How to Trade Safely

When trading on Solana, protecting your assets is key. Here’s a straightforward guide to help you trade safely:

Phishing Attacks: Watch out for fake websites or links designed to steal your private keys or seed phrases, especially on platforms like Telegram where scammers may contact you directly. ARCHER moderators and admins will NEVER DM you first. Anyone who does is definitely a scammer!
Malicious Contracts: Be aware of risks such as Freeze Authority enabled, Mint Authority enabled, or unlocked Liquidity Pools. We cover how to spot and protect yourself from these risks on the following pages under Mint Authority, Freeze Authority, and LP Burnt.
Rug Pulls & Supply Dumps: Tools like Pump.fun now prevent some common rug pulls (e.g., minting, freezing, or removing LP), but users can still hold large amounts of a token’s supply and dump it, which can cause significant losses.
Quick Safety Check: Use rugcheck.xyz before buying any token. Paste the token’s contract address (its unique ID), and rugcheck will analyze how safe it is.

Verify Websites and Links: Always double-check URLs and use official sources. Avoid clicking suspicious links.
Research Projects: While deep research is ideal, memecoins often lack transparency. Use tools like rugcheck.xyz to assess a coin’s safety before buying.
Enable Two-Factor Authentication (2FA): Turn on 2FA for your Telegram account to add an extra security layer.
Use a Private Telegram Number: Consider purchasing a private Telegram number for added protection.
Keep Private Keys Secure: Never share your private keys with anyone. No legitimate party will ask for them. Anyone requesting your keys or Telegram access is a scammer.
Stay Updated: Follow trusted news sources and community channels to stay informed about risks and scams in the Solana ecosystem.

Trading smart and staying vigilant will help you protect your assets while using ARCHER. Stay safe and trade confidently!

Last updated 2 months ago