To tell if an altcoin project is legit, you've got to do your homework and check who's backing it. But why do we jump into these trades? Well, it's often because of greed. Greedy investors just want big profits and don't bother to check if the project's legit or not.
If you want to invest in alt coins, you should analyze its market trends in detail. Many of us have a tendency to invest in a new coin when we see it listed in the market. Before investing in these coins they should observe well how the project team is performing or working.
Among the most scammed alt coins are new coins that have recently been listed on the market. The owners of these projects earn enough money after the token is listed but those who invest in these coins end up money loss.
First, of course, understand in detail what altcoin you want to choose.
Even though it's an old altcoin, if you don't understand the ins and outs of the coin, it will certainly confuse you in making investment decisions.
Don't just because of the hype then you decide to invest with a lot of money. At least you know clearly what and where the altcoin is heading.