• Verify token addresses on Uniswap and cross-check on Etherscan to avoid fake token scams. 
• Research new tokens thoroughly before trading- check the website, its developers, and social media.
• Use tools like DefiSafety to scan for risky tokens. Only partially trust audits. Enable transaction deadlines.

Uniswap is a popular decentralized exchange (DEX) built on the Ethereum blockchain. Uniswap has attracted its fair share of scams and malicious actors looking to allow users to trade ERC-20 tokens without an intermediary. However, like many platforms, it is off unsuspecting users. While Uniswap itself is considered secure, users still need to be vigilant to avoid falling victim to scams when using the platform.

Verify Token Addresses

One common scam tactic on DEXs like Uniswap is impersonating legitimate projects by creating fake tokens with similar names or symbols. For example, a scammer may create a token called UniSwapToken to mislead people into believing it’s affiliated with the real Uniswap. 

Always verify you have the correct contract address of any token before trading it on Uniswap. Cross-check the address on Etherscan to ensure it matches the legitimate project. Also, beware of fake sites posing as Uniswap designed to trick you into connecting your wallet and draining your funds. Only connect your wallet to the official Uniswap site at app.uniswap.org.

Double-check every character of a token address before hitting that swap button. Scammers often register addresses that are just 1 or 2 characters different from the real one in hopes you won’t notice. Going slow can save you from making an expensive and irreversible mistake.

Research New Tokens Thoroughly

When a new token launches on Uniswap, it can be difficult to tell whether it’s a legitimate project or a scam. Scammers frequently try to take advantage of the hype around new DeFi tokens by quickly pushing out scam copies to trick frenzied buyers. 

Always research before buying any new token you haven’t heard of before. Check that the project has a website, whitepaper, and social media presence. Research the developers and their backgrounds. It is a major red flag if you can’t find much information or history on a token. Beware of tokens on Uniswap promising extremely high yields, as those are often “rug pulls” designed to attract victims. Also, avoid tokens asking you to connect your wallet just to “claim” free tokens; this is always a scam tactic to drain your crypto. 

Scammers will also promote fake Uniswap tokens on social media platforms like Twitter. Watch out for promoted posts and new accounts claiming to represent projects you’re interested in. These are often scammers impersonating real teams. Click through to the linked website rather than copying an ETH address or token contract from a tweet or message. Fake URLs are common, so verify you’re on a legitimate site before connecting your wallet. 

Staying Safe on Uniswap Requires Diligence

Beware of fake customer support accounts on Twitter. Uniswap does not publicly offer direct messaging customer support on Twitter. Anyone claiming to offer official Uniswap support is an imposter account.

Starting with a few dollars to transact goes through as expected before doing larger amounts. This way, if something goes wrong or you run into a scam token, you’ll only lose a tiny amount discovering it.

To prevent becoming a victim of a scammy token looking to rug pull liquidity, set a transaction deadline on Uniswap before hitting that swap button deadline. The deadline prevents the transaction from processing if it takes longer than a set amount of time, preventing losses from tokens designed to stall transactions and drain funds.

Platforms like Defi Safety can scan Uniswap tokens and return risk scores to identify potential scams or unsafe projects. Addresses are checked against databases of known scams and flagged accordingly, These tools provide an additional layer of protection when trading risky new tokens. Never 100% trust an audit, but using Defi safety checks can alert you of possible scams you may have overlooked.

Staying safe from scams on Uniswap requires careful verification, researching any unknown tokens, and enabling protective measures around transactions. While the platform is decentralized and trustless, users must exercise caution and practice good cyber hygiene to avoid attacks from persistent crypto scammers. Paying attention to the warning signs and using available safety tools can help users safely tap into Uniswap’s benefits while steering clear of malicious actors.