Please, use a normal trade if you can't trade with the leverage token. It's a very high risk token. You can only use your free money to trade on the leverage token. My question is have you read the explanation about what the leverage token is?
it seems like that you didn't read that and that's why you call it a scam. If you are using a normal spot trade and you will not face the worst thing like this.
Topic: Binance scamming its users with the up and down tokens . - page 2. (Read 239 times)
If I did that for the first time and I've down with a quick loss, I'll definitely leave it won't ever try to trade with those tokens.
The best would be leaving with it and stop thinking of quick rich through those leverage tokens and also, don't deposit your life savings. The market is very volatile for which you're putting yourself to a bigger risk.
Trade on spot and those cryptos that have been verified and very well established and also, leave Binance if it's no longer doing you good.
The best would be leaving with it and stop thinking of quick rich through those leverage tokens and also, don't deposit your life savings. The market is very volatile for which you're putting yourself to a bigger risk.
Trade on spot and those cryptos that have been verified and very well established and also, leave Binance if it's no longer doing you good.
Almost all the cryptos are bump and dump coins as of now because we use it for investment not for the transactions.
Binance have certain criteria to list a coin or token into their platform, so if any project meets those criteria will get a spot but they are not forcing anyone to invest, if you are buying a token without knowing the actual use then you should blame yourself.
Another important think never take loan or use your life savings to invest on cryptos, use the money only which is excess in your hand.
Binance have certain criteria to list a coin or token into their platform, so if any project meets those criteria will get a spot but they are not forcing anyone to invest, if you are buying a token without knowing the actual use then you should blame yourself.
Another important think never take loan or use your life savings to invest on cryptos, use the money only which is excess in your hand.
I don't know why people trade the shit Binance Leveraged tokens more or so using their life savings. The game is already rigged and therefore you chances of losing are way higher than chances of making returns.
Complaints have been cropping up about Leveraged Tokens. I even remember at one point, they had to delist FTX leveraged tokens from the platform citing lots of losses to traders especially beginners.
Looking at this image, it's a complete shit show
This is what they said about the scenario
So Imagine newbies who even have no idea what's going on, I wonder how they will know that there is a compensation form to fill up.
Complaints have been cropping up about Leveraged Tokens. I even remember at one point, they had to delist FTX leveraged tokens from the platform citing lots of losses to traders especially beginners.
Looking at this image, it's a complete shit show
This is what they said about the scenario
Quote
A large volume of leveraged tokens were redeemed when their Net Asset Value (NAV) hit an ATH during a period of very high market volatility on 2021/05/19. This resulted in an erosion of the leveraged tokens’s NAV.
The issue was resolved at 2021/05/19 18:00:00 PM (UTC). We have improved the redemption mechanism to prevent further occurrence.
Affected leveraged token users may submit a claim form here for our verification and processing. We will notify and follow-up with affected users in batches so we thank you in advance for your understanding.
As we are currently experiencing a high number of enquiries, please do note that our response time is therefore longer than usual. Thank you for your patience.
The issue was resolved at 2021/05/19 18:00:00 PM (UTC). We have improved the redemption mechanism to prevent further occurrence.
Affected leveraged token users may submit a claim form here for our verification and processing. We will notify and follow-up with affected users in batches so we thank you in advance for your understanding.
As we are currently experiencing a high number of enquiries, please do note that our response time is therefore longer than usual. Thank you for your patience.
So Imagine newbies who even have no idea what's going on, I wonder how they will know that there is a compensation form to fill up.
I don't have much experience in trading and I'm outdated using Binance exchange but here's what I say. Move your balance out quickly and find other exchanges that you didn't annoy.
BTW, have you read the terms before using Binance?
Each exchange platforms have different strategies for how to gain profit and it might this token pump and dump will Binance gain more profit. So, you need to understand first how their trading mechanism works including the fees to which way you can save on it, I've heard using their BNB coin will traders can have lesser fees than using other cryptos.
