Our Honeypot Token Tester is a valuable tool for anyone looking to invest in the cryptocurrency market. It is used to detect potential scam tokens created by hackers to steal their money.
The tool checks if the token is buyable, approvable and sellable. This is done in a Web3 call with the getTokenInfo function, which is available through our API. It is important to note that such a tool can never guarantee 100% security that a token is not a scam, but it can help to minimize potential risks and support users' investment decisions. With our Honeypot Token Tester, you can be sure you are well-informed before investing in a token, thereby minimizing your risk.
However, it can also happen that tokens are displayed as Honeypots although they are not. This can occur when token owners have built in restrictions on buying and selling the token in the same transaction. It is important to continue to monitor market trends and developments and to thoroughly inform oneself before investing in a token, to ensure you make the best possible decision. Our Honeypot Token Tester is a useful tool to minimize potential risks, but it should be used as a support and not as a final decision-making basis