Quote from: tvplus006 on October 12, 2024, 09:16:38 PM

If you do not have enough knowledge to detect fraud, then you should trade on a centralized exchange with a good reputation. In this case, all the work on checking the token will be done by the team even before the token is listed on the exchange.

It is not a too bad advice but there is risk too.

Centralized exchanges mainly list cryptocurrencies with listing fees that is part of their business income. They can have easy or strict listing criteria but we can not trust them.

Don't forget what happened with Terra, UST and LUNA with massive inflationary minting from Do Kwon, then dumping it on Binance. Their audits team must do their jobs better, it's unacceptable that their audits team did not detect massive minting from Terra and their deposits to Binance. It's simple algorithm for detection when deposit amount is massively bigger than what is known as total supply of these tokens before the scam minting wave.

Other risks with centralized exchanges for trading or storing cryptocurrency.
Reminder: do not keep your money in online accounts