Have you ever bought a coin only to find out you have just paid for the Fake coin?
It’s like walking into a bar to buy a MacDonald’s drink and when you get home, you find out that a Bottle of water has just been wrapped for you instead of wine.
But the problem here is that in crypto, you can’t return it, yes, you know the address of the seller but that’s all you know.
There is absolutely nothing you can do, it’s unlike a bank, where the bank will have to help you trace such Fake transactions.
There are over thousands of cryptocurrencies (more are coming) in the crypto space but not all are REAL, Fake cryptocurrencies have flooded the crypto space and they are increasing in number daily.
It is therefore essential that every contributor to this space understand how to identify the Real and the Fake ones especially beginners.
“They are always the most likely victims in Fake crypto transactions.”
Fortunately for users, there are many ways to do this, and using Coingecko is of the most trusted ways.
In this guide, we will share with you How to Identify Fake Cryptocurrency Using Coingecko.
What is Coingecko?
CoinGecko, founded in 2014 by TM Lee (who is the CEO) and Bobby Ong is currently the world’s largest cryptocurrency data aggregator providing data on over 6,000 crypto-assets across over 400 exchanges in the world.
Coingecko has one mission; to democratize crypto data and provide users with insight that empowers them to take action and make profitable decisions.
This, they have done excellently well since inception.
Coingecko provides information such as coin price, volume, and market capitalization, tracking of community growth, contract addresses of tokens, metrics, coin founders information and web addresses, code development, smart contract, and in most cases, source to a token’s official information.
Coingecko is a Singapore-based company, information provided by Coingecko helps its users quantitatively evaluate and rank coins
How reliable is CoinGecko?
Coingecko is very reliable, their data are accurate and verifiable, this is why they are trusted by many in the crypto space including us.
They offer dependable service to assist you in deciding where to invest and which exchanges to use.
They serve as a reputable source of information in an industry that is still mostly uncontrolled.
Here is how you can Identify Fake Cryptocurrency Using Coingecko.
How to Identify Fake Cryptocurrency Using Coingecko.
When purchasing a new coin, customers are frequently duped into purchasing the incorrect asset, which they are unable to sell.
If you are convinced about a particular coin and wish to buy it or equip yourself with more information about such coin using Coingecko, here is what you should do.
To use Coingecko in verifying the Genuity of a coin, the coin must be listed in Coingecko.
Yes, not all coins are listed in Coingecko but don’t worry; for a coin not to be listed in Coingecko is a Red Flag for you as a buyer.
You should reconsider such Coins if you can’t find them in Coingecko.
To verify if a coin has been listed in Coingecko, go to www.coingecko.com
You can download the app on the Playstore for Andriod users or Appstore for IOS users.
On coingecko.com, locate the search bar, type the name of the token you wish to analyze.
If the coin is nowhere to be found, then it has not been listed on Coingecko, you may have to check Coimarketcap and other cryptocurrency data aggregators.
If otherwise, the coin popped up when you searched, then it’s been listed and you can identify whether the coin is Fake or Not.
To do that, scroll down and you will see the contract address of the coin.
See the picture below showing the contract address of Gala (GALA) (marked on the right-hand corner).
If you already bought the token, you have to check if the token contract address in Coingecko matches the Contract address of the token you bought.
If the contract addresses are the same, then you are good, if not, then you may have just bought a Fake Token.
Note: It is most advisable to carry out this check before buying any token, this way, you can avoid buying fake tokens.
From the picture below, Coingecko not only shows the Real contract address. it also provides you with other details about the coin as seen in the case of Gala Token below.
You may want to check other details of the coin, scroll down your search result and you will find more valuable information about the coin. Digest the information provided and apply them in making decisions.
That’s all, easy and simple, and you can afford to buy a Fake token.
Do kindly share.