5 Warning Signs to Help You Identify Scam ICOs
We are here with a vision to help eliminate scammers and limit fraud in the freelance and on-demand economy. So, we thought why not we lay down a list for our followers to help them distinguish scam ICOs from legit ones. Why? Because we are concerned about where you make your investments and contributions. Each day, many startups launch their ICOs, but very few of them are legit, therefore creating trust issues among the masses.
So, let’s get started with the potential warning signs:
1. Check the ICO Website & Whitepaper
The ICO website and the whitepaper of the project, give away all the information about the startup, so never be too lazy to check it. Good startups, try to be as transparent as possible on their ICO website. The key element to look here is the whitepaper of the project. It may seem too much for an average individual to read and go through this many pages but believe me, they are worth the time and effort.
The whitepaper and ICO website contain information that may influence your decision to contribute or not to contribute to a certain ICO. It will help you understand a project’s potential growth and success in the future.
2. Team Members
Legit projects have a legitimate team of passionate individuals. Don’t be fooled by these good-looking individuals, as the images shown on ICO website may not be the actual team. To make sure they are legit, check their LinkedIn profiles and try to engage them in discussion regarding the project and its ICO.
3. Advisors
The advisory panel of any ICO makes a huge difference because big names will never associate themselves with scam ICOs as their reputation can be affected when they associate themselves with any startup projects. So, if any project has a good advisory panel under its belt, it’s a positive sign that these people trust the vision behind the project.
4. Social Media Engagements
The way any startup presents itself on social media platforms can make or break their overall image. The type of posts they do or the way they handle negative criticism says a lot about how professional their team is. Scam startups will try to cover every negative comment y community member, while a legit ICO startup will answer negative comments with solid justification.
5. Join the Telegram Chat
Telegram is a famous platform that many ICOs use to make people aware of their project and answer queries. Make sure to join the chat group and ask all the queries you have in mind, before making an investment.
So, here were some of the hints for you to protect you from scam ICOs. Hope it will help you in future. Meanwhile, you can visit GigTricks ITO website gigtricks.io and take a look at, how a legitimate startup looks like.
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