⚙️How to Trade Safely

Here's a few tips for you to be safe while trading

When trading on Solana, it's crucial to understand how to protect your assets. Here's a simple breakdown to help you trade safely:

Common Risks in Solana Trading:

  1. Phishing Attacks: fake websites or links that steal your private keys or seed phrases, especially in Telegram, where people will easily call you or DM you. BONKbot mods and admins will NEVER dm you first - anyone who does is 100% a scammer!

  2. Malicious Contracts: There are a few things in this case, such as Freeze Authority enabled, Mint Authority enabled, and the Liquidity Pool unlocked. We go through how to protect yourself from these dangers in the next pages under Mint Authority, Freeze Authority, and LP Burnt.

  3. A quick and easy way to keep yourself safe is to use rugcheck.xyz before you buy any coin. You can paste the coin address (the unique ID of each coin), and rugcheck will tell you how safe it is.

With the dominance of Pump.fun, coins can now not be hard rugged anymore (minting, freezing, and removing LP), but users can still hold a lot of the supply and sell it, causing you to lose a lot of money

How to Trade Safely on Solana:

  1. Verify Websites and Links:

    • Always double-check the URL of websites and links. Use official sources, and avoid clicking on suspicious links.

  2. Research Projects:

    • Ideally you would do extensive research into the legitimacy of the project. With memecoins, this isn't always possible, so we recommend using scanners like rugcheck.xyz to see how safe the coin is before buying!

  3. Enable Two-Factor Authentication (2FA):

    • Wherever possible, enable 2FA on your Telegram account. This adds an extra layer of security.

    • You can also buy a private telegram number which will keep you safe.

  4. Keep private keys secure.

    • Never share your private keys with anyone. No matter who asks you, anyone who wants your private key or access to your telegram account is a scammer!

  5. Stay Updated:

    • Follow reliable news sources and community updates to stay informed about any potential risks or scams in the Solana ecosystem.

Safety First!

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