Scam Coin On PANCAKESWAP

[SeaSoul]

The problem is that as far as I know everybody can list a token there.

There will never be a validation to the project listed on pancake swap. Any scam coin can be listed on pancakeswap easily. You must take a look at dogelon, mrat and so many garbage coins being issued on daily basis on pancake swap consider the fees are so cheap to do it.
Pancake is not a centralized exchange site that is fully controlled by the developers.

Ok so that is the same process as with Forkdelta correct? You also have to be careful there to not use the wrong contract address or buy a shitcoin accidentally.
So it sis up to us to pay attention to fall for the traps the scammers put out there!

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[Sindicatout]

PANCAKESWAP is a fairly new crypto exchange. Many new cryptocurrencies are introduced there everyday.

Are you any scam coins on this site? Anybody faced any scam coins there before?

I would not say that this is a new crypto exchange. It has been working for quite a long time. As for fraudulent coins, it's hard to say, because you can't keep up with how many new ones appear there. I think they should have some kind of verification, some kind of contract with the creators of these coins

[BayAngelo]

if you are familiar with Uniswap and knows the amount of scam coins been listed on it. you should know that same is obtainable in pancake. both platform are AMM. everyone is allow to list on it. you should be careful on what you want to buy. make sure you know the smart contract address. with this, you will get the real token to buy. there are also fake stablecoin in pancake.

[meldrio1]

Well of course there are many scam coins on pancakeswap, it's a decentralized exchange so any coins can list there. The only way to prevent you to scam is do your own research the project, know their product, what are the use cases of the coin.

[kokrokok]

yes I see a lot of scam tokens there, that's because everyone can easily list them there, there is no filtering done by PANCAKESWAP and LP can also suddenly be withdrawn by the project itself

[Shallow]

Pancakeswap is a decentralized exchange which means someone can create a token and launch it into the market via pancakeswap, so yes there is high chances that scam tokens will be listed there, even currently a lot of scam tokens are being listed which trades for a while and that's it.
The funny thing is that, some people or rather scammers can even follow up a good project and wait patiently for listing date, once it draws close, they will mint their scam token and list on pancakeswap which is the reason it is always good to get the trading link or contract address of any token you want to buy from the telegram group of that project in question.
Don't be deceived, so far Pancakeswap is a decentralized exchange, scam tokens will easily list there and there is little to nothing that pancakeswap team can do about it.

[Review Master]

So far I haven't found any scam coins on Pancakeswap and didn't check them because I only trade on altcoins that I know. therefore, you have to first check the coins you want to trade on Pancakeswap and always audit the correct code to reduce the risk.

It's best to keep the trading with well-known as well as audited altcoins into pancakeswap. But looks like, hype of shitcoins didn't come into your life as there are so many shitcoins with huge supply and auto-LP ( Liquidity Providing) machanisam which are pumped almost 2x to 3x after getting added into coingecko or coinmarketcap. Just take a look into the "Recently Added" or "Gainers/Large Movers" section of both coingecko and coinmarketcap where many shitcoins are pumped almost 2x to 5x. So it's best for all to stay away from those shitcoins or invest what we can afford to lose.

[NIKUBHI]

Pancakeswap is a DEX and anyone can least its token on it, for a small fee. Many new tokens are listed on this exchange which value is very less than a cent like 0.000000001. It is possible that some of these types of tokens will make scam and run away. So in my opinion, invest only those token which has a good liquidity pool and has a good project background.

[akirasendo17]

I think everyone maybe has been a victim of a scam coin, maybe because at first, we don't know the contract address, when I first try to use uni swap, if you try to put the name, there are lots of coins with the almost the same name but different contract address, so you need to know the real one, during that time when I bought the coin and tried to resell it won't work that's the time when I realize it's not the coin that I need to buy.

[thesmallgod]

magic balancer $MGB is one of them. Any project can integrate their token with pancakeswap for one way swap and this is the reason why you get a warning message when you want to swap your coin to those unmarked new token. Many scam projects are taking advantage of this swap token especially those based on BSC to scam innocent investors

[Digital_Lord]

PANCAKESWAP is a fairly new crypto exchange. Many new cryptocurrencies are introduced there everyday.

