Topic: Bad experience with exchanges - page 2. (Read 798 times)

BitBay, I'm really disappointed with its latest steps. Constant problems with deposits or withdrawals... I need to move to CoinDeal and I'm satisfied now. Everything works fine there so I can recommend it more than BitBay.

One of the worst exchange I have used so far was at Hitbtc , I deposited my tokens last year at this exchange wayback June 2018 if Im not mistaken because its the only exchange listed this token at that time thats why I decided to sell but bear market comes and price of this token fall hard like -80% from ICO price so I decided to withdraw and hold but the problem I cant withdraw because  fees are terrible, 90% of my tokens will be taken as withdrawal fees until now Im holding this token at hitbtc. 

At least nothing significant. Anything can happen to an exchange, ranging from being hacked to being seized as an exchange, or your account in particular. Since the Exchange acts (normally) as a custodial of your assets, you are not really in full control of them. If worst comes to worst, you could end up losing all that you’ve got there. Not that is not necessarily going to happen, but it’s a risk, and as such, one that you need to ponder. (*)

I personally have some (small) assets on an exchange. Basically because in order to withdraw them the fee is too high in relation to the token amount, or the minimum amount to withdraw surpasses what I’ve got there (so I cannot withdraw it without purchasing more). It adds up to a small amount, so there is barely anything at risk. In addition, if you do frequent trades, you’ll probably consider having an operational amount on the exchange for readiness.

On the other hand, taking it off the exchange, whilst we all talk about it as a need to do thing, does require you to be able to be your own banker and manage your assets properly in terms of security (wallet, keys, etc.). That is not that simple for everybody, so many likely result to leaving their assets on the exchange. It’s a question of risked amount vs commodity, and each one on un needs to know where to draw the line.

(*) Binance was hacked a few months ago (see https://www.bloomberg.com/news/articles/2019-05-08/crypto-exchange-giant-binance-reports-a-hack-of-7-000-bitcoin), but the amount was not a substantial dent and they covered the loss. Now if the amount hacked is large, then we’ll be talking abount Mt.Gox ++.

This also goes for big exchanges like Binance etc.? You should not keep money there?

Delays of KYC mostly. Other than that didn't have much bad experience.
Was lucky enough to always cash out from exchange before it collapsed.
Never keep funds on exchange, its like keeping money in bank but much much much much less secure.

"one of the market exchanges"? Why don't you name it? Please tell us which exchange it was, it's important to denounce the scammy exchanges.

I have a bitter experience in one of the market exchanges, where I deposited a number of altcoins, which totaled around 150USD, because there was an deposite event there, but for almost 4 hours I was waiting for it to not enter, I tried to email it and didn't reply until 2 days, after that I panicked, I thought maybe depositing / withdrawing was being maintained, so I waited for almost 1 week but suddenly the web closed / could not be opened, I was angry, sad, disappointed to be one, but let it be an experience teacher me, don't easily trust the new web.

I have bad experience with mercatox and cryptopia.In 2017 made a withdrawal from mercatox and they sent my btc but the trx fee was too low.that trx was pending for 7 days and after that trx was canceled.then contacted with their support and then they paid my btc again. Last year I deposit 50$ ETH in cryptopia but balance was not added.then I opened a support ticket then they told me that my sending address is wrong and closed that ticket. but sending address was right.

I use coinbase for USD /BTC transactions and I use yobit to swap coins.  I’ve never had a bad experience with either. 

Wow I think a more interesting question should be with which exchanges you have got a good experience...
Some have been hacked and closed like Cryptopia, some as run out of business like Liqui and Coin Exchange. Some instored KYC without warning like Poloniex, Kraken, Bittrex or 2FA like COSS. Some never gave airdrop as they promised like Hitbtc or only partially like Bitfinex... Some don't update wallets like Yobit. Most of them delist cryptos without warning or very short prior notice. In fact I don't know blameless exchanges.

