How to check if an altcoin is a scam

[Dave17443]

In my opinion, these checks are vital and necessary. Notwithstanding, new projects may be genuinely started with high prospects. But things may not go well as hoped for due to some circumstances.

[bitzizzix]

Identifying whether an altcoin is a scam or not is not an easy task but it can be a good challenge for us not to be fooled and if we can recognize the altcoin is a scam, this is a great practical skill.
And in my opinion, the first thing to do is to carefully read all the white papers of new projects and find out whether industry experts believe that the project is legitimate or not. And we need to be able to do that because this is one of the most important aspects and initial coin offering, and the white paper should explain how their altcoin is designed and how it works. And if there's something strange or doesn't make sense, you should be aware of it.
And there is much more that needs to be done to find out whether an altcoin is a scam or not, but what I mentioned are the main factors.

[Shamm]

I don't know but it's too hard to determine if that new altcoins is scam . Maybe some research can help to determine if that altcoins is legitimate or a scam. Anyways some altcoins will be successful for the first time but when time flies it will lost. There are many investors who are actually join new altcoins and then if they can make s profit they will leave once the coins getting lower . And it's a wise choice once we got a profit already then we can try another one to avoid such losses.

[el kaka22]

I agree that common sense and intelligence is the way to go, most people are missing out on that part of the deal. I get that it may not look that great, and I get that it feels like we are going to end up with some trouble, but the reality is that it's very normal and not a big deal at all. I understand that we are going to end up with a trouble if we get in without checking something, but if we are given enough time then we are going to end up studying something and figuring it out. What prevents people is not their stupidity, people are on average "smart" enough to see something as scam or not, if they are suspicious of it.

However, there are a lot of people who get hyped so much that they see the red flag and still want to believe in it. That is the biggest and main reason why people do not end up with getting scammed, because they want to simply believe a thing. This is why I believe that we should be careful with what we are doing, and be suspicious about it all.

[Essential10]

New altcoins are constantly being born in the market along with the number of scammers. Except there are some established altcoins in the market, almost maximum altcoins can be scams. I think no matter how much testing we do, we can never know for 100% whether an altcoin is a scam or not. We often take a lot of information about the team behind the project, experience, credibility, roadmap, media. These are the right ways to know if an altcoin is really a scam. I assumed that the altcoin was good, invested there, kept it for a long time but never saw the pump of that coin, it turned into a scam at some point. Where altcoin assurance is questionable, how do I know it's not a scam.

[Sophokles]

New altcoins are constantly being born in the market along with the number of scammers. Except there are some established altcoins in the market, almost maximum altcoins can be scams. I think no matter how much testing we do, we can never know for 100% whether an altcoin is a scam or not. We often take a lot of information about the team behind the project, experience, credibility, roadmap, media. These are the right ways to know if an altcoin is really a scam. I assumed that the altcoin was good, invested there, kept it for a long time but never saw the pump of that coin, it turned into a scam at some point. Where altcoin assurance is questionable, how do I know it's not a scam.

It is not that hard to identify or guess which altcoin could be the next scam. Actually you should stop looking for scam projects and instead try to verify whether the project is legit or not. There are a few things that will tell us a project's intention in the long term. Look at the team behind the project and their past record, also understand their project concept and why their service is important. A legit project won't try to attract investors into their project or trap them in a certain price by manipulating the market. A legit project will work on developing their product and they will sell their product to their community not their token.

[Makus]

New altcoins are constantly being born in the market along with the number of scammers. Except there are some established altcoins in the market, almost maximum altcoins can be scams. I think no matter how much testing we do, we can never know for 100% whether an altcoin is a scam or not. We often take a lot of information about the team behind the project, experience, credibility, roadmap, media. These are the right ways to know if an altcoin is really a scam. I assumed that the altcoin was good, invested there, kept it for a long time but never saw the pump of that coin, it turned into a scam at some point. Where altcoin assurance is questionable, how do I know it's not a scam.

