Beaxy Exchange - Solved - page 2. | Bitcointalksearch.org

Aerys2

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Quote from: stompix on January 15, 2021, 08:18:51 AM

Quote from: Aerys2 on January 15, 2021, 07:49:46 AM

So to clarify, I made 2 trade, selling my tokens for btc and usdc, then I put my usdc part in btc, so in total I had 0.227 btc from what I had sold. Then I tried to withdraw and they prevented that before giving me their final answer 3 weeks later telling me that these funds connected to the tokens are frozen.

Ok, so they've allowed the exchange but they've blocked the funds.
Since they haven't rolled back both tardes they are good to pay the sum in BTC!

Quote from: Aerys2 on January 15, 2021, 07:54:00 AM

You cant do "large" ( apparently 4000 dollars was enough to be considered large for them) market orders on their exchange yes, which is a bit crazy for an exchange to me. Probably because they are market making with their money so you are basically taking their money when you market sell. But then that makes this order book artificial if you cant even use it, I'd call this fake market making if they punish you for hitting their order of market maker

If they really want to prevent "abuse" and "manipulation" then they could have implemented a simple system that wouldn't allow users to sell a bigger amount than 1%, 5, % or whatever of the hourly/daily volume of that pair in a certain timeframe.
And with this, I've given them the idea of how to do it in a hundred ways, but I doubt they really care about that and they are actually both praying on users to make them guilty on random terms, and probably they are letting them also do these when it benefits them if they really play with their own money on their own exchange!

Checking their website, how can I trade some HIVE coins without manipulating the market as the volume is 3$ and with 0.1 BTC I can crush the market? Grin

Yes, though I didnt go back on my account since they told me my " contested" assets were frozen, maybe they removed the btc from my account, but I cant withdraw them anyway.
The price dropped so hard it's not acceptable anymore to get a refund in tokens I wont be able to sell anyway, I just want my btc back.

stompix

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Quote from: Aerys2 on January 15, 2021, 07:49:46 AM

So to clarify, I made 2 trade, selling my tokens for btc and usdc, then I put my usdc part in btc, so in total I had 0.227 btc from what I had sold. Then I tried to withdraw and they prevented that before giving me their final answer 3 weeks later telling me that these funds connected to the tokens are frozen.

Ok, so they've allowed the exchange but they've blocked the funds.
Since they haven't rolled back both tardes they are good to pay the sum in BTC!

Quote from: Aerys2 on January 15, 2021, 07:54:00 AM

You cant do "large" ( apparently 4000 dollars was enough to be considered large for them) market orders on their exchange yes, which is a bit crazy for an exchange to me. Probably because they are market making with their money so you are basically taking their money when you market sell. But then that makes this order book artificial if you cant even use it, I'd call this fake market making if they punish you for hitting their order of market maker

If they really want to prevent "abuse" and "manipulation" then they could have implemented a simple system that wouldn't allow users to sell a bigger amount than 1%, 5, % or whatever of the hourly/daily volume of that pair in a certain timeframe.
And with this, I've given them the idea of how to do it in a hundred ways, but I doubt they really care about that and they are actually both praying on users to make them guilty on random terms, and probably they are letting them also do these when it benefits them if they really play with their own money on their own exchange!

Checking their website, how can I trade some HIVE coins without manipulating the market as the volume is 3$ and with 0.1 BTC I can crush the market? Grin

Aerys2

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Quote from: Emerald688 on January 12, 2021, 06:41:39 PM

Quote from: Aerys2 on January 04, 2021, 03:35:52 AM

Update : For the sake of transparency, I inform you that the situation evolved and Beaxy team contacted me to try to work with me in order to find a good outcome on the matter.

I will give further updates as the situation evolves if we come to an agreement

WARNING : Do not use Beaxy, at any cost, they can lock your funds forever if they judge one of your trades had an impact " Too high " On their market ( in my case a simple "impact" Of 13% with 4000 dollars worth of tokens I wanted to sell, a sell they judged too big, enough to freeze these funds forever) , a ridiculous and obviously abusive rule you see on no serious exchange and that they just use as an excuse to keep your funds.