Are you any scam coins on this site? Anybody faced any scam coins there before?

You can find many scams project on pancakeswap because everyone can list their token on pancakeswap. Have you seen the warning from pancakeswap about token? If you find that warning, you should research about that coin than invest.
There is an other kind of scam on pancakeswap in which if you buy a token, you can't sell it. If you find a coin pumping without dropping a bit then you should understand that it is a scam because people can buy tokens but can't sell them that's why price is increasing very fast.

[motun01]

You need to understand that decentralized exchanges are open to everyone to use and list their coins and tokens on their platform.
This is one of the disadvantages compared to centralized exchanges and that is because, no one is analyzing these projects and verifying if they are good or not before listing them.
You have to be careful and do your due diligence when investing in cryptocurrencies that exist only on decentralized exchanges like Pancakeswap

[ecnalubma]

Its no different to Uniswap so probably there are bunch of scam coins there, so be careful when buying coins and always check the smart contracts because some scammers might just imitated other coins to trick users. Its a decentralised platform so any scam projects could add liquidity freely without being filtered.

[casperBGD]

on each decentralized exchange you can make a pair, and put some liquidity in, and do rug-pull later
so, it is up to user, not exchange, to check pairs and invest only in projects that one is familiar with, and did proper research on them

I am using a rule of thumb that most LPs that are in Cake farms are projects that would hardly do a rug-pull, but do not take this as advise, research on your own prior to investment

[abel1337]

It's easy to list into a decentralized exchange that's why any shitcoin can enter. Decentralized exchanges such as Pancakeswap are flooded with scam coins and every day a rug pull is happening and for others, it is normal for them. From time to time I can see rants about new shitcoins losing their liquidity and devs running the funds. Scammers are taking advantage of a decentralized exchange and investors are risking for a quick buck. Those who didn't do any research about a project will surely lose money on those scam coins.

[cryptoknightt]

Of course there are lots of shitcoin and scamcoin. I haven't got scamcoin there, but I suffered a big loss after buying Kianite there. Many fomo of people who hold most of its supply. But many people who benefit from playing in shitcoin, maybe they are one of the holders of the large supply.

[llecrf]

PANCAKESWAP is a fairly new crypto exchange. Many new cryptocurrencies are introduced there everyday.

Are you any scam coins on this site? Anybody faced any scam coins there before?

Actually there is no scam coin, the developers run away with the projects they develop, i bought a BSCT token once then the project failed and the developer is nowhere to be seen on the telegram channel.

There are many new projects that have provided liquidity pools for tokens to be traded on DEX exchanges, we have to be careful to see how many tokens are locked in the liquidity pool, this aims to avoid fake project developers who want to take your money.

[ice18]

This is not new anymore it started mostly in Uniswap in eth when fees are  still cheap but later most traders shift to Pancake because of low fees in BSC and scammers also follow, all I can say if you dont want to be scam take deep research and be sure the liquidity is lock to avoid rugpulls but there are also some cases that lp is lock but the team abandoned the projects since it has anonymous team just like MYX network token lock the liquidity almost $1.5m in UNiswap cannot be pulled out since it was already locked, but the team already disappeared with eth invested on presale.     

[CryptoATM]

Be extended careful when using any DEX exchange to buy mostly new altcoins because scammers can do copycat of a well know token, with same name but different smart contract, before buying any token on Dex make sure you know it's smart contract address first

[Teraboy]

Be extended careful when using any DEX exchange to buy mostly new altcoins because scammers can do copycat of a well know token, with same name but different smart contract, before buying any token on Dex make sure you know it's smart contract address first

That can be known easily but the main concern should be the dex is open for any coin even that's a scam coin and it can also be listed on the dex instantly. there'are lots of new scam coins that were using the different name. they were saying that if they are all legit but the fact was saying the opposite thing dude.
So many people have been trapped by these garbage coins with possible rugpul to happen anytime. There's no way to stop it