Navigating the world of crypto tickers: how to properly identify coins

Key Points

• Ticker symbols are used to identify projects and consist of unique combinations of letters that you see in cryptocurrency trading applications.

• Traders need to exercise caution to avoid scams involving projects that use identical or similar tickers to legitimate projects.

• It is critically important to verify the smart contract address and project information before any transactions with assets.

Learn how to accurately determine the correct ticker in this detailed guide.

What are ticker symbols and why are they important

Ticker symbols, first introduced in the 19th century to optimize trading processes, are unique letter combinations used across all cryptocurrency platforms. Classic examples include BTC ( Bitcoin ), ETH ( Ethereum ), and BNB. These abbreviations play a critical role in identifying and distinguishing assets in the trading process.

Unlike traditional financial markets, it is not uncommon in the cryptocurrency space for multiple projects to claim the same ticker. This can happen accidentally or, in some situations, intentionally with the aim of misleading. Traders need to be vigilant to avoid fraudulent schemes or interactions with low-cap projects that use identical or similar tickers, mimicking legitimate projects.

In this guide, we will examine methods for accurately identifying cryptocurrency tickers before making trades, depositing funds, or withdrawing assets.

The Importance of Conducting Your Own Research (DYOR)

Regardless of the type of exchange you are using, it is critically important to verify the contract address and any information about the project whose assets you plan to interact with. The principle of DYOR ( Do Your Own Research — conducting your own research ) cannot be overemphasized in the context of protection against potential fraud or projects with misleading tickers.

Let's consider the key aspects of verification:

1. Token smart contract address

The contract address is a unique identifier that indicates the location of a token's smart contract on the blockchain. A smart contract is a piece of program code that executes operations such as deposits or withdrawals of funds when pre-defined conditions are met.

Information about the contract address can be found on community forums, on the deposit page of your trading platform, or in reputable blockchain explorers. When dealing with large trading platforms, you can easily verify this information in the deposit section.

2. Native tokens and their features

It is important to understand that some tokens are built directly into the blockchain — these are called "native tokens". Take BNB as an example.

If you deposit BNB through the BNB Chain (BSC), there will be no separate contract address as all the token's functionalities are programmed directly into its base network, rather than in a separate smart contract.

On the other hand, to deposit BNB through another network, such as Ethereum, a smart contract and the corresponding token contract address will be required.

3. Checking the project's fundamental data

Take the time to study the project's official website, the technical documentation (whitepaper), tokenomics, and social media channels. These resources provide important information about the project's goals, the development team, the roadmap, and overall legitimacy. Be sure to verify information across multiple reliable sources.

Pay attention to the following warning signs:

• Concentration of most tokens in a few wallets
• Unclear or ambiguous technical documentation
• Anonymous team without verified work experience
• Negative reputation on social media (accusations of fraud)
• Closed source code of the project

Practical Security Measures for Deposits and Withdrawals

To ensure secure transactions, a number of preventive measures should be taken:

1. Test transaction

Cryptocurrency transfers require a more complex user experience compared to traditional banking operations. It is recommended to first send a small test amount — that you are willing to lose — to confirm the correctness of the destination address before making the main transaction.

2. Verification of the token contract address

As with trading, before depositing or withdrawing funds, it is necessary to verify the token contract address supported by the respective platforms. On major centralized exchanges, this information can be found in the contract information section on the deposit page. Confirming the correct contract address helps prevent errors such as sending funds to an incorrect address.

3. Blockchain Network Compatibility Check

The same token with identical tickers and names can exist on multiple networks. For example, BNB is present on both BSC and the Ethereum network. However, both versions are separate entities despite having the same name.

For illustration: if you send BNB through BSC to a wallet that does not support transfers in this standard, the receiving platform may not credit your deposit, and special services may be required to recover the funds.

To ensure a successful transaction, make sure that the receiving platform supports the blockchain network associated with the token you intend to deposit or withdraw. Ignoring network compatibility may result in sending tokens to the wrong address or technical difficulties during the transaction process.

4. Features of Using Token Bridges

When using the Token Bridge to facilitate the transfer of tokens between networks, please note that some centralized exchanges do not support such transfers. Before proceeding, carefully check the token contract address and ensure it is supported on the target platform.

Please note that sending tokens from the bridge smart contract may be regarded by the system as a smart contract deposit. In this case, there is a possibility that the system will not automatically credit the deposit, and you will need to contact support for manual crediting.

Identifying the correct token using blockchain explorers

As of October 2025, the number of cryptocurrencies in circulation significantly exceeds 24,000. New projects—legitimate, questionable, or outright fraudulent—are launched every week. To navigate this variety, let’s consider a practical example of analyzing two projects: a legitimate one and its doppelgänger.

Signs of Suspicious USDT

At first glance, the listing may appear to be original USDT. Pay attention to the "Overview" and "Market" sections. The data raises suspicion: the total supply is 20 billion units, there are only 2161 holders, market capitalization is 0 units, and there is no information about the circulating supply.

Signs of legitimate USDT

On the page of an authoritative blockchain explorer for legitimate USDT, you will see over 4 million holders, around 185 million transactions, and a total supply volume of 36 billion units.

Compared to the previous example, these figures make sense, considering the status of USDT as the largest stablecoin by market capitalization. Additionally, the "Market" section contains clear information about market capitalization and circulating supply.

For complete confidence, it is recommended to additionally verify all the provided information using several authoritative blockchain explorers.

Recommendations for Safe Trading

In situations of uncertainty regarding the authenticity of a token, be sure to follow this guide and conduct thorough due diligence before making trades, depositing, or withdrawing funds. Adhering to these steps will enable you to make informed decisions and avoid common mistakes that could negatively impact the safety of your crypto assets.

When using large centralized exchanges, such as leading market platforms, the token verification process is significantly simplified thanks to built-in security systems, but personal vigilance remains an indispensable factor in protecting your investments.