I don't know if I can post a screenshot of the email they sent me to announce that i would never get back my money for this reason, basically telling me that I'm scammed and can't do anything about it.

It's my responsibility, since I promoted their campaign, to warn the community now I discovered the true face of Beaxy and the scamming nature of their rules and the shady way they use them to lock users funds on their platform.

DO NOT USE THIS EXCHANGE if you care about your money, there is a huge risk that you would lose all your funds deposited.

Hopefully I can save others money even if I never get back mine that's now worth 7000

thanks for your update sir. means that in Beaxy we can't do large amounts of WD transactions?
i have some coins in there for the amount of $ 200. If you see this case, I'm not sure whether the funds can be withdrawn or not.

to all, ask for advice, do I need to try to withdraw the funds or should I just let it go?

You cant do "large" ( apparently 4000 dollars was enough to be considered large for them) market orders on their exchange yes, which is a bit crazy for an exchange to me. Probably because they are market making with their money so you are basically taking their money when you market sell. But then that makes this order book artificial if you cant even use it, I'd call this fake market making if they punish you for hitting their order of market maker

Aerys2

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Quote from: stompix on January 12, 2021, 09:49:38 AM

Quote from: koang on January 04, 2021, 07:05:28 AM

To be honest, I was surprised, at first many predicted that Beaxy is one of the most promising exchanges in the future and Beaxy would become a favorite place for traders. But ...

Who, the ones investing in it? Every exchange that has a signature or a bounty here will attract a lot of believers who think they've just bought the new bitcoin.
How many of those have failed miserably? Almost all?

Quote from: Aerys2 on January 11, 2021, 08:50:52 PM

Considering the price plummeted hard since our conversation and even more since my sell in november ( 20-22 sats back then, 9 sats now) , I will not compromise anymore for a refund in tokens but only accept the 0.227 btc I had on my account in november and that they chose to seize.
Now its their problem if its harder to buy 0.227 btc at 35k to refund me than it was at 10k in november, that would have not happened if they had let me withdraw my money

There is one thing I'm not sure about since you said just tokens blocked and not detailed when this happened..
Did your trade go through all it was canceled even before happening?

You once mentioned in the first post the tokens you wanted to sell were frozen and now the 0.227 BTC you had in your account.
Of course, it doesn't change the thing they are clearly on exchange to avoid if this is their practice and the fact that they are indeed outright scamming you by freezing your funds but it will have an impact on how people will view the solution (if any) once applied.

Quote

We believe that certain users involved in the trade have been engaged in market manipulation or another violation of our Terms and/or these trading rules.
In these situations, Beaxy will do the most in our power to roll back trades and credit any users who were harmed by these actions. Beaxy also reserves the right to cancel open orders in any of these scenarios listed above

So, did they roll back your orders?

Second thing, are they based in the US? Then it's pretty stupid for them to throw away words like "contact our lawyers"
Some pissed users might contact FinCEN.

So to clarify, I made 2 trade, selling my tokens for btc and usdc, then I put my usdc part in btc, so in total I had 0.227 btc from what I had sold. Then I tried to withdraw and they prevented that before giving me their final answer 3 weeks later telling me that these funds connected to the tokens are frozen.

Jawhead999

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Quote from: Emerald688 on January 12, 2021, 06:41:39 PM

Quote from: Aerys2 on January 04, 2021, 03:35:52 AM

-snip-

thanks for your update sir. means that in Beaxy we can't do large amounts of WD transactions?
i have some coins in there for the amount of $ 200. If you see this case, I'm not sure whether the funds can be withdrawn or not.

to all, ask for advice, do I need to try to withdraw the funds or should I just let it go?

