Scam Coin On PANCAKESWAP

[Kongxx]

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

Are there any scam coins on this site? Did anybody face any scam coins there before?

[Bttzed03]

I cannot keep up with the number of tokens and liquidity pools launched there everyday let alone check on scam coins. So far, I haven't had one because I only stick to projects I am familiar with (most of the time). I don't know the process of listing there or if there is some sort of token screening before it's listed.

To lessen your risk of ending up with scam tokens, always check if their code has been audited by a reputable third party.

[mersal]

I don't know the process of listing there or if there is some sort of token screening before it's listed.

AFAIK, in a decentralized exchange there is no screening process and anyone can list their tokens means on pancakeswap also anyone can list scam tokens and the user should take care of the projects they are trying to do.

Probably a bit off topic but for your info : https://www.youtube.com/watch?v=KQx3AhmPp6Y  this is a tutorial about the listing process on pancakeswap which is bit longer 27:34 but if you have time then enjoy it.

[JeffBrad12]

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?

There are lots of scam coins on pancake swap and that's a common thing consider pancake was a public swap service like decentralized exchange site and that allows anycoin that was getting issued on the binance chain to use it as a way to exchange.
You can't prevent the scam coin to be listed on the pancake caused by it was running by the contract address.
Try to use some effort to search the news about the scam coin on the binance smart chain or pancake swap.

[TastyChillySauce00]

If the platform allows any stranger to list their forged coin there it certainly has some scam coins. That's always the case with these kind of swap platform or decentralized exchange that runs without human intervention.
Speaking from devs perspective, you just can't filter the coins if there's so many submission and you're not getting paid for it. so just bear with it and always be careful when trying to use decentralized service and always check  contract address just in case.

[Traderbtcc]

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?

AFAIK pancakeswap is a decentralized exchange (DEX),which as we all know listing on DEX's is not controlled by anyone, so definitely there are scam coins that are listed there, just take Uniswap for example it's a DEX where any ERC-20 token can be listed there, and if you go on uniswap you will come across alot of dead shit coin lying around same goes for pancakeswap, there are several scam coins there cause it's free to list on a DEX   , scammers use that opportunity to list and make investors believe the coin has a future just because it's listed on a DEX.

[rhomelmabini]

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't face scams if you knew the real products you wanted to bought in the first place, you can really avoid that. Decentralized exchanges isn't new in this since people can just deploy some contracts and the worst is, people do tend to clone some good projects just to exploit some scams.

[shinratensei_]

for me pancakeswap is trusted and i have never met token scam inside it, is one of the flagship exchanges / defi on the bsc blockchain, obviously being decentralized a minimum of risk there it is always be careful when use it

It's caused by you are trading trusted coins but when you were a part of defi investors and you will be seeing there are a bunch of spam tokens appeared on the BSC too.
The same thing also happened with ethereum a long time ago when ico was booming and ethereum chain got flooded by scam token.
Pancake was a uniswap in the BSC chain.

[akirasendo17]

Sometimes people get caught left-handed, we thought a coin is legit until they run the funds they collected, the best thing to do to avoid this kind of scheme is to look for red flags, ask them something really important, or look for the people behind it, I think you should keep away from projects that are too good to be true if they have promise x100 returns or x1000 that's a sign.

[abel1337]

This is a bit common nowadays, It's easy for a shit project to list their projects on a Decentralized exchange. There are many shitcoins that were introduced back in the day and most of them are listed on Decentralized exchange or to a loose centralized exchange that accepts every token regardless of the background. This is why Binance is the go-to of the investors on the IEO trend back then because Binance has some standard qualification that a scam project can't achieve.

[Kasabus]

Scam coins will just around us and this can be mostly found in new exchanges and probably that Pancakeswap has it more. We'll never know as we are also skeptical to know them neither.

If we do the search, keeping away from new projects, we are already helping ourselves to avoid of getting scammed.
And what I mostly do when to comes to investing coins, I only give trust and buy only from the reputable exchanges not from anywhere.

[dihari]

Everyone can create their own token and trade them on dex. Just curious why do people want to buy a token that they don't know? Before we buy a token, of course we read about it in many source and make sure it's legit. If people can fall for a random scam token on pancake I think they miss read the ticker name which is maybe similar to any famous tokens.

Don't buy new tokens just because they advertised by pancake, learn it before, and buy only high volume or high liquidity tokens.

[Little Mouse]

Anyone can create a token with same ticker and rip a noob guys, in fact many old buddies also get scammed in this trick. That's why, it’s always recommended to check the contract address of the token you are exchanging.

[FairUser]

Simply understood, the projects of copy and fraud also know how to follow the trend of the market. A move from ERC20 to BSC, I also see a lot of new projects that show signs of fraud, basically they are still very recognizable projects because of their negligence and negligence in the way they work. 

[(o)(o)ilikeboobs(o)(o)]

It's a pity to say that the scam moved from UNISWAP to CAKESWAP. Previously, there existed many scam projects on UNISWAP and with a trading platform with lower GAS cost and is a trend that will attract scammers to CAKESWAP. My friends talked about their investments with huge returns on CAKESWAP and there were heavy losses among their victories.

[kopijos]

As far as I know, Pancakeswap is pretty good as a place for new coins. I see many airdrop coins that are listed on Pancakeswap and have been successful to date, so I think there is a scam coin but I don't know exactly which coins because it needs research

[Renampun]

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?

almost the same as all swap platforms...
Coin / token scams are a habit on swap platforms. I have bought coins on the pancake swap several times, which initially had a price, but 3 days later the liquidity was withdrawn and the developer ran. be careful.

[dihari]

I have bought coins on the pancake swap several times, which initially had a price, but 3 days later the liquidity was withdrawn and the developer ran. be careful.

Is there any way to know for how long the liquidity will be lock for a token?
I believe it will save as buyer to be more careful buying and holding token from a swap platform.

[Untomabur]

Not only Pancakeswap, but even at Uniswap we often find such things. Now back to the user if they don't read carefully or don't look for valid information about the smart contract used, then of course it will be tricked by scammers.

That's the importance of reading and certainly don't just read it, we also have to understand it too,
besides looking for information that is really valid, of course it is very important,
because if the information we get is invalid it certainly creates problems

[mdzahed134]

Not only Pancakeswap, but even at Uniswap we often find such things. Now back to the user if they don't read carefully or don't look for valid information about the smart contract used, then of course it will be tricked by scammers.

Right, i faced that issue on UniSwap exchange, here i have seen a coin but different smart contract that means fake coin. Someone created this and added some liquidity but a lot users can be misguid. I never used PancakeSwap, i think fake/scam coins are added on the both exchanges it’s easy for the scammer. So we should check smart contract before buy any coin.