How do you determine if a cryptocurrency is legit?

[Zezo 306]

In fact, I am not interested in this matter because the projects are much more than honest, so I prefer to stay away from them and invest in known currencies

[CryptoLover21 0]

We can't know which cryptocurrency is legit even we can make loss by buying bitcoin. So, it's like belief and invest in the cryptocurrency which has good trading volume and whose rank is above 10 in coin market.

[BitcryptoHan 2557]

I make use of well know cryptocurrencies, with that i know they are legit. I also look for coins on only coinmarketcap because they have legit coins. But, I make sure I use coinmarketcap to still analyse the coin to make sure it is not a shit coin. 

[Brushless4500KV 4214]

There are many ways to determine if a currency is legit or not. Presence in the exchanges is the first thing to check. If the coin was present in most reliable exchanges, this can be a sign that it is an active coin and is probably legit. The second option is to search for it in the crypto statistics websites like CMC. If the coin in question is not listed in any website, then there is a high chance that it may be a scam. You should read about the history of the coin, its developers, the purpose of project behind it and its mining method. There is not much data available about scam coins but you will find lots of information about legit coins.

[Yomose 3704]

5 hours ago, Brushless4500KV said:

There are many ways to determine if a currency is legit or not. Presence in the exchanges is the first thing to check. If the coin was present in most reliable exchanges, this can be a sign that it is an active coin and is probably legit. The second option is to search for it in the crypto statistics websites like CMC. If the coin in question is not listed in any website, then there is a high chance that it may be a scam. You should read about the history of the coin, its developers, the purpose of project behind it and its mining method. There is not much data available about scam coins but you will find lots of information about legit coins.

I will prefer the coinmarketcap, or if I know the exchange i am using is well regulated, I can use it to just predict the coin is good. For example, all coins listed on binance are good, but I still need to further analyze the coin in case. 

[Brushless4500KV 4214]

9 hours ago, Yomose said:

I will prefer the coinmarketcap, or if I know the exchange i am using is well regulated, I can use it to just predict the coin is good. For example, all coins listed on binance are good, but I still need to further analyze the coin in case. 

Binance and Coinmarketcap are acceptable sources for identifying legit coins. The only problem is that some coins may stay legit for a while and attract so much attention but when they received so many investments, they might suddenly disappear and you will not find them in any website. Knowing this, I only work with coins that have a long history (about a decade or at least 5 years). I don't have enough time and money to test new coins to see if they are legit or scam. Therefore, I prefer old coins with lots of reputation.

[Yomose 3704]

41 minutes ago, Brushless4500KV said:

Binance and Coinmarketcap are acceptable sources for identifying legit coins. The only problem is that some coins may stay legit for a while and attract so much attention but when they received so many investments, they might suddenly disappear and you will not find them in any website. Knowing this, I only work with coins that have a long history (about a decade or at least 5 years). I don't have enough time and money to test new coins to see if they are legit or scam. Therefore, I prefer old coins with lots of reputation.

I took make use of history. I can not trade a coin that have only be just existing for some months, there was a coin i wanted to trade, it is METP, i later realized that it was created on this year, 2020. I did such people it could be dumped, and if I tell you, if I invested $200, it will rain less than $10 now. So, it is a dumped coin to me and it is listed on coinmarketcap. 

[Zalaks007 543]

What I always do is to search the coin on Google to see either it exist and to hear what people are talking about the coin, then I always request to see the coin white paper not to invest in a scam project plus request to see the name of the research team and how there involvement is with the project. If am satisfied with all of this, then I invest in it.

[Laboni 755]

There are many ways to test whether a cryptocurrency is legal tender Good and reliable exchange sites do not allow illegal currency transactions and they do not support new currencies. New currencies are more likely to be scammed and better websites may not last long.

[Thekingcallme 1975]

For me, I define good and legitimate currencies by searching for them in large platforms like binance. If the currency is there, then this means that it is a real currency.

