Topic: Binance will REKT you if you are not careful! (Read 172 times)

It is sad, but it is not just Binance, almost all exchanges had such things from time to time, my first experience was with XRP pump on Poloniex last year. So, i am just sorry for your losses and can advise be carefully next time.

Dodgy news.

that fake BCN pump raised many doubts on listing process and reliability of binance exchange . bcoz such coin should be halted for trading instantly .
but they allowed its trading and people bought it and alter coin back to real value and loss to other buyers .
(fake bcoz only high price on one exchange with low supply)

Sorry for your losses, and I just registered to binance this week because I've heard good things about this exchange site but I think these are some things that are out of their control. I had a similar situation when I traded at Poloniex last year and I was so devastated of the losses but I've moved on and learned my lesson well. I hope things will work out for you and hopefully you'll earn back your losses too.

When a coin has high volume, this usually happens wherein the system will hang because they cannot take the traffic so those who are trading has a tendency to loss when the price suddenly drops. Well that is just your unlucky day OP getting rekt so you would be careful next time trading those coins that are trending. I was rekt as well before trading those coins that is trending at the moment. There is also the tendency when a wallet would suddenly be in maintenance if there is a big arbitrage opportunity. We can't do something about it as it is a centralized exchange and we are the one who agreed to their terms and conditions.

Hi if it makes you feel any better, recently had a similar situation. Wasn't much of a loss but a lesson either way. Looking back i was disappointed to say the least however will eventually get over it so try not to let it get the better of you. Focus on how you can get back and running..

Anyway was logged into Binance online, platform wasn't responding well during a price dip. Since then have been using their desktop version with a different laptop and haven't had any problems at all so worth trying this is haven't already

hope that helps

It is common problem with major of exchanges. Last year i remember the same was with ripple on poloniex and i am sure people can give you a lot of examples with another coins or exchanges. Just be ready for such things and try to protect your funds in future.

Binance? Wait till you try Bitmex. The trading margin exchange hangs during high volume trades and it has conked out many times before and liquidating trade positions while the system hangs. But people still insist on trading there. 

I never knew about it, because I never got experience in binance. but is it really a binance error or wrong to assume? if indeed the fault of the binanceee, hopefully can be fixed.

This what makes them invulnerable where on the first registration into the site we are already accepting their terms even we dont bother to read it up but its always there when it comes to these kind of issues where if they would tell you about on that matter then you cant do anything but to agree.This is indeed an annoying thing where you do see how your profits fly into the air because of such delay or problem. Even we do find out not too convincing reason since its a technical matter then they do always have an answer with that.

I have read things like this happening in exchanges and its not only binance its everyone of them and they hide under the fact that its not their fault, its for security reasons and the reason that you have accepted to their TOS that they are not liable makes them untouchable. Its really annoying to see your wait being wasted because of five minutes delay which is even not your own fault. I think its high time they are called out even though nothing can be done at this time.

Sorry for your loss, I understand what or how you maybe feeling now but you shouldn't have traded all you token. You should have taken your time and see how well the first transaction will go before trading the rest. This can happen with any other exchange and the binance stated on their web that they will not be responsible for any loss

I do understand your part though which if i were on your shoes probably i would do or say such thing and do the same step but wont consider to beg into the community. Asking help that turns out to be a demand will not be always good, just let the community would sympathize on what happened to you and will donate on their own.These kind of circumstances is really inevitable where if we do make trades these technical delays will really screw us up and would end up on questioning the credibility of the exchange but as i said earlier they dont really have the control into those scenarios.

About the unintentional part I don't agree.Immediately they listed BCN, they disabled a lot of features like transferring BCN from another exchange to Binance. The transfers were arriving many hours later when the price had dropped far! The BCN pump and dump was a Binance inside Job - There is evidence out there!! Its part of the gimmicks that exchanges play to make money.Yesterday Binance listed Augur (REP) I watched the price drop from 0.018000 BTC to 0.006100BTC in seconds.The price would immediately rise to 0.006700BTC in a minute and drop to 0.006100BTC in a minute.The price would them move up to 0.006300BTC and drop to 0.006000BTC though volume was going up.This is outrageous manipulation by the exchange. Unless moving forward,exchanges are ratified and controlled,their users will continue to be fleeced.Have you seen how exchanges have their own bots inflating a coin price immediately you view it and dropping it a few minutes if you don't act so you buy at a higher price? Some exchanges fake up trends so they catch short traders in bull traps.From my experience,we need to have honest exchanges.Maybe my experience will be the birthing of neutral exchanges that make money honestly without causing unnecessary pain to their clients.The Crypto world is great but has a lot of gaps that's need to be fixed because if it's not done,a few dirty people will benefit and cause a lot of clean people pain.If this trend goes on,most traders will leave trading,most coins will go extinct and the Crypto world will be meaningless.This is one of the many reasons why government's across the globe are looking for ways to control Cryptos!
Prominent traders won't talk about this because most of them are stakeholders in this happenings.They even tweet about listing days before Binance does the actual listing.They participate in fleecing other traders so they benefit themselves!

My experience is painful, I don't know when I will recover from this but I would not want anyone to suffer the same.Advice to traders,BE CAREFUL ON NEW COIN LISTINGS ON BINANCE. THAT'S WILL KEEP YOU AWAY FROM LOSSES AND UNNECESSARY PAIN!

I hear you Slaman29 .The most unfortunate thing is that the features of the exchange do not function when you need them badly though.Some of these mishaps are caused by the exchanges themselves!

I get you Fatunad .'Birds of a feather fly together' sometimes people who are in your shoes understand you better.The only people who will understand a trader's predicament are the traders themselves.Anyway your reply is welcome.Thank you very much!

Any exchange will do this to you at times of spikes in demand. Which is why you should learn to trade with limit order. Set your entry prices, set your exit prices, and leave the system to auto trigger your orders when/if the market reaches the desired ranges. In fact, this also saves you on fees if you trade a lot, it all adds up in the end. And less worry and headache for you like you just experienced.

That was unintentional and likely due to user volume that time. If you check their TOS, they mentioned about by using their service you agree that "BINANCE shall not be liable for any of your losses".

There will always be an uncontrollable situation like this. It is happening on other exchanges as well and just like Binance they are and will not be giving refunds. If you still want to trade, consider that it might happen again. Also, work for it and don't ask for donations.

This is really unfortunate but i do completely agree on what binance support do say on this ss : https://imgur.com/a/sPxbV10 which is the reality where those kind of circumstances is beyond their control which means they are not liable on any loss or gains being made on that time.

Not to be rude but asking bitcoin to the community is really against on forum rules, we know that you have been rekt but come to think of that this would always be the risk involve on trading.

Binance listed BCN this week.I bought it at 919k per BCN at 203% rise.Their system hanged,I could not buy or sell for 5 minutes.When their system was back up,the price had dropped from 203% to -89%. My BTC got completely REKT.
Binance has refused to refund me .I had transferred all my money to trade.

Find below the evidence of my account and my conversation with Binance Staff.

https://imgur.com/a/hITVcEj
https://imgur.com/a/mpv4iAB
https://imgur.com/a/sPxbV10