How to trace out unethical token or ICO scam
In the present cryptocurrency world chance of ethical and legitimate coins are less when compared to fake token coins and ICO scams. Many people lost their properties or wealth by investing in fake sites. So it is most important to know the points and keys that scammers follow to trap the investors. We must have the ability to find the token or ICO is it a scam or legit.
Here given the tips and techniques that spammers follow to tackle the investors. By knowing this techniques and tips we have to give reverse tackle to the spammers who make you invest in fake sites. Techniques that followed by the spammers are also looked perfect and legit but we have to trace out the face behind the mask.
The team behind the project of an ICO or token coin is most important to find that the project is legit or fake. First of all, we have to check the team of the project by knowing who are listed in it. After knowing them it is better to check whether they are worked on any other projects or not and is they are experienced or not.
Because an unethical project always tries to manipulate the people with their team. They always try to show their team is well skilled and technical. By referring the people who are included in the team we can know the status of the project is it legitimate or not. So, it is most important to check the team for the project.
Legal address of the team:
The next one we have to check the legal entity of the project. Always an illegal site may fall down on this technique. It is difficult to provide a legal address to the ICO so they can be easily traced out. We have to check the legal address of the project before investing in it.
We can check the legal address of the project by using Google etc. Like other search engines. Always an ethical project provides the place, address and phone number of the project. But an illegal project may deceive this details so we can easily trace out this type of fake ICO’s and token coins. Checking the legal address of the team is also important to trace out the unethical projects out of the ethical projects.
Whitepaper of the project:
Whitepaper of the ICO or token coins are the most important to find it is legit or not. It is highly difficult to design a whitepaper for the spammers. The whitepaper of the token or ICO consists all the details of the project and the technology that will be used in that project.
For the spammers, it is difficult to define the technology so we can trace them in this point of the whitepaper. When we came up with the whitepaper of the ICO or token we have to do keen research on it to find it is legit or not. It is must and should to check the whitepaper of the project.
The pictures of the start-ups of the project and the members in the picture may imagine us the project is true. We have to study the picture also with clear observation because the spammers edit the picture as they are accompanied by great officials. So it is also important to check the image also.
For example, if an image of the meeting of officials that sited in social media will be used for their purpose. So we have the capability to check whether the picture is real or edited by Photoshop editor. We can trace this photos by using some special software that is available on the internet. It is also important to check the images and certifications of the ICO’s and token coin.
An exchange that Included:
We have to check also the exchange option of the coin or token. By the exchange of coin also we can trace the fake coins or tokens. We have to check on which exchange that coin or token registered. Is the exchange is legit or not we have to check.
The exchange is most important to a coin or token. So it is the key factor to check whether the exchange is legit or not. We can say the coin is legit or not by the exchange it uses.
Ideas of the Project:
One of the important point to be recognized to find out a scam is the ideas or plans that was inaugurated by the project. We have to think the possibility of their ideas or plans that are possible to execute in the real world. Because some projects deliver the ideas or plans which are impossible to happen. So, we have to check the implementation of ideas or plans that are executable or not in the present world situation.
Social Presence of the Team:
The Social presence of the team in the society is also important. We have to check the presence of project on social media like Facebook, Twitter etc. Because there will be a huge response in social media for trending things in the world. In social media, many people also review new things or products. By searching reviews of the tokens or coins also we can trace out the fake one.
Website of the coin or token is also to be checked. By the appearance of the website also we can find is it legit or not through details that are mentioned on the website. Fake websites may not give complete details of the project it tries to hide the details by this technique we can trace out the fake projects.
Community of the Project:
By tracing out the details of the community also we can trace out the unethical and fraud sites. The Community of the project plays a vital role in clearing and explaining doubts of the investors. If a community is getting hesitated to communicate with others it is the sign of fake project. Legitimate projects hire the best community because it is like a backbone of the project.
So, it is must and sure to check the community is it fine or anything misleading investors.
Age of coin or token:
Age of the coin is the most important to know the functioning of the coin. If a coin is moving from 3 or 4 years it will be legit and perfect in the market. Senior most coins always hold legitimate values we can safely invest money.
By the age also we can identify the coin or token is it legit or not. An unethical coin or token will never exist more than for long years by that only we can understand that is fake.
Review: Before investing in new products or stake holds we have to check the reviews of that product. By reviews of the coin or token, we can easily identify the fake coins out of ethical coins or tokens. There will be so many different websites are available to check the review of the coin.
We have to check different review sites to know the exact review of the coin or token. Many people are safely invested in different coins by knowing the review of the coin. If a coin has bad review it is better to quite that coin.
These are the different techniques and tips we have to find out to trace the fake coins or tokens out of legitimate tokens or ICO. Through many fake sites, people have lost a lot of money so we have to think and discuss from all sides to know all characteristics of the coin or token. By the above-mentioned points, we can safely invest money and be aware before investing in new token or ICO.