Due to the rise of cryptocurrency, investing in ICO is very popular nowadays. Many investors have successfully made a lot of money by investing in a new cryptocoin project. Since the value of cryptocurrency keeps getting higher, many people are diligently hunting for a new ICO to invest in. But in the midst of the successful stories, there are also plenty of cases where the investors ended up losing huge amounts of money because the project failed to take off or the developers running away with the investors’ money.
The nature of ICO itself is very volatile. Furthermore, there are many additional aspects that make investing in an ICO highly risky. But due to its possible profit, many people are not discouraged by those risks. As a matter of fact, as long as you are able to find precious needles among the stacks of hay, participating in an ICO can be a great way to make a lot of money. Now, to make sure you will not make any mistakes in choosing a good ICO to invest in, here are some tips to help you.
The Purpose of the Token
One of the best ways to spot a https://topratedicos.io is by finding out the purpose of the token. You have to look beyond the ICO process and try to figure out whether or not the project will be a hit among the public. To make big profit as an investor, the project must have a potential to grow and be widely accepted by the public. To predict whether the project will have a good future or not, you can check what the purpose of the token is. Is it something the public will need? Does it have any competition? If it has some competitions, is there something different about it that people will find attractive? If the purpose of the token doesn’t have any potential to be received well by the public, then it is going to be difficult to gain profit from investing in that project.
Find Out What Other People Think about the Project
If you are new in the world of ICO investing, then don’t make a decision alone. A company that is currently launching an ICO often markets their project in social media and cryptocurrency related forums. This is your chance to find out what other people think about the project. When you see postings or discussions regarding the ICO that you are currently eyeing, make sure to read the comments from other people. You will be able to gain good insights from other people’s perspectives. Furthermore, you also can go to websites that post https://topratedicos.io/ico-reviews/. By reading reviews and discussions in various digital currency forums, you can find out information regarding the ICO beyond what the developer advertises.
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Find Out About the Developer Team
One of the best ways to find out the quality of the project is by checking who the person behind the ICO is. So, make sure to look up the name of each developer and then find out about their experience. Furthermore, it is important to find out whether the project has a famous and reputable team member. The experience and reputation of the developer can give you confidence to invest in the project. If the team member is involved in an ICO scandal, it is definitely a red flag and you need to reconsider your decision to invest in the ICO.
The Quality of the Website
Website is the face of the company. It is the one that will attract potential investors. So, it is very important to see how the company represents their image on the website. The quality of the website will show how much time and money the company is willing to invest in promoting their ICO.
Read the White Paper
Last but not least, don’t forget to read the white paper carefully. The White Paper contains everything you need to know about the project, from who the developer is, the purpose of the token and also the distribution of the token. It means, you definitely can question the legitimacy of an ICO that doesn’t present a White Paper. If you evaluate the White Paper thoroughly, you will be able to notice the strengths and weaknesses of the project. This way, you will have clear information regarding the project and whether it is safe to invest in the project. Don’t forget to check the roadmap of the project. It is very important for you as an investor to know how far the project has developed and what the developer has in mind to maximize its potential.