The best way to avoid being ripped off with cryptocurrency investments is to know how to spot cryptocurrency scammers. These people can send you threatening emails or post fake reviews on social media to convince you to invest their funds. The first thing you should do if you suspect someone is scamming you is to ignore their claims. Always check the URL before you make an investment. If it is not legitimate, it is probably a scam.

A good resource for spotting honeypot cryptos is Token Sniffer. Simply enter the ID of the cryptocurrency project you want to invest in, and Token Sniffer will give you the Automated Contract Audit results. Any project with alerts is likely a scam. Scammers typically use contract templates and do not disclose the nature of their projects, so you should be careful when you invest in a cryptocurrency project.

Another good resource for spotting honeypot projects is Token Sniffer. It lets you enter the Token ID of a project and displays the results. Those with alerts are most likely fraudulent. There is a good chance they are using a pre-made template for their contracts. This makes it difficult to differentiate a legitimate project from a scam. Using a hardware wallet will reduce the risk of being scammed.