It's all depends from the exchanges want to enable the withdrawal or freeze your funds, we don't know how much amount can be categorized as large from them

You need try to withdraw ASAP to your own wallet since they has a problem right now, I wish you can get your money back.

Emerald688

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Quote from: Aerys2 on January 04, 2021, 03:35:52 AM

Update : For the sake of transparency, I inform you that the situation evolved and Beaxy team contacted me to try to work with me in order to find a good outcome on the matter.

I will give further updates as the situation evolves if we come to an agreement

WARNING : Do not use Beaxy, at any cost, they can lock your funds forever if they judge one of your trades had an impact " Too high " On their market ( in my case a simple "impact" Of 13% with 4000 dollars worth of tokens I wanted to sell, a sell they judged too big, enough to freeze these funds forever) , a ridiculous and obviously abusive rule you see on no serious exchange and that they just use as an excuse to keep your funds.

I don't know if I can post a screenshot of the email they sent me to announce that i would never get back my money for this reason, basically telling me that I'm scammed and can't do anything about it.

It's my responsibility, since I promoted their campaign, to warn the community now I discovered the true face of Beaxy and the scamming nature of their rules and the shady way they use them to lock users funds on their platform.

DO NOT USE THIS EXCHANGE if you care about your money, there is a huge risk that you would lose all your funds deposited.

Hopefully I can save others money even if I never get back mine that's now worth 7000

thanks for your update sir. means that in Beaxy we can't do large amounts of WD transactions?
i have some coins in there for the amount of $ 200. If you see this case, I'm not sure whether the funds can be withdrawn or not.

to all, ask for advice, do I need to try to withdraw the funds or should I just let it go?

stompix

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Quote from: koang on January 04, 2021, 07:05:28 AM

To be honest, I was surprised, at first many predicted that Beaxy is one of the most promising exchanges in the future and Beaxy would become a favorite place for traders. But ...

Who, the ones investing in it? Every exchange that has a signature or a bounty here will attract a lot of believers who think they've just bought the new bitcoin.
How many of those have failed miserably? Almost all?

Quote from: Aerys2 on January 11, 2021, 08:50:52 PM

Considering the price plummeted hard since our conversation and even more since my sell in november ( 20-22 sats back then, 9 sats now) , I will not compromise anymore for a refund in tokens but only accept the 0.227 btc I had on my account in november and that they chose to seize.
Now its their problem if its harder to buy 0.227 btc at 35k to refund me than it was at 10k in november, that would have not happened if they had let me withdraw my money

There is one thing I'm not sure about since you said just tokens blocked and not detailed when this happened..
Did your trade go through all it was canceled even before happening?

You once mentioned in the first post the tokens you wanted to sell were frozen and now the 0.227 BTC you had in your account.
Of course, it doesn't change the thing they are clearly on exchange to avoid if this is their practice and the fact that they are indeed outright scamming you by freezing your funds but it will have an impact on how people will view the solution (if any) once applied.

Quote

We believe that certain users involved in the trade have been engaged in market manipulation or another violation of our Terms and/or these trading rules.
In these situations, Beaxy will do the most in our power to roll back trades and credit any users who were harmed by these actions. Beaxy also reserves the right to cancel open orders in any of these scenarios listed above

So, did they roll back your orders?

Second thing, are they based in the US? Then it's pretty stupid for them to throw away words like "contact our lawyers"
Some pissed users might contact FinCEN.

Aerys2

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Quote from: janggernaut on January 10, 2021, 06:15:00 AM

Quote from: Aerys2 on January 09, 2021, 05:13:42 PM

No more new updates so far, Im waiting to hear back for them, I hope they just do the right thing considering they are in the wrong here as I used the exchange like anyone expects to be able to use an exchange

You said on Jan 5, you were contacted by beaxy team and now after 5 days later still no any update? It's only me or everyone also thinking they are trying to postponed your problem since bitcoin price still above $41k right now

Well if thats the case, the last fall of the btc should help

Its been one week now so I expect them to contact me back soon to see the details of how we're gonna resolve this.