[yato987 2811]

it is not easy to find out if a currency is legit or not but there are many ways we can try to find out , first we can search the net about it and read opinions , also we can ask crypto community and trusted friends about it

[Sugibengi 390]

On 4/24/2020 at 5:02 PM, Naylor89 said:

As you now there are more than 5,000 different cryptocurrencies. Some have really shady names and some of their websites didn't even have other contact information than an email address and hidden whois information, so it seem like quite a few are blatant scams. So what's the best ways that actually can be used to tell the legit ones as cryptocurrency?

I think if we want to see official and registered crypto, we better look at Coinmarketcap, there you can see a lot of coins and the price of each coin, various information about coins is also there, you can see charts to predict future prices, I think every trader sees Coinmarketcap. If a coin is not listed there, it means that it has no value.

[Mcd0d0 5882]

Well, i determined the cryptocurrency coin is legit when it has a lot of users and also of this is listed on a trusted exchanger or trading sites like binance or coingecko just to be sure that i will not lose my money.

[decemberends 1881]

commonly you would research about it but problem is not all of them can be researched because others are hidden somewhere and also some positive currencies is not what you think. that atleast i can say.

[Swapzone 174]

We can't actually detect that. It usually depends of your belief. The only thing you need to do is - google it, do researches, read whitepaper and get more info about it.

[Hatred 1388]

I determine if a cryptocurrency is a legit one base on it's rating or review from it's users. If that crypto has many users and have a good reputation to its users, especially if my friends recommend it to me, I determine that is a legit coin and it is very trustworthy.

[TimopheyKa 3900]

In fact, nothing! Simply, I usually use some new cryptocurrency if it is from a verified exchange, or if it has at least some value or reviews. But if this cryptocurrency is an empty place on the exchange, then of course, it plays absolutely no role!

[bogdanoff 3173]

I trade coins in exchanges I don't know anything about and forget I even traded them. This is a mistake but sometimes on Binance or Coinbase there are opportunities to make money fast. We must learn about the coins before we touch them and this takes time as we have to do research. Learn who is the team, talk with them if we can on telegram and find what they try to make. A good project must have something building as a platform. We have to find if they tell the truth or not.

[Mike1515 2977]

Well thats one thing am struggling with most of the time, its important for me to truly try and get what would be the most Ideal thing to do to get a legit coins, I saw this site that were showing those coins that have been lost, I mean those that are no longer working and some which are scams.

Dead coin .com is the site and though its helpful, but it can only show you the coins that are scams and which those that have completely been lost

[Irungu 4299]

I am so sorry am not certain of the coins that I have but the truth is there are so many fake , but look at it this way , there is information out there from legitimate sites and if you care to look for them you will find, dont invest in anything you have not done some research on, you will end up making the wrong decision and that would be painful for you.

[Digital 387]

There over a thousand of crypto currency but only few among them are worth to invest many of them are not even listed in the market try go to the coin that are transparent and which your mind is comfortable with.

 

[estee369 489]

Check out the team behind the project and their background. Check their telegram community is active in discussion or not. Also check their social media status. A good project will be super active in social media and keep updated their community and project development, update and partnership news.

[Buy me coffee 251]

You have to believe in its existence as a number, as it is decentralized, as for its price, it is something that is attributed to stock exchanges and traded on them. As for virtual coins, they are centralized through the exchange that hosts it. It cannot be mined or something similar. And the price also depends on its circulation on the stock exchange (supply - demand).

[Digital 387]

You can determine the legitability of a coin by searching the name of the coin on google and read customer review and make critical analysis and check the market cap weather the coin is listed on exchange.

[percare 3192]

This is not easy to find from the start but you need to make conversations with the team and find their motives. Usually the members of the team will think about how to make price rise and make a lot of money, these are not very good projects but don't mean they are scams. The scams will be people that just want to grab money and disappear. It is very hard to know if they do that.