How to Check for Fake Token Honeypots: A Safe Guide Before Buying New Coins

Bittime – A honeypot is a type of scam where tokens are created in such a way that users can buy them, but not resell them.

To avoid this, you need to understand how to check for fake token honeypots using freely available analysis tools.

What Is a Honeypot Token?

Honeypot tokens are fake crypto projects designed to trap buyers after making a transaction. These tokens typically appear attractive, with sharply rising price charts and seemingly active communities.

However, when investors try to sell their tokens, the transaction fails or the gas fees become unreasonable.

This kind of mode is often used by developers who want to make quick profits without any intention of developing a real project.

Read also: How to Recover Funds from Fake Token Honeypo

Why Do You Need to Check Tokens Before Buying?

Many novice investors rush into buying tokens simply because they see a trend on social media without checking the project's validity. However, there are many indicators that can be used to assess whether a token is safe or not.

By doing your due diligence first, you can avoid losing funds due to rug pulls, honeypots, or malicious smart contracts.

Read also: How to Avoid Crypto Honeypot Scams: Here Are the Signs!

How to Check Fake Token Honeypot in General

The first step is to check the token contract address on a blockchain explorer like BscScan or Etherscan. Make sure the address matches the official information on the project's website or community.

After that, use a honeypot checker analysis platform that can detect whether the token contains fraudulent vulnerabilities. Some popular sites used for this analysis are TokenSniffer and Honeypot.is.

1. TokenSniffer

TokenSniffer is one of the most popular tools for detecting potential scams. Simply paste the token contract address into the search bar, and the system will automatically provide a score.

A high score indicates a relatively safe token, while a low score indicates risk. TokenSniffer also displays information about copy-pasted contract code, liquidity, and developer wallets.

If a token has a contract similar to other scam projects, it is best to avoid investing there.

2. Honeypot.is

Honeypot.is is specifically designed to test whether tokens allow for normal trading transactions. The site simulates transactions on a blockchain network to see if token sales can be executed without errors.

If the result shows “honeypot detected”, it means the token is high risk and not safe to buy.

This tool is often used by traders before purchasing new tokens on the Binance Smart Chain (BSC) or Ethereum network.

Read Also: Crypto Honeypot Scam: Definition, How It Works, and Types

Additional Tips to Avoid Getting Caught by Fake Tokens

In addition to using the tools above, be sure to regularly check out the project's community on Telegram or Twitter. Avoid projects that promise quick profits or have unclear whitepapers.

Also pay attention to the liquidity of the token inDEX (Decentralized Exchange); if the liquidity is locked for a very short time or can be withdrawn at any time, it could be a red flag.

Always use a dedicated secondary wallet for testing new tokens to keep your primary funds safe. Many professional traders use a separate account for trial trades before making large purchases.

Read also: How to Identify Fake Tokens that are Scams?

Conclusion

Checking for fake token honeypots is a crucial step in keeping your digital assets secure. Tools like TokenSniffer and Honeypot.is can help quickly detect potential fraud.

However, the analysis results from these tools should still be combined with manual research such as checking the developer team, community activity, and official contract audits.

This way, you can avoid the trap of fake tokens and invest more safely in the crypto world.

How to Buy Crypto on Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Also, visit the Bittime Blog for interesting updates and educational information about the crypto world. Find reliable articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your crypto knowledge.

FAQ How to Check Fake Token Honeypot

1. What is a fake token honeypot?

Fake token honeypots are fake crypto tokens that allow purchases but prevent sales, causing investors to lose their assets.

2. How to check fake token honeypot?

Use tools like TokenSniffer and Honeypot.is to check whether a token is safe before purchasing.

3. Is TokenSniffer reliable for honeypot detection?

Yes, TokenSniffer can detect malicious code, duplicate contracts, and token risk levels with automated security scores.

4. What are the signs that a crypto token is a honeypot?

These include inability to sell on DEX, high transaction fees, low liquidity, and suspicious developer wallet activity.

5. Do all new tokens need to be checked with a honeypot checker?

Yes, always check for new tokens because many scam projects appear on the BSC and Ethereum networks to trap novice investors.