Though it wasn’t that big and not really serious I may consider it bad when my funds was delayed upon conversion for at least almost 18 hours things that mean had to me because I need that money the very moment I withdraw,I don’t want to ruin the reputation sine it was our local exchange and what really happen is system failure to inform me about the availability of the said fund

Anyway it was settled the next morning so wasn’t that big deal though it was a experience with bad memory

Stick to the popular exchanges. I've sometimes ventured for less popular exchanges to exchange my less popular coins and though I was not scammed, I had an unpleasant experience dealing with them.
Plan what are you doing with the coins beforehand. If you intend to exchange one coin to other and store in your wallet, use instant exchanges like shapeshift and fixedfloat. Traditional exchanges would cost you more as they have withdrawal fees.

Of course you lose them. If they shut down from any reason ( they could be robbed, or them self rob and run away), who will send you coins you have there? Some other exchange? Some other guy? Who?


Things gets way more simple if you use exchange as an exchange and not as your wallet. You send coins to exchange, exchange it and withdraw.  It is that simple. Doing that you must be really unlucky to do that at times of a hack or any other troubles.

Even if you check the good experience you know which is the best and which one should you adopt. A exchange gets top reviews only when the users are satisfied. No exchange or service is 100% perfect there are both positive and negative experience.

Most importantly the experiences are dependent on both your knowledge and the exchange service.

Why I mentioned both was:

• If you do not known that there are certain set of confirmations required for a transaction to complete and just contact the exchange support and say, "I sent funds and your exchange/wallet is not showing it up", it does not mean that the exchange is bad, it reflects that the users knowledge is low.
• Other instance can be you miss the tag of double and blame exchange or wallet that it is not reflecting your funds and writing a review on the same is a clear stupidity and it does not mean that you should shop using that exchange or wallet.

I did not mean that all users do such stupidity. Let me explain with a instance

Check the bad reviews of binance :
https://www.trustpilot.com/review/binance.com?languages=en&stars=1

Almost all the reviews are spam. Top users of this community might have 99.99% used Binance at-least once in life time do they speak the same? No. Ask for your self why do not they because they have enough knowledge in the domain and they know what is going on.

On the other hand when you see the Excellent reviews of Binance, they have mentioned what mistake they did and how the support helped or what they feel about the exchange:
https://www.trustpilot.com/review/binance.com?languages=en&stars=5

Such statistical data speaks that the bad review givers are either the one with lack of knowledge or are spammers. This is why I also support going with good reviews but, read all reviews is the best and I do thank all platforms that help users to know the users experience so that, we know, where are we and what are we up to.

Make a deposit but not carefully see that the wallet is in a block far behind the current block, so it has to wait a long time untill the exchange is finished downloading all block from the wallet
Funds are held for months on an exchage because they are slow in handling KYC, thats my bad experience with exchange.

I will try to mention some of the bad experiences I have had on several exchanges. But I will not mention the exchange because it can tarnish the good name of the company. The first is the problem of deposit, in some cases I have experienced deposit problems which have caused my funds to be delayed for more than 3 days, this is probably the most experienced thing for some new and unstable exchanges, as well as withdrawal problems, My funds have been delayed for more than 2 days. I think for cases like this the exchange should prioritize it because it has a very bad impact on the user's assets. I got a lot of losses because of that. And for the problem of losing assets I have never experienced it. I think lately some exchanges have increased security for the safety of users.

The point is that all exchanges should give you a good experience, i'm asking for bad experiences so i know which ones to avoid.

If you want to know peoples experience on different exchanges then please check the reviews of the exchanges on platforms like trustpilot, bittrust etc., There are specific platform for the same also, in bitcointalk there is a separate session for discussing about exchanges.

Not really much just that there was a day I intend to buy a coin on etherdelta and site was really lagging that particular day and i was in a haste to buy a specific coin, not knowing that I had input wrong parameters in the place of price per coin and the quantity I want to buy, I was so angry because that was not the first time of using etherdelta

Every single user can get a bad experience without any exchange
But im happy that for now i do not have this
Only successful transactions