This is the problem in most micro traders, use their coin if you wanted to save fees or else, just a quick tip, stop using them if you aren't comfortable using them.
I shorted the market , and Eth crashed and instead of my short paying me out +80% Binance paid me out -90%
I saw a lot of complaints regarding this but I think this is just because they included/charges more fees.BTW, have you read the terms before using Binance?
Each exchange platforms have different strategies for how to gain profit and it might this token pump and dump will Binance gain more profit. So, you need to understand first how their trading mechanism works including the fees to which way you can save on it, I've heard using their BNB coin will traders can have lesser fees than using other cryptos.
This is the problem in most micro traders, use their coin if you wanted to save fees or else, just a quick tip, stop using them if you aren't comfortable using them.
Arwin Im not sure you are talking about the same thing here,
Binance sells Down tokens and up tokens, if you buy a down token and the market crashes , that token gives you profit, the same way if you short bitcoin and it crashes, the short position gives you profit.
I shorted the market , and Eth crashed and instead of my short paying me out +80% Binance paid me out -90%
take a look here if you do not understand
https://www.reddit.com/r/binance/comments/ngtlei/how_is_it_possible_ethup_and_ethdown_80_binance/
Binance sells Down tokens and up tokens, if you buy a down token and the market crashes , that token gives you profit, the same way if you short bitcoin and it crashes, the short position gives you profit.
I shorted the market , and Eth crashed and instead of my short paying me out +80% Binance paid me out -90%
take a look here if you do not understand
https://www.reddit.com/r/binance/comments/ngtlei/how_is_it_possible_ethup_and_ethdown_80_binance/
Maybe you should check first the overall market condition since it will give an effect to each an every alt listed on exchange and also you should understand that there's no always pump up happening in open market. Also for sure the reason why your behold tokens got dump is the current fear happening in the market many traderd now are shifting to stable coins to avoid such huge losses.
Maybe you should learn a lesson to not hold for any longer especially those tokens which have questionable future and always secure your profits once you already see a big gains on your portfolio.
Maybe you should learn a lesson to not hold for any longer especially those tokens which have questionable future and always secure your profits once you already see a big gains on your portfolio.
Someone needs to expose Binance and what they have done here, I have lost my entire life savings in the last 5 months and its clearly theft.
Below is a clear Chart of Sushi and its movement in 2021.
And Below is a clear chart of Sushiup its counter up token.
Here we can see in the 1st of April sushi token was priced at 15 Dollars while sushiup was valued at 40 usd.
as of Today 20th May , sushi is still valued at 15usd, however sushiup is valued at 0.30 cents
?
If this is not outright theft from Binance then I dont know what is . I had put my life savings into it at 15 usd , and its still valued at 15usd however Binance has decided to re-value sushiup at 0.30 cents.
Now I have to somehow come up with money to pay my childs school fees and beg borror or steal to get our rent and car payments done which doesnt look likely at this point.
I do not understand how this is not all over the news, they have clearly manipulated the market so much that they are just taking everyones money and not a single article on it from the news.
I honestly think everyone should stop trading on Binance together and spread the work how they steal everyones hard earned money ,
Below is a clear Chart of Sushi and its movement in 2021.
And Below is a clear chart of Sushiup its counter up token.
Here we can see in the 1st of April sushi token was priced at 15 Dollars while sushiup was valued at 40 usd.
as of Today 20th May , sushi is still valued at 15usd, however sushiup is valued at 0.30 cents
?If this is not outright theft from Binance then I dont know what is . I had put my life savings into it at 15 usd , and its still valued at 15usd however Binance has decided to re-value sushiup at 0.30 cents.
Now I have to somehow come up with money to pay my childs school fees and beg borror or steal to get our rent and car payments done which doesnt look likely at this point.
I do not understand how this is not all over the news, they have clearly manipulated the market so much that they are just taking everyones money and not a single article on it from the news.
I honestly think everyone should stop trading on Binance together and spread the work how they steal everyones hard earned money ,
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