Getting in on crypto tokens can be a good way to make profits. We are all looking for coins that can give us a 10x to 20x or more. However, unfortunately, the crypto space also has plenty of scams and rugs.
So, we’re going to take a look at some tools that can keep your crypto trading safe.
Trading on-chain tokens can 10-100x your portfolio💸
But only if you avoid rugs and scams⚠️
Here are 7 tools and strategies to stay safe🛡️ pic.twitter.com/NOCt11swhE
— Nikyous (@CryptoNikyous) August 22, 2023
Cyberscope offers audits and KYC services. So, they audit smart contracts and conduct KYC on teams. This improves the credibility of the project you’re researching. They offer smart contract audits on 8 different chains. This includes, for example, Ethereum, Polygon, Aptos, zkSync, or Arbitrum. Furthermore, they audit Solidity and NFT smart contracts as well.
You can paste a token address and Cyberscope scans it. Now you know if it is safe to invest. To date, they conducted over 1200 audits and 500+ KYCs. The picture below shows their four main products.
De.Fi is another tool that can check your token security. Among others, they have a revoke option and the site can check your wallet security. Currently, they support 50 networks, with plenty more to come. On the protocol side, they currently support 469 protocols.
You can send your assets through this app as well. Furthermore, they also offer a swap. They advertise themselves as; The World’s First Web3 Antivirus. De.Fi also hinted at an airdrop.
⚡️ The @LadyofCrypto1 just said she is using our Tools to Protect herself from Crypto Scams!
You are basically asking to get scammed if you are not doing so too. 🙅♂️
Spot the scams early.
— De.Fi (@DeDotFi) August 18, 2023
Etherscan is most likely one of the best-known and most used block explorers. They make the Ethereum blockchain information human-readable. So, some tools might not detect the locking of liquidity. That’s where Etherscan comes in.
It’s important to know if a project locked liquidity. This prevents a project from rugging you. You can look up a token on Etherscan and find the holder’s UNI V2/3 pool. Click on this, and it shows you whether it’s locked or not. See the following sample.
4) Token Sniffer
Token Sniffer is another project that helps with token security. It analyzes a variety of token features. For example:
However, even if a token gets its highest score (100/100), it may still have hidden malicious code. So, always be careful and DYOR (do your own research). Token Sniffer has an automated scam detector. Currently, it supports 13 chains. A big plus is that it’s free to use. Token Sniffer monitors almost 3 million tokens and 345,000 scams.
Introducing the TokenSniffer API: a programmatic way to determine whether a cryptocurrency’s smart contract is dangerous or benign.
— TokenSniffer.com (@Token_Sniffer) March 9, 2023
Bubblemaps allows you to follow the token distribution. That’s important because owners can have more than one wallet. With this tool, you can check how diversified holders are. It’s a supply auditing tool for both DeFi and NFTs.
Their UI uses differently colored bubbles to show holders or ownership. The app allows you to reveal connections. Currently, Bubbles are supported into seven chains. Furthermore, it integrates into five platforms. For example:
- DEX Screener
- Trait Sniper
The following video shows ownership of the IQ token.
OttoBot is a Telegram bot. It gives detailed reports about token CAs or Contract Address. For example, OttoBot can detect delayed honeypots or hidden token mint contracts.
For pre-launches, it can simulate CA trades. Furthermore, it can analyze post-launch. However, it only works for ERC20 tokens. It is multichain, and they have their own OTTO token in the pipeline.
🐙 Otto Simulator can now detect delayed honeypot and hidden mint token contracts. As usual, it will show the warning in the "Other Details" section of the bot response.
Simulate CA trades for free here: https://t.co/I6AvYO0fCc
Stay safe everyone! pic.twitter.com/t2ekEZuMKf
— OttoBots 🐙🤖 (@OttoBots_xyz) August 12, 2023
7) TTF Bot
TTF stands for Track the Funds. This app allows you to track team activities and wallets or live contract changes. All the TTF bots also link to Bubblemaps. You can do good due diligence and team activities are transparent. This app gives you plenty of information. For instance, if a project,
- Is a honeypot.
- Can mint tokens.
- Has transaction limits.
- Has buy and sell tax.
If anything changes, for example, in the team’s wallets, or in the taxes, you receive a notification.
Anyone who was using TTF Bot (https://t.co/l0AoWi2rnx), could've seen the red flags before it was too late.
— TTF Bot – Track The Funds (@TTFBot) July 3, 2023
Unfortunately, there are still plenty of scams and rugs out there in the crypto space. However, there are tools available that can help you detect these scams or rugs. It keeps your crypto trading a lot more secure and safer. We covered seven of such helpful crypto trading tools.
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The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
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