Due diligence is the core of Binance's vision and mission. The exchange and several other exchanges bear this same quality, with some more responsive than others.
There's no perfections anywhere and a very viable project could turn out to be rubbish. Those that experienced $LUNC and $Ftt saga can testify.
Well, here are 2 types of coins you can avoid:
#Scam coins: There are many scams in the cryptocurrency space. Some scammers create fake coins and list them on exchanges in order to trick people into buying them. Others create fake trading pairs for legitimate coins in order to manipulate the price. If you're not careful, you could easily lose money by investing in a scam coin.
Unstable coins: There are many new cryptocurrencies being launched all the time, and not all of them are created equal. Some coins are very volatile, meaning their prices can fluctuate wildly. This can make it difficult to make money by trading them, and it can also be risky if you're holding them long term. If you're not sure about a coin, it's best to avoid it.
Tips For Avoiding Scams Coins:
Do your research before investing in any coin. Read the whitepaper, check the team's credentials, and look for any red flags.
Only invest in coins that are listed on reputable exchanges like Binance.
Be careful of coins that are advertised too heavily. Scammers often use aggressive marketing to lure people in.
Don't invest more than you can afford to lose.
If you follow these tips, you can help protect yourself from scams and unstable coins.
Additional Tips:
Pay attention to the trading volume: A high trading volume indicates that there is a lot of interest in the coin, which can make it more liquid and easier to sell.
Look at the coin's history: Check how the coin has performed over time. If it has been consistently going down, it's probably not a good investment.
Read the comments: See what other people are saying about the coin. If there are a lot of negative comments, it's probably a good idea to avoid it.
By following these tips, you can help make sure that you're investing in safe and legitimate coins.
DiD you find this helpful?
Have you been scammed before?
Have you lost in a project ?
Which #crypto projects do you think are scams on Binance and may or should be delisted soon?
I'll be dropping more helpful tips soon...
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Disclaimer:
This post is meant for #educational purposes only and scenerios cuts across other exchanges too. There are no perfect exchange, only good ones.
Please do your own research before Investing in any cryptocurrency as cryptocurrency
