How do you determine if a cryptocurrency is legit?

[Jeet Narayan 1940]

Coinmarketcap have 5000 crypto coins . Most are fake projects and it's price is nothing now . Only small Crypto coins are real and legit . Old and big projects related coins are very good.

[Zues 1069]

On 4/24/2020 at 6:02 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 that it could be great because if you have the knowledge to know what is a legit cryptocurrency and what is a fraud because sometime it is inconceivable to the eye so you need to be an expert in cryptocurrencies so that you will know the difference. 

[ayatoslaw 858]

Some things that you have to make sure whether the project is Legit or Scam.
Website: first look at the website of the project,
Whitepaper: if the website is clear, check the whitepaper section whether it is 100% unique or plagiarism,
Team: see team info, make sure this section has a brief description of the experience and there is a LinkedIn contact,
Social Media: including Twitter, Facebook etc, and also joining community groups whether they have a large number of members and are active or not,
Github: in this section it is important that you can monitor the progress of the project and what Dev is doing on the project.

If these five things are there and all of them are active then the project is most likely to be legit, but still always be careful, because there is always the possibility of a project suddenly becoming a scam.

[Jimmy26 987]

One thing everyone can do before going to any unusual work they should take some inquiry and detail research about those work that will be some good also this research will help them to get things quickly without facing any issues even if they found their is any illegal thing is going on then they will save them easily.

[Trader21 1199]

Yes indeed there are above 5000 cryptocurrencies. Sometimes it is really hard to determine, is a cryptocurrency legit or not. That means There is not a special way that we can use it. But before choosing any coin we must make own research, about team or etc.

[Captain Karim 0]

You can not know if it is a legitimate cryptocurrency or not only after researching the project completely and reviewing their products and even studying the CV of the project team and the financing money that they obtained and where it is spent.

[Kamila 291]

I usually look at which exchanges the coin is on and what rating these exchanges have, often scam coins are only placed on scam exchanges

Edited May 10, 2020 by Kamila

[Virgil dijk 1431]

Well there are really lots of cryptocurrencies and some of them are dead coins , some are scam coin and some are legit, but the problem is Identifying the legit ones and most time identify if a new coin is legit, so much research is needed. 

[Upright 2688]

Knowing if a coin is actually legit, it fraud scam, at this present times is kind if tricky, as even the scam coins tend to prove on to be real and on a main focus theory of their creation, as when wondering the Crypto world always note to be vigilant but cautious too

[Mohssine 1725]

For me i just trust and invest the most popular coin , i have 3 coin BTC and ETH and LTC , this because first like i said is popular , is mean the have a good daily trading value , and also the are safe in investing , not like the other coin.

[bentayebsalah 2280]

You can determine the currency's reliability by looking at the platforms you are dealing with as well as its strength and trading volume

[Ayush Singh 1175]

I don't prefer to deal with any of the Cryptocurrencies i just deal with some of them which is listed in coinmarket cap and such listed coins are legit according to those list i prefer some of the coins to deal with.

[Rickso 768]

On 4/24/2020 at 12:02 PM, Naylor89 said:

 So what's the best ways that actually can be used to tell the legit ones as cryptocurrency?

first of all you need to see the marketcap of that coin, more volume it has  and more interest there is in the coin and this also mean more reliability. 

second check the team behind the coin, look for live conference and socials to see if they are real persons.

this should be enough but everything can happen in the crypto world, so use only what you can afford to lose

[CryptoLegend 16]

You can search for their reputation and comments from users of the exchange. When you smell and red flag, that is an indication. Another thing to look is the reputation and the liquidity, what is the mode of customer support. Just do a diligent research as there are numerous to choose from and one that is attracting attention now id KoinPro 

[Zzoro6110 19]

This can be done easily by reviewing the platforms that support that currency. If the currency is present in large platforms like BINANCE, this means that it is a strong and reliable currency.

[Rezort 846]

I just check social media of the cryptocurrency, how well it is developed, how many goals project accomplished in the recent months, and it would be good for them to have capitalization.

[Zaino34 0]

There are a lot of projects and digital currencies, most of them are failed and unprofitable projects and some digital currencies do not have any value and it is better to avoid working with these digital currencies and working in the most popular and most used currencies by people because we know that they are making profits from them and we can work with them safely

[Dark_Sky 8489]

On 4/24/2020 at 7:33 PM, Syed Al Mamun said:

I think there are no any specific criteria for Crypto currencies. It's totally depends on our belief. After that we can use Google search engine for getting enough informations about any Crypto currency of the world. Sorry for ignorance of me.

I agree in this comment. 

We can do some research to prove if the currency is legit. 

Also if the coin is new there's a high that the coin is fake so much better to have some review before trying to have the new coin. 

[Omar Ommeish 4872]

I can learn about the cryptocurrencies of scams by looking at their website or reading the research paper on the currency.

[Dark_Sky 8489]

On 4/25/2020 at 4:43 AM, Moaz said:

In order to determine whether the cryptocurrency is legal or not, first use the Google search engine to obtain the largest amount of information about this currency, and also you must join the social media of this currency if they have a large number of members , this evidence that this coin may be reliable

This is right. 

Just make some research and look for some answers that may help you identify if the coins is legit or not.

Also try to ask some experts about that for you to know the answer. 

[Zues 1069]

On 5/14/2020 at 2:11 AM, Rickso said:

first of all you need to see the marketcap of that coin, more volume it has  and more interest there is in the coin and this also mean more reliability. 

second check the team behind the coin, look for live conference and socials to see if they are real persons.

this should be enough but everything can happen in the crypto world, so use only what you can afford to lose

Yes I think that you are right and It is important ofr us to know how can we know if the coins is legit and real because it is dangerous if we do not know how to differentiate lgit cryptocurrencies to fake ones so we should learn to understand that

[Treat1234 0]

No doubt there are thousands of crypto currency but not all are good to invest or trade only few are good to go .

[koussai999 1986]

I think that you can do a lot of research on the currency in order to know if the campaign is actually legitimate or not and are there any big entities that support the currency or is the currency that there are no strong entities that support it and the currency project must also be good

[Trader21 1199]

As you above mentioned there are just above 5000 cryptocurrencies, and no doubt this number is increasing day by day. If you want to know that any cryptocurrency is legit or not. Make about this currency and read team's goal. 

[iloveyobit 6599]

You do not have to do all of this because the platforms do it instead of you. Just go to the platforms that occupy the first positions in the field and search for the currency you want. Only honest currencies will be there.