Thumb up bro. The truth is we cannot clearly identify all scam projects, some might look very obvious for us to identify by simple study and reading. While there are others that even your study won't point out the spots that makes it a scam project, just like what I said earlier, scammers are becoming very smart and they might want to make their coins pass through all the verification process to be considered as a reputable coin before they stike. However, we cannot tell for sure all the scam projects in the market. But I'm certain that there are the crypto network is filled with mixed multitude.

[AakZaki]

I don't know but it's too hard to determine if that new altcoins is scam . Maybe some research can help to determine if that altcoins is legitimate or a scam. Anyways some altcoins will be successful for the first time but when time flies it will lost. There are many investors who are actually join new altcoins and then if they can make s profit they will leave once the coins getting lower . And it's a wise choice once we got a profit already then we can try another one to avoid such losses.

do detailed research and see who is behind the new project. Binance Labs is now the backer that will make the altcoin project successful. we can see projects collaborating with Binance Labs being successful and listing on binance. So the main reference is Binance Lab Backer and the rest see how the project works and what the benefits are.

[batang_bitcoin]

Even if you check the social media of a project they seem to be authenticated. There are cons that are good in projecting their image in the public very well but the intention that they have is just to scam people. That's why all of the factors that you can use in figuring out a scam should be done in all sense as long as you're doing your end. This is applicable to those that are investing mostly with altcoins and are diversifying there that much, you need to double your effort in research.

[Belarge]

In my opinion, these checks are vital and necessary. Notwithstanding, new projects may be genuinely started with high prospects. But things may not go well as hoped for due to some circumstances.

The circumstance we found ourselves today will be prioritized base on our levels in the system, can we be able to spot out good work or called scam or illegitimate projects. Scams have turned to be the orders of the day in the market, we should apply precautions in all that matters and also try our best not to be over trading because that will definitely ruin our plans of solid goals in the market. I'm not trusting any new projects, I'll first of all do my analysis and ensure they're promising and not withstanding the present condition of the system.

[Rasa nanas]

this is a good suggestion, but for me it's too complicated 
the easiest thing is to choose the top altcoins like ETH and BNB because there is obviously no doubt whatsoever about these altcoins.
Maybe I'll just add a little, also check social media such as Telegram and Twitter because there we can find various kinds of comments about the project.

[Obim34]

The only way someone can know if a project of altcoins is fake or not is to make a proper research of that particular project and also check the sponsors of the project, what leads us to venture or invest such kind of trade is because of greediness, because greedy investors will like to invest to a place that they will make a surplus profit, and that is one of the reasons they don't bother to know if the project is a scam one or not.

I agree with you on this one, it might be difficult to know which  Altcoin is a scam but doing a careful research on the project will help identify the ones worth investing. Trying the  use of social media to verdict my not be too accurate because now getting the blue thick is very easy and can be afforded by this scammers.
From what you listed might not be sufficient enough to identify scam like projects cause they might get a 100% in all this but yet a scam. To identify a scam project you just need to go directly to the project, observe and try as much to see the future at which the team is working on if there is anything you think worthy then you invest, also watch out the hype, too much hype might indicate to be scam.

[Y3shot]

this is a good suggestion, but for me it's too complicated 
the easiest thing is to choose the top altcoins like ETH and BNB because there is obviously no doubt whatsoever about these altcoins.
Maybe I'll just add a little, also check social media such as Telegram and Twitter because there we can find various kinds of comments about the project.

The best altcoin to invest in  and to take serious are  Ethereum and BNB, this two altcoins are very reliable in the market  compare to other altcoin. If one will consider to invest in other altcoins it should be with an amount that one can afford to lose because most of the altcoin in the market does not have market value , and it is not advisable to invest much amount of money in project that are not reliable in the market.  Some projects should just be seen as gambling because they can't be predicted.

