'I feel stupid': Single mother of 3 says she lost her life savings to a Tinder crypto scammer — 3 ways to buy digital currency without the risk of getting cheated

“He looked like a really good-looking guy, he had nice dogs, and was being very forward,” Foster said.

She says James started talking enthusiastically about cryptocurrencies, and that’s when things began to take a troubling turn.

“He told me to put in £300 ($380) and then transfer it to a trading platform. I did it and then made £80 ($100) profit,” Foster recalled.

She proceeded to invest another £100 ($127) on the trading platform and appeared to earn an additional £93 ($118).

'A very big night'

A few days later, Foster claims James told her that “a very big night” was coming.

“He convinced me to put in even more money, so I put £2,000 ($2,550) down,” Foster said. “He then said he had been in touch with his uncle who had told him there was a once-in-a-century deal about to go down and I could make 800% profit.”

She decided to empty her savings into the crypto account, totaling £3,500 ($4,475), in hopes of seizing the opportunity. She then says she was added to a WhatsApp group with a man who claimed to be James’s uncle and another individual. Foster recalled that they executed a trade, which appeared to result in a substantial profit of $86,000 (£67,250) in her trading account.

However, when Foster checked the account herself, she says it indicated that she had exceeded the allowable amount before her funds suddenly dropped to zero.

“I then contacted customer services, who said I owed them 20% tax to a New York bank account totaling £20,000 ($25,500).”

She added: “I then talked to my ex-partner and he gave me a reality check. I realized I had literally fallen for a textbook crypto scam.”

Other than the first £80, Foster says none of the profits from the trades ever reached her. In the end, she lost £6,000 ($7,670).

She confronted James about the scam, only to be met with a cruel response telling her to “go and die quickly.” Afterward, James unmatched her on Tinder and disappeared.

The experience left Foster feeling devastated.

“It was my whole life savings, which I inherited off my grandad — it's left me totally distraught,” she said. “'I feel stupid, I feel ridiculous — I can't believe I'm one of these women I read about in magazines.”

Foster’s experience serves as a stark reminder of the dangers that can lurk in the world of online dating and investing. However, the high-return potential of cryptocurrencies continues to attract investors. For instance, Bitcoin, the world's most prominent cryptocurrency, skyrocketed 154% last year and is up around 31% in 2024.

Fortunately, you don't have to entrust your funds to a stranger to participate in this market. Here’s a look at three ways to safely gain exposure to crypto.

Buy crypto and store it in a secure way

The first option is the most straightforward: If you want to buy crypto, just buy crypto.

These days, many platforms allow individual investors to buy and sell crypto. Just be aware that some exchanges charge up to 4% commission fees for each transaction. So look for apps that charge low or even no commissions.

While Bitcoin currently commands a price in excess of $55,000, there’s no need to buy a whole coin. Most exchanges allow you to start with as much money as you are willing to spend.

After purchasing crypto from a reputable exchange platform, experts recommend transferring your assets to a hardware wallet or a non-custodial software wallet for added security and control. A hardware wallet, being a physical device, stores your crypto offline, protecting it from online hacking threats. Meanwhile, a non-custodial software wallet gives you complete control over your private keys, while still offering the convenience of digital access.

Crypto ETFs

Exchange-traded funds have risen in popularity in recent years. They trade on stock exchanges, so buying and selling them is very convenient. And now investors can use them to get a piece of the crypto action, too.

For instance, BlackRock’s iShares Bitcoin Trust (IBIT) is an ETF that invests directly in Bitcoin, enabling investors to access the cryptocurrency through a traditional brokerage account.