Considering the price plummeted hard since our conversation and even more since my sell in november ( 20-22 sats back then, 9 sats now) , I will not compromise anymore for a refund in tokens but only accept the 0.227 btc I had on my account in november and that they chose to seize.

Now its their problem if its harder to buy 0.227 btc at 35k to refund me than it was at 10k in november, that would have not happened if they had let me withdraw my money

sujonali1819

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Quote from: Japinat on January 10, 2021, 07:40:32 AM

They should see the urgency to solve the problem because you have posted your concern here, there reputation is at risk, they use the forum to run their signature campaign in the past, so that means they value the forum.

Not only they ran signature campaign in past but also the accuser is the man who created their ann thread in this forum and I can see a lot of pages already discussed there. So the accuser already did some works as partnership and they don't think more one time to do shady behavior with the very user who works as partnership. Then can we guess what will be happened with other users?

It will be good if they resolve the issue. Otherwise I will ask to op marked Beaxy ann description with RED words.

Japinat

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Quote from: Aerys2 on January 09, 2021, 05:13:42 PM

Quote from: Japinat on January 07, 2021, 06:26:17 PM

Quote from: Aerys2 on January 05, 2021, 04:00:49 PM

Update : For the sake of transparency, I inform you that the situation evolved and Beaxy team contacted me to try to work with me in order to find a good outcome on the matter.

I will give further updates as the situation evolves if we come to an acceptable agreement as a refund for my 0.227btc

So what's the update now? Do we have some concerns too from other people or this concern is only solely for you?

I hope you'll get your 0.227btc as bitcoin reach another new ATH which is at $40k, that's a good amount.

No more new updates so far, Im waiting to hear back for them, I hope they just do the right thing considering they are in the wrong here as I used the exchange like anyone expects to be able to use an exchange

They should see the urgency to solve the problem because you have posted your concern here, there reputation is at risk, they use the forum to run their signature campaign in the past, so that means they value the forum.

janggernaut

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Quote from: Aerys2 on January 09, 2021, 05:13:42 PM

No more new updates so far, Im waiting to hear back for them, I hope they just do the right thing considering they are in the wrong here as I used the exchange like anyone expects to be able to use an exchange

You said on Jan 5, you were contacted by beaxy team and now after 5 days later still no any update? It's only me or everyone also thinking they are trying to postponed your problem since bitcoin price still above $41k right now

Aerys2

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Quote from: Japinat on January 07, 2021, 06:26:17 PM

Quote from: Aerys2 on January 05, 2021, 04:00:49 PM

Update : For the sake of transparency, I inform you that the situation evolved and Beaxy team contacted me to try to work with me in order to find a good outcome on the matter.

I will give further updates as the situation evolves if we come to an acceptable agreement as a refund for my 0.227btc

So what's the update now? Do we have some concerns too from other people or this concern is only solely for you?

I hope you'll get your 0.227btc as bitcoin reach another new ATH which is at $40k, that's a good amount.

No more new updates so far, Im waiting to hear back for them, I hope they just do the right thing considering they are in the wrong here as I used the exchange like anyone expects to be able to use an exchange

Japinat

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Activity: 3052

Merit: 685

Quote from: Aerys2 on January 05, 2021, 04:00:49 PM

Update : For the sake of transparency, I inform you that the situation evolved and Beaxy team contacted me to try to work with me in order to find a good outcome on the matter.

I will give further updates as the situation evolves if we come to an acceptable agreement as a refund for my 0.227btc

So what's the update now? Do we have some concerns too from other people or this concern is only solely for you?

I hope you'll get your 0.227btc as bitcoin reach another new ATH which is at $40k, that's a good amount.

Aerys2

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Activity: 1190

Merit: 514

Update : For the sake of transparency, I inform you that the situation evolved and Beaxy team contacted me to try to work with me in order to find a good outcome on the matter.

