5 Ways To Stay Safe From ICO Scams

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ICO

Keeping the basic differences intact, Initial Coin Offering (ICO) is not an IPO. But to some extent, it can be termed as a digital version of Initial Public Offering (IPO). ICO is a term that methodologies of crowdfunding to raise money in order to fund a specific project. ICO being the digital variant of IPO, there are certain cases of ICO scams on a higher level, that becomes a trending news over the web if not certainly, but frequently.

You may be interested in reading about 20 things you should consider before investing in an ICO.

Take an instance of any technology which became useful for a specific cause, you’ll find the parts where people used it for fraud. Such is a case with ICOs as well.

Here is our list of some factors which can significantly reduce the chances of you getting scammed.

1. White Paper Can Tell A Tale, Make Sure You Read It

Consider the white paper to be one great tool to judge any ICO before hand. A great ICO would explain the project in a clear way. Which includes the business strategy explained in a way that helps every reader understand the project from scratch. Also the project to get investors from every background. Investors should always go through the white paper more than once to get a full idea behind the project. This helps the investor to know in what manner is the project going to serve. Adding further, how long would it take to become a successful project and stand out in the market.

White papers won’t serve to be as the only indicator to help you find a scam or a fraudulent ICO, but can surely be one of many factors that translates into not getting scammed.

2. Check out the group/team working behind the ICO

A team of great developers leading towards a successful project can add up to the factors we are collecting in order to NOT get scammed. Find about the team members working on the ICO by heading over to the website releasing the ICO. Check out their social media profiles which would generally be linked out already. Read about the previously worked projects by the team and also know more about their previous activities. Knowing the human side of any technology would enable an investor to funnel down into a conclusion before investing in an ICO project.

3. Roadmaps & Proposed Timeline Of The ICO

The authenticity of an ICO can be truly factorized by checking out the proposed timeline of the ICO. One of the crucial factors for an investor is getting every step posted publicly on the website.

4. Eyes On You, T&C!

The most cheated feel which comes in the heart of an investor can be revised terms and conditions every other day or so, which can be frustrating at times. Therefore, it becomes vital to recce the terms and conditions of the ICO before the prior date.

5. Legal Resource & Credibility Of The Project

Read about more public opinions on forums, and discussion bulletins. If you are checking out the reviews of an ICO, make sure the reviewer is a trusted source, if not anything else. Legal specialization of an ICO gets more serious attention than the rest. Investing in ICOs that have a legal side is the first step to stay safe in the scam zone.

Bottom line

We’ve tried to keep the article simple and useful for investors to reach out to the best ICOs and fund them without getting scammed. Still there may be many aspects, thank the human intelligence which cannot uphold any scams with a rule-book. For the sake of the same thing, we tend to list the ICOs that are verified and checked by our experts who keep a check of such events and traces.

Read about the biggest ICO scams of 2018 here.

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