lose money by swapping a fake coin in uniswap

[nakamura12]

Well if the token you wanted to swap on uniswap doesn't have a liquidity then the swap won't happen. I tried one of the tokens I have before but said that there is no liquidity. NOT checking if there is a trade happening in that token would also be a good idea to know if it is the right token or not.

[boyptc]

-snip- And they are excited to trade it and in result, it compromises their awareness by being quick without checking the contract addresses.

Well, not just airdropee that can be a victim of this kind case. I also being scammed by fake address because of FOMO, the case is I'm using Dextools to find new liquidity added to UNISWAP. and I see about YFWG. Since I'm not aware about their contracts, so I got scammed. This is makes me learn about to doble check any of new added liquidity from new coins, when it become a hype, there will followed by fake contract address. Lucky for me, because I bought with only 10 dollars, so nothing to lose. Because I got good experience from that.

This really happens.

That's a good lesson with a fair amount for you to learn that you can share with others to which we should avoid.

How we wish that most newbies that are on it are reading this thread and can learn a lot of things to secure themselves.

[taufik123]

Well if the token you wanted to swap on uniswap doesn't have a liquidity then the swap won't happen. I tried one of the tokens I have before but said that there is no liquidity. NOT checking if there is a trade happening in that token would also be a good idea to know if it is the right token or not.

there are several ways that are correct and can be applied. but some fake tokens even have high liquidity which aims to trick people into buying their tokens and then revoke their liquidity when they have a lot of profit. Care should be taken because many tokens are fake with the same ticker.
The original token and really serious about developing the project will lock its liquidity for several years.

[libert19]

I don't understand, are you talking about lost gas fees due to swapping tokens or is it about you swap to the scam token?

Both, he gave warning for wasting ethereum for transaction fees  and for exchanging fake tokens you will also lost ethereum for fees.

I heard one big mistake of person sending 120$ worth of eth in unisswap accidentally use high fees for one transaction These are the things you should avoid a simple mistake but lose a lot of money right away after sending it.

This is the article for that news https://cointelegraph.com/news/i-destroyed-my-life-uniswap-trader-spends-9-500-in-fees-on-120-transaction .

Can the fee be adjusted or is it automatic when I want to change it? I see that there are some scammers who take advantage of exchanges like this Uniswap on the pretext of warnings and tokens cannot be exchanged while the gas is gone and I want this to have happened to some people who experience it.

Still, I will know when I want to change at Uniswap and this will not be possible if we are careful and see the cost of the gas needed, therefore we all understand this mistake and most importantly there are both mistakes from ourselves or scamer who try to trick us.

I'm not sure about desktop wallets/extensions but I have used several mobile wallets (kyberswap/coinomi/trust/) and all of them allow you to use customized fees and also show how much $ in gas you are gonna spend.

[Shallow]

Uniswap offers a good advantage which is mostly seen in its decentralized nature, thus making it possible for developers to list their tokens easily. But this also comes with another challenge and that is, scammers also uses that avenue to list their scam tokens. It got worst that they can also list a fake token of an original one thus the reason every project listed on Uniswap will also warn its investors to always use the trading link from their telegram group; this trading link have the correct smart contract of that token. Therefore I would say, before we think of trading any token whatsoever on Uniswap, let us endeavour to visit the telegram group of that project and get the correct Uniswap trading link in this way avoiding scam or fake tokens.

[Cadaver20]

Problem: "lose money by swapping a fake coin in uniswap"

Solution: I think the simple solution to this problem is when you swap a token in Uniswap, when searching for the name of the token, you will search by typing the contract address of the token instead of the symbol of the token. Then the original token will be showed always.


Also there is a very good Guide by zasad@ about how to trade on Uniswap correctly. You can see this guide.
(GUIDE) How to trade on uniswap correctly.

[Bitstar_coin]

The best way to avoid this is to always endeavor to check the contract address of the said token, uniswap is the dumping ground of all manners of shitcoin lately so it will be in our best interest to always take note and do the right thing before engaging in any swap of token, it is up to users of this platform to apply caution while accessing this platform to avoid such issues.

[shoreno]

i have experienced it before but its not in uniswap , its on etherdelta . i also experienced to recieve a random coin although i was also active in doing airdrops that time but i believed that some of them are not from the project that i have applied with . it can be a trap and i forgot if those tokens are the ones that i traded in etherdelta , it was a long time ago so i cant exactly remember the name of the coin . it shows an error when trading and i tried to re trade several times , the bad part is that i didnt knew also that i have been charge 0.001eth every retry . i forgot what happened next

[aemma]

In my own understanding so far, I think the best way to buy any coin or token on Uniswap is by visiting the telegram account of the project and asking the admin for the smart contract address, you can also check the pinned message in the group or the announcement channel to make sure you are getting the right one. Scammers can also go as far as listing a token before the team, which is also another reason it is good to be active in the telegram group of the project you want to invest in, in order to know when trading will start and the right smart contract address.

[Cornia]

Have you experience swap a coin and it fails but you pay fees?

No. Still I have no such experience.  Because whenever I trade on Uniswap, I check the contract address of the token very well.  Because I know Uniswap has a lot of fake tokens. So far I have not lost any money by trading on Uniswap.

[aioc]

In my own understanding so far, I think the best way to buy any coin or token on Uniswap is by visiting the telegram account of the project and asking the admin for the smart contract address, you can also check the pinned message in the group or the announcement channel to make sure you are getting the right one. Scammers can also go as far as listing a token before the team, which is also another reason it is good to be active in the telegram group of the project you want to invest in, in order to know when trading will start and the right smart contract address.

This is one of the big risk in a decentralized market and awareness is a big factor to avoid transacting on the wrong coin, not only asking the admin of the smart contract you must also know how to trace the contract address of the coin you are holding and transacting, it's easy to find you can see it in Etherscan once you click your token.