Summary

The cryptocurrency space has grown exponentially in recent years, and with that growth comes a wide variety of platforms promising to help tokens get listed on major exchanges. However, according to Manny Sinder, CEO of Football Goal Coin, the reality is often far more troubling. In his experience, many of these listing websites and exchanges engage in deceptive practices such as pump and dump schemes, or they charge exorbitant fees without providing real value.

The Pump and Dump Problem

One of the most alarming issues that Sinder points out is the prevalence of pump and dump schemes. These are orchestrated efforts where the price of a cryptocurrency is artificially inflated through false promotion, only to be dumped by insiders once the price peaks, leaving ordinary investors holding worthless tokens.

Sinder explains, “Many exchanges and so-called listing services prey on projects desperate for exposure. They hype up tokens through manipulative practices and create short-lived price spikes, leading to a crash as soon as the insiders cash out. The unfortunate reality is that most of these tokens never recover, and the investors, along with the project creators, are left to bear the brunt of the damage.”

High Fees, Low Results

Another major concern for crypto projects is the high cost of getting listed on certain exchanges. Sinder says that many of these platforms promise access to a large user base but fail to deliver any meaningful results once the listing is complete. “Some exchanges will charge hundreds of thousands of dollars for a listing, yet offer no marketing support, no liquidity, and no genuine market exposure,” Sinder points out.

These fees can drain a project’s resources, and without a proper return on investment, many promising tokens are left struggling to gain traction. For smaller projects, especially those in their early stages, this can be the difference between success and failure.

The Need for Due Diligence

Sinder urges token creators and developers to be cautious when choosing platforms to list their coins. He emphasises the importance of conducting thorough due diligence before committing to any service. “There are legitimate exchanges out there, but the challenge is separating the genuine platforms from the scams. Always research the platform’s reputation, look at its track record with other token listings, and beware of any service that makes unrealistic promises.”

In addition to financial costs, the reputational damage associated with being involved in a pump and dump scheme can be devastating for a cryptocurrency project. “Trust in your project can erode overnight if you’re seen as participating in fraudulent activities, even unknowingly. It’s crucial to protect your brand and your community by being vigilant.”

Football Goal Coin’s Approach

At Football Goal Coin, Sinder and his team take a more measured approach to growing their platform. Rather than rushing to list on any exchange, they focus on building a solid foundation and attracting organic growth. “We’re not interested in paying huge sums for quick, empty exposure. Instead, we’re focused on partnerships and listings that actually benefit our users and support long-term value,” Sinder says.

Manny Sinder’s views on listing websites and exchanges serve as a reminder for anyone involved in cryptocurrency to stay cautious. The allure of instant visibility can sometimes lead to costly mistakes, both financially and reputationally. By conducting proper research and being selective with listing platforms, crypto projects can avoid the pitfalls of scams and ensure they’re building a solid foundation for future success.