How to Check Crypto Project Legit or Scam? Before Investing in ICO

Blockchain is continue to being one of the most emerging technology of this era. in recent times new trend of Decentralized Finance i.e., DeFi become trendsetter of year 2020 and 2021. As of now daily crypto project launching without being properly document and authorization but still people showing interest in investing. As no matter Decentralized approach changes way of investing but sometimes same thing turns out to be Scam.

we saw in 2018 many scam ICO reported by multiple users, where they scammed people by creating fake website and fake documentation. We know once transaction on the blockchain completed it cannot overturn or called back. in recent times many real projects also getting defamed because of scammer who creates fake group or fake website, where they ask user to send ETH by saying they will get Token in their wallet after transaction completed. Nowadays creating website is really easy and faster, so copying whitepaper of other project with replacing name and then creating page where wallet address is added, in this situation many people easily trust them and blindly invest in that project and then after 1-to-3-month scammer delete all information and project platform.

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we know there are still real and highly innovating project yet to launch and needed boosting before launching mainnet for them ICO is still one most important event. As investing in ICO will definitely provide high return which is main reason of why people go crazy in investing ICO. So, here we have some points that can be consider before investing in crypto or any initial coin offering. following below point can help you to find out blockchain scam projects.

Top Key Point to Check Crypto Project is real or Scam

  1. Try to find out team behind project as sometimes they linked their linkedin profile also, you need to check owner and other team member profile and joining date of social media. If you find all social media and profile created before project announcement then project could be suspicious.
  2. First visit official website and social media handle (Twitter, telegram and Facebook) and check whether project is well document or not. You even judge by its design or partnership list and check out admin of group with details.
  3. Join Social media group and ask question about project along with that check detail like number of group member and followers
  4. Read Whitepaper and tokenomics as this both should logical because sometimes scammer steal other’s whitepaper and token metric from another project.
  5. Check project whether audited by some specific company or blockchain audit platform.
  6. Better to invest in IDO, IFO and top exchange platform-based project public sale, where projects already examine by them for user security. Current we have platform like Polkastarter, Pancakeswap, Gate, DuckStarter, Paid Network and other. (Binance launching many project on their launchpad as Staking BNB, BUSD will be rewarded by Tokens of that upcoming project).
  7. Check partner, investor list and see is they really exist or not, you can google their name or even contact them for asking reality.
  8. If any project asking user to send BTC, ETH or other altcoin directly then try avoid them because without any proper platform do not blindly trust. As platform like Republic Note, Tokensoft Is simply trusted platform who already completed more than year in blockchain start-up industry.
  9. Check contract address twice or more, because people add fake token on uniswap, as you must already see many multiple addresses with same name. so, first check contract address on CoinMarketCap or CoinGecko as this are most trusted and updated crypto reporting platform.
  10. ICODrop and CoinMarketCap this are two platform who currently listing ICO, IDO or Public Sale event, as they have some protocol to follow before adding in under ICO tab. For listing on ICOdrop owner need to provide few documents which can ensure their project listing.

Investing in ICO is risky and at same times many projects already given more 10x to even 1000x in history. as top project like Chainlink, Polkadot and recent project Flow also raised by ICO, so not every project is scam but you need to DOYR. We will suggest you to try avoid sharing your details or email on groups or any public platform, because scammer also uses email to scam people.