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Some tips to avoid scams when buying new tokens

Binance

Cryptocoins Exchanges / Binance 171 Views

Hi guys, I'm just another guys on this metaverse, have been in this market for quite some times now. And I have been watching scams in real times. Also sadly, being scammed few times. So I learned my lessons, and want to share with you guys, it maybe can help you, especially the new comers to crypto. Here you are:

+ do your own research and don't FOMO, slow down and learn first

+ verify every token you are about to buy with tool like honeypotis, remember if it's not honeypot now, doesn't mean it will never be honeypot, it can be change anytime by manipulating smart contract.

+ learn about smart contracts, if you are technical, well, learn to code. If you aren't technical, you should create your own tokens by a token generator like Safemoon Maker. And you go to the contract to read and understand what's going on. After that, people can't cheat you ! I have seen projects claim that they will do XYZ for the environment but all of the fees (70%) went to their marketing wallet. It's very clear in their smart contract but people don't read it and believe to their fake "whitepaper" (simply a piece of sh*t with some nice design).

+ if contract isn't verified, never buy it ! That's the most easy thing to do, but projects ignore to do this is big red flag, probably they don't want you to see what's on their code.

+ big liquidity pool doesn't mean it's good or legit. I have seen guys putting $100K and removing liquidity just to earn $20-30 each time, but they do it a lot of times in a day. Sadly, people are still falling for it.

+ read the smart contract, to find the owner, and check his history of transactions. If it contains things like "Remove Liquidity", scammers !

+ don't invest more than you can afford, if you put in more than that, you will not be logical in your decisions because of your emotions, so be chill.

+ don't be fool by big followers on a project's social media, it means nothing! it's very cheap with bots. Again if you see shitty things in their smart contracts, believe no one but only what you see in their code and just forget about them.

That's pretty much it. If I forget to mention something here, I'll make an update.

Thanks you for staying with me. Happy trading and investing !

Edited: fix spelling

submitted by /u/iamspecial01
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