I will give further updates as the situation evolves if we come to an acceptable agreement as a refund for my 0.227btc

Aerys2

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Quote from: ?? on ??

Quote from: Aerys2 on January 04, 2021, 09:17:14 AM

Quote from: wmaurik on January 04, 2021, 09:03:40 AM

Actually it is not surprising because I think this project is a failed ICO because when they held an ICO very few people were interested in this exchange, then until now their trade volume has not increased, sorry to hear of your loss I hope they can return your funds.

I have very little hope to see my funds returned I think.

The worst is that I might have been able to sell and withdraw at a much better value in 2019 when they didnt feel yet like they had to steal people's funds because their token was doing ok the first months

But by acknowledging the impact of what you did for them, if what you were selling was too much and could have a possible impact on their project, couldn't they have come to a gentleman's agreement with you on "selling modalities" and no party would have been aggrieved?

At worst banning the account but in no way stealing an user money because you dont like the way he did 2 trades is acceptable, thats pure and straight scam

Aerys2

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Quote from: wmaurik on January 04, 2021, 09:03:40 AM

Actually it is not surprising because I think this project is a failed ICO because when they held an ICO very few people were interested in this exchange, then until now their trade volume has not increased, sorry to hear of your loss I hope they can return your funds.

I have very little hope to see my funds returned I think.

The worst is that I might have been able to sell and withdraw at a much better value in 2019 when they didnt feel yet like they had to steal people's funds because their token was still doing ok the first months

Aerys2

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Quote from: witcher_sense on January 04, 2021, 04:33:07 AM

When you keep your tokens on centralized exchanges, be always ready for situations like this. Given that they have control over all private keys to all tokens stored on the exchange, they have a right to these tokens if they feel you violated their rules. "Not your keys, not your coins" is the motto we must never forget. It seems the token you were trying to sell had very low volume, and very few buyers willing to purchase your offer. That had resulted in a huge price movement, which is considered to be market manipulation according to exchange policies.

Check their FAQ for more info https://beaxy.com/market-impact/

Though I wouldnt call 13% a huge price movement, it just went from 22 to 19 (I also sold in usdc 1/3 of it to make the impact smaller on the market) and recovered fast then going to 25-26 so I didnt really make their market suffer so even that lame excuse doesnt work.
Plus anyway, I had made similar movements on many other exchanges with low liquidity coins and never any of them froze my funds for market selling ( that just goes against the very first thing trading is if you cant freely sell what you want) because none of them had such an abusive rule.

Im mostly annoyed because I kept the funds for more than one year on my key as a good supporter of their project and suddenly when I finally decide to sell one year later after my funds went from 1 btc to 0.22, I transfer my tokens on their exchange ( no other place to sell it, its their token ), their only reaction is to steal whats left of my asset value and after making me wait 1 month for an answer just tell me " If you want to dispute that, contact our lawyer " Lol

wmaurik

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Actually it is not surprising because I think this project is a failed ICO because when they held an ICO very few people were interested in this exchange, then until now their trade volume has not increased, sorry to hear of your loss I hope they can return your funds.

Japinat

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Quote from: koang on January 04, 2021, 07:05:28 AM

To be honest, I was surprised, at first many predicted that Beaxy is one of the most promising exchanges in the future and Beaxy would become a favorite place for traders. But ...

I don't have to say anything, It's really sad for an otherwise promising exchange.

It was just a hype.. This is a clear scam attempt because no one would lock the funds when the market is in bull run.

I'm afraid because of the bullish movement now, many exchanges will do and exit scam.

https://livecoin.net/ already did as what I read in the forum, their site is still down, I hope I'm wrong.

koang

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To be honest, I was surprised, at first many predicted that Beaxy is one of the most promising exchanges in the future and Beaxy would become a favorite place for traders. But ...

I don't have to say anything, It's really sad for an otherwise promising exchange.

Topic: Beaxy Exchange - Solved - page 2. (Read 677 times)