Post
Topic
Board Altcoin Discussion
Re: How to check if an altcoin is a scam
by
albon
on 01/01/2024, 23:34:13 UTC
Waiting to see if it's listed by one of those 2 exchanges means literally nothing in terms of being legit or a scam.  A project and look legit in any fashion but underneath it they are just waiting to scam everyone.  I'd say looking at exchange listing to verify if a project is legit is probably one of the worstrways to determine that.
We always find that most scam projects that invite people to invest in them mention listing their currency on T1 or T2 CEX platforms as part of their promises and roadmap goals. In the end, you find that they did not fulfill their promises and falsely promoted the goal of listing to attract investors who would invest huge sums in the project in the hope of listing the token on Binance and other top CEX and then reaping huge profits. However, suppose the coin has already been listed on market-leading T1 platforms. In that case, it is unlikely that the coin is a scam because listing it on such popular centralized platforms requires strict conditions and exorbitant fees. Listing a coin on DEX platforms is different from listing it on T1 or T2 CEX, and this is perhaps one of the signs that can be relied upon while searching to check whether the token is a scam or not. However, listing the currency does not guarantee the project's success, as it could be delisted later if there are issues or violations.