Risks

Sealed rules protect you from rule changes and pulled liquidity. They don't protect you from losing money.

Market risks

Most new tokens lose value. A fair launch doesn't make a token a good buy.
Prices move fast, and curves and pools can be small, so a large trade can move the price a lot.
A token may never graduate. If its bonding curve never raises its target, it stays on the curve and never gets a pool position.
While a token is on its curve there is no pool liquidity: the curve itself is the market. Selling back to it lowers the price along the same formula buyers paid, and a token with a tight max wallet needs many buyers to graduate.
Names, symbols and images can be copied. Always check the token address.
Creators can sell the tokens they kept once their lock ends.

Bot Tax and Shield fees apply to people too. Buying in the first minutes can cost much more. Check the Fee Clock.
Selling any amount restarts your Hold Streak, which can raise your sell fee on what you keep.
Selling through another app skips your Hold Streak discount.
While a token's max wallet applies, other apps can't buy it. Buy through CAST, or wait for the cap to lift.
Max wallet can stop a buy or a transfer. The site warns you before you sign.

Every token trades against one paired asset, and its price, fees, rewards and sells are all in that asset. So the asset's own risks become yours too.

If the paired asset falls in dollar terms, so does what your tokens are worth, even when the token's price in that asset holds.
USDG's issuer, Paxos, can pause USDG transfers or freeze a wallet. While USDG is paused, trades in USDG-paired tokens fail. A frozen wallet can't receive USDG, so a frozen creator can't collect creator fees, and a frozen holder can't collect rewards, until the wallet is unfrozen.
Stock tokens follow an outside share price, and their price feeds can pause. They aren't offered to US persons. On testnet the stocks are CAST test stocks with no value.
A payout that fails never blocks trading. What's owed stays recorded and can be paid out once the asset allows it.
Dollar values on CAST use outside prices: ETH from CoinGecko, USDG at $1 and stocks from Robinhood's price feed. They're for comparing tokens and can lag. What you pay and receive is always the paired asset.

The contracts haven't had an external audit yet. Smart contracts can have bugs.
Once a token graduates, its liquidity can never be removed by anyone, even to rescue it if something goes wrong. Before that, nobody can take out what the curve has raised either.
This website, the RPC and the indexer can fail or lag. The contracts keep working, and you can always read them directly. See Verify a token yourself.

Your wallet is yours. Nobody at CAST can reverse a transaction or recover lost keys.
CAST will never ask for your seed phrase or private key, or ask you to send funds to fix anything.
Read what your wallet asks you to sign. CAST only ever asks you to launch, buy, sell or collect; to approve the CAST Router or Launcher; to sign a permit for the exact amount you're spending, with the Router or Launcher as spender; to sign your token's image and links; to sign the “Sign in to CAST” message, which sends no transaction and names the site you're on; and on testnet, to take test stocks from their faucet. Never sign a “Sign in to CAST” message on any other site, or one that names a site other than the one you have open.