting together these sections, known as ‘blocks’, helps you to improve the Blockchain and get yourself money without investing any.
- Cryptocurrency Loans: If you want to earn a passive income from your cryptocurrencies, then you could consider loaning them out. There are many cryptocurrency loan platforms , which pay you interest on your loan. So, you’ll get all of your money back and more if you choose to loan out your cryptocurrency.
- Sign-Up Bonuses: Many popular platforms provide bonuses for new account holders, so you can get more virtual cash completely free. This free crypto is used to encourage new traders to join the site, so there aren’t usually any catches.
- Cryptocurrency Cashback Rewards: A range of cryptocurrency cashback websites and apps allow users to get free Bitcoin or other types of cryptocurrency when they buy products using their virtual coins. If you choose a cashback rewards app, then you can get free cryptocurrency wherever you are, using your mobile device.
- Bounties: As mentioned earlier in this article, bounties allow traders to complete digital projects, such as finding issues in a site’s cybersecurity or by offering feedback on the platform’s performance. Bounties are usually offered by the developers of cryptocurrency platforms, who want to make sure that their site offers users the solutions and services they expect to receive.
Learn More About Finding Free Crypto
In all, free crypto is real, and many of the techniques listed above can help you fill your online wallet with coins that you can spend on the things you love.
However, you have to make sure that you choose the right crypto competitions and that you use them wisely to earn crypto safely and quickly.
The cryptocurrency market is continually evolving, so you need to make sure you stay up to date with new developments and ways to earn free coins.
Use sites like Traders Of Crypto to find the information that you seek. While we focus on advising traders on how to enter free crypto competitions, we also offer market news and guides on the crypto market .
With help from resources like ours, novice traders and cryptocurrency experts alike can stay informed and find the newest ways to earn free crypto.#
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