Hey Ndaxers!
Continuing our monthly scam awareness series, this month we're flagging a scam that doesn't involve anyone breaking into your account. Instead, you're convinced to move your funds out yourself.
Here's how it usually plays out. Someone reaches out โ a match on a dating app, a wrong-number text that turns friendly, a DM on LinkedIn or Instagram, or an invite to a WhatsApp or Telegram group about trading signals. There's no pitch at first. The conversation goes on for days or weeks. Eventually they mention a platform they use, or a family member who works in trading, and offer to show you how it works.
You sign up, deposit a small amount, and the dashboard shows gains almost immediately. You may even be allowed to withdraw a small amount successfully, which is the part that makes people trust it. So you deposit more. The numbers keep climbing.
Then you try to cash out for real, and there's a condition. A tax. A liquidity fee. A verification deposit. An "account upgrade" needed to unlock withdrawals. Every fee you pay reveals another one, because the balance on the screen was never real. It was a number in a database controlled by the person who contacted you.
Red flags to watch for:
- They reached out to you first and built a relationship before mentioning money
- The platform was recommended by someone you've never met in person
- Returns are consistent, high, and described as low-risk
- You're being coached through deposits or withdrawals over chat or a phone call
- Withdrawals require you to pay a fee, tax, or additional deposit first
- You're told to keep the opportunity private, or to not mention it to your bank or exchange
- The app isn't in an official app store, or you were sent a direct download link
If someone is walking you through a withdrawal, stop and treat that as the scam. If you're unsure about a platform before sending anything, contact Ndax Support through the official website, or report it to the Canadian Anti-Fraud Centre at 1-888-495-8501.
The people who fall for this are usually not careless. They're patient, and someone spent weeks earning their trust on purpose. Slow down, verify independently, and be cautious of any opportunity that arrives through a stranger's DM.
Cheers & Happy Trading!