Cryptocurrency ticker symbols are unique combinations of letters used to identify tokens and projects. For example, familiar tickers include BTC (Bitcoin) and ETH (Ethereum). These abbreviations play a crucial role in helping traders identify and differentiate between crypto assets.
It is worth noting that multiple projects can claim the same ticker in the crypto market. This can arise due to coincidence or, in some cases, malicious intent. Traders should exercise caution when making trades, deposits, or withdrawals. Stay alert to avoid scams or ultra-low-cap projects using identical or similar tickers as legitimate projects.
Let’s see how to accurately identify crypto ticker symbols.
How to identify the correct token/ticker symbol using a block explorer?
Verifying the contract address and any project information of the assets you want to trade, deposit, or withdraw is crucial.
Here is a real-life example of two “USDT” projects. One is legitimate, and the other is an impersonator. Let’s see how to identify the real project besides looking at the logo and name.
Listing A - Wrong “USDT”
Listing A appears to be USDT at first glance. However, if we take a closer look at the “Overview” and “Market” sections, the numbers don’t add up: $20,000,000,000 total supply, but only 2,161 holders and $0 market cap. There's also no information on circulating supply.
Listing B - Correct USDT
Here is the block explorer page for the USDT that is listed on Binance. You can see there are over 4,000,000 holders, approx. 187,000,000 transfers, and over $36,000,000,000 in total supply.
Compared to Listing A, these numbers make sense as USDT is the largest stablecoin by market cap. Moreover, you can find detailed information under the “Market” section regarding market cap and circulating supply.
Tip: You should also take the extra step to conduct additional research and verify a crypto's information with other reputable blockchain explorers.
What should you do before making a deposit or withdrawal?
1. Send a test transaction first
When transferring crypto to a new address, we recommend sending a small amount — one you’re comfortable with losing — to confirm the destination address before initiating a deposit or withdrawal.
2. Verify the token contract address
Always verify whether the receiving platform supports the token contract address before initiating a deposit or withdrawal. It helps prevent mishaps, such as sending funds to the wrong destination address. On Binance, you can find this information in the contract information section on the deposit/withdrawal page on the app.
After selecting a network, you can tap the [i] next to [Contract Information] to view the contract address.
3. Check the supporting blockchain network
Some tokens have identical tickers and blockchain addresses across multiple networks. For example, BNB exists on both BSC and the Ethereum network. However, they’re separate entities despite sharing the same name.
To ensure your funds arrive in the correct address, always check the blockchain network associated with the token you intend to deposit or withdraw before initiating a transaction. If you selected a wrong network, you could be sending tokens to a wrong address and your funds might not be recovered.
Some exchanges don’t support token bridge transfers. Confirm the token contract address and verify whether it’s supported on the destination platform before proceeding.
Sending tokens from a bridge’s smart contract can sometimes be construed as a smart contract deposit. There’s a possibility that Binance cannot credit the deposit to your account, and you’ll have to file a manual appeal to recover the assets.
Tip: Transfer the bridged tokens to your personal wallet before sending them as a standard blockchain transaction into your Binance wallet. And remember: always send a test transaction first.
In case you encounter issues, such as an incorrect deposit or missing funds, please visit:
Disclaimer and Risk Warning: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial advice, nor is it intended to recommend the purchase of any specific product or service. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance is not liable for any losses you may incur. Not financial advice. For more information, see our Terms of Use and Risk Warning.
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