[tbterryboy]

Though it's true that tokens and coins added in centralized exchanges are more credible, however, this shouldn't be a metric to mark a project scam or untrustworthy because some serious projects might also struggle getting a spot in a centralized exchange and it also takes some time to work on all these things such as collaborations and agreements with different platforms and exchanges, and I know this because I have worked with cryptocurrency projects in the past and I know the process.

I think two of the biggest indicators of a project being legit or scam are its team and the social media presence. One should check the team first of all, if they aren't satisfied, they shouldn't invest in it. If satisfied with the team, one should check their online presence and how much interactions they have with their followers and whether they have bought followers or real ones.

[Makus]

The best altcoin to invest in  and to take serious are  Ethereum and BNB, this two altcoins are very reliable in the market  compare to other altcoin. If one will consider to invest in other altcoins it should be with an amount that one can afford to lose because most of the altcoin in the market does not have market value , and it is not advisable to invest much amount of money in project that are not reliable in the market.  Some projects should just be seen as gambling because they can't be predicted.

You're correct mate, the rate of scam project in the market now, should be watched out for. Because, even after using the precaution measure we can't tell if we are in the right track. And apart from the scam project we have in the market, the volatility of some coins which are legit, can at some point be discouraging. Some coin after having enough increase, within a short period of time, they'll just go down as though they were about to crash back to price price zero. If you watched closely during the time Bitcoin got to $45k with just 6% increase some coins were having up to 46% increase, but yet after that they just came back down as though nothing happened.

[anushkasachith888]

Research the team behind the altcoin: Look for the developers, founders, or team members who are involved in the project. Check their background, reputation, and any claims they have made in the past. Signs of scams include poorly written white papers, excessive marketing pushes, and get-rich-quick claims

Examine the altcoin's contract and technology: Analyze the altcoin's contract and the underlying technology it uses. Look for any signs of manipulation, centralization, or potential vulnerabilities

Check for scam alerts: Use websites like BitcoinWhosWho or Scam Alert to look up the altcoin's address and see if there have been any scam alerts associated with it. These websites allow users to report scams and check the history of a specific Bitcoin address

Investigate the altcoin's community and marketing: Look for signs of a strong and engaged community, as well as genuine marketing efforts. Be cautious of projects with little to no community support or marketing.

Evaluate the altcoin's roadmap and future plans: Check the project's roadmap and future plans to see if they are realistic and achievable. Scam projects may have vague or unattainable goals.

[Bureau]

What I check first is whether the token is listed on a big centralized exchange or not. If it is not then what OP wrote is the correct way to check if that altcoin is a scam. I do check the roadmap of the altcoin project to see whether there is a future or not for holding the token. As in altcoin the project being dead after a few months is considered to be a scam.

[|MINER|]

In this case of scams, Knowing which coins or tokens are already scams and which coins may be scams in the future are two different things. There are lots of websites that you can use for knowing that the coin is scam or not. You can use this website- https://honeypot.is/. And there are lots of way to find out a new coin who is maybe scams, first of all we should notice that if they are giving higher profit offers, and then the support systems.

[Y3shot]

What I check first is whether the token is listed on a big centralized exchange or not. If it is not then what OP wrote is the correct way to check if that altcoin is a scam. I do check the roadmap of the altcoin project to see whether there is a future or not for holding the token. As in altcoin the project being dead after a few months is considered to be a scam.

Checking the whitepaper of the coin is also a way to find out if a coin is a scam or not, and if it is not listed on big centralised exchange that means it is not reliable project one needs to invest money in. Their many ways to know if a project is a scam projects or not. That is why it is important to make research before investing in any project because their are lot of scam project in the market.

[Yamifoud]

Despite a lot of threads discussing How to avoid scams or to know scam projects still, a lot of individuals have fallen into their traps. I don't think all the tips really work, not for greedy souls and not those who think about easy money.

Perhaps, it was necessary to have an idea of which one is worth investing in and which one is a scam. But the big question mark is how to determine them when we don't spend time searching and knowing more about a particular project. To determine if that project is a scam, that lies on our capabilities.