Do Your Own Research
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This is a helpful article on how to do your own research.
We will never give you 100 percent insurance on how a coin works without first reading the contract's soundness code and whether it's a scam or not. Investing in early cryptocurrency projects is tantamount to taking big risks with your money. But if you still want to try or buy the coin, below are a few important things you should do before making a pre-sale or buying a new coin.
One of the first things you should do is check the security controls, but you also need to verify the controls. It is best to do this yourself and research it, as many coins are not audited.
The first step is to check the contract agreement of the purchased coin every time. Does the deal on our site match exactly with the deal where you bought the coin?
Before the coins are listed on our site, they are examined and fraud is tried to be eliminated, but unfortunately, this situation does not give us 100 percent. Sometimes the contract given to us by the scammers and the contracts in their Telegram do not match. This contract is therefore never included on our site. For this reason, you should always double-check that the contract address we display is the same as the address you purchased from. If not, you are most likely about to receive a scammer's coin so cancel the transaction immediately.
Some important steps to check are:
The number of members in the Telegram group should be checked because there are too many bots in this market. To see if the numbers are real, you can compare the number of online members with the total number of members.
You should check the Holder tab on bscscan, if they have more than 10% in the wallet, you should consider it too risky to invest. Because this wallet can sell all its coins in it, which can have a huge negative impact on the price effect. At the same time, since this will cause a panic, everyone may have to worry about selling their coins. There are also some exceptions to this:
- locked pancakeswap liquidity
- Having dead address to burn 0x000...00 coins so no one can sell these tokens
- in the pre-sale/pre-launch case, the pre-sale wallet can be more than 10% (pre-sales are obviously always riskier investments)
Poocoin: You can scan two specific scams through this website. You can check at the bottom of the LP box for a red warning message, which says something along "liquidity is not locked, developer can take whatever they want". In this case, this token may be a future rugpull, you may want to escape. You can also check honeypots in Poocoin. Below the chart you have all your sell and buy orders, check if different addresses can sell. Honeypot is a specific scam where the developer has set a rule that only allows certain wallet addresses to be sold, so if you only see buy orders and only a few sell orders (usually big dumps), you might want to run away.
Apart from these more technical points, a properly communicating and transparent management and developer team, an always working website, clean social media accounts that are professionally managed, are good points to check before considering whether or not you should run.