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Take precautions when investing in projects On BenSwap
As a platform that is still very young and totally attractive [Run on SmartBCH], it is necessary to take appropriate action when making investments. There are many good projects but also many that will come in with the intention of deceiving investors and leaving them with 'pants on their hands'.
It takes diligence and zeal for secure the money that is not easy to get, and to be cautious when investing is actually to protect the investment made. Many projects are being produced by common people who see in it a way where they can find unprepared people who for so long are excited to use decentralized finance (much because of the low fees they provide) and do not do the respective analysis (research) and only see easy money, so they lose money to scammers.
Although BenSwap is a stupendous and very promising platform, it is a decentralized exchange, does not require any KYC [know your customer policy] and can very well list projects with malevolent intentions and with low market liquidity. They do an analysis for listing, but they may well suffer scams from scammers who do a research on the platform's listing method. They [scammers] are very well organized and invest a lot in their projects, create websites, social pages (Twitter, Facebook, LinkedIn or even Instagram and Facebook) everything to make their project to look credible in the eyes of investors.
They are very focused on attracting more investors and therefore, they always have a very booming entry into the market, they create a marketing team to promote their project quickly, in doing so, they attract more people and always have business tricks promoting their project ( such as private sales, payment solicitation for those who attract more people to the project, hiring well-known admins in the market, etc.) and with that, in a very short time, there is great business liquidity and a hand full of investors.
However, this is only so that they have a source of 'rug pull' and when they reach their goal they simply evaporate, abandoning the project in the hands of investors and with low or no liquidity on the platform, making the investment null and making people lose money with it.
It is always necessary that the diligence [DYOR, from your own research] is a milestone, a must do, for every investor, especially when the platform in which it invests is completely decentralized, offering no KYC policy and where anyone can be the developer. There is no recipe for safety on them, and caution is highly recommended here, whenever possible invest only what you can theoretically accept to lose.
For a better quality of investment, it is very important to always look for projects that have in their development team a group of reputable people who are well known in the market or community [not a guarantee, but a lot of chance of being a credible and long-lasting project] and never, but never even invest with borrowed money. Investments entail security risks and loss of money, not being as 100% reliable as any other investment.
Today, the project may have good intentions in the market and want to maintain its loyalty to it, but all of a sudden it could die without giving a plausible justification, disappearing with investors funds. Therefore, it is necessary to be very cautious and never have full confidence in doubtful projects [better have a lot of investments on the portfolio].
Always be on the alert for red flags on these projects, money is expensive to acquire and never blame anyone for your failure to invest, those who invest to earn easy money usually lose or gain the same, now those who invest in projects with health and people with clear ideas of development can protect their investment and stay a long time in the market.
Always do your necessary due diligence, never stop doing it as this is the only way to protect your money and be responsible with your personal finances by betting on quality projects and that are on the market for long and with reputable people in the Bitcoin Cash or crypto community,
If you are looking for easy money you can easily fall into a trap, always look for safety.
DISCLAIMER: On September 21, 2021 the decentralized trading platform, the first on SmartBCH, BenSwap, registered the first project that left many investors penniless and losing their finances on it. The project, which is called MonkeyCash or simply MCASH, left investors in the 'hand' and made the first 'rug Pull' on the platform.
This project entered the market with a lot of energy and willingness to create an attractive product and even won over some investors, but all that energy was short-lived and as soon as they felt it had enough balance they ran away, erasing their official accounts and at the time they are outlaws. Of course at first it may seem trite but we are talking about money invested by people and it was simply blatantly stolen, therefore, diligence and research is always required whenever possible.