Topic: Do research on exchange first before making deposits (Read 149 times)
An insightful advice for whoever wants to trade in any lower tier exchange. Most exchanges are scam and never meant business. they are after peoples funds. i personally choose to sell shit tokens in such exchanges like P2PB2B, VINTAGE because i noticed that most tokens that has little or No value are listed on these exchanges.
I will like to warn newbies and old members on here about exchanges, before you use any crypto exchange make sure you check first if you can withdraw without verification process (KYC), many failed to do this and once the make deposit the unexpected happens
1. Not all exchange accept withdrawal without KYC
2. Some have limits of 24hrs withdrawal
3. Bad or low exchanges can keep rejecting your KYC if you deposit big value of coins on the exchange, an excuse to ruin you lol
Never deposit big amount to any unknown exchange at all, don't take such risks because from trading we can make very little but if you lose everything then it may ruin your complete life.KYC is not an issue with big exchange like binance because they have 2btc withdrawal per day without KYC. 1. Not all exchange accept withdrawal without KYC
2. Some have limits of 24hrs withdrawal
3. Bad or low exchanges can keep rejecting your KYC if you deposit big value of coins on the exchange, an excuse to ruin you lol
It seems that exchanges that already have permission from the state, in my opinion are safe, and remain under the supervision of the government so that it makes us feel comfortable. the advantage is also in the exchange between local fiat and crypto more efficiently.
And for their safety use the exchanges that has name and not those exchanges they've found out to be new. There were cases that a newbie ran to a new exchange and his funds got halted when he tries to withdraw.
They might not ask for KYC but they don't have reputation. Avoid them for you sakes guys, you don't deposit to them or get into them because of their promos. But if you do, you've been warned.
They might not ask for KYC but they don't have reputation. Avoid them for you sakes guys, you don't deposit to them or get into them because of their promos. But if you do, you've been warned.
As a newbie I don't have to do much research on exchanges to know which is safer to use or not because as a member of this forum I haven't come across any member making bad post about binance or kucoin service, I use coingecko too
Newbies should use search engines with words like this 'p2pb2b scam' you will definitely get so many good or bad reviews about any exchange using this search format, new exchanges are bad news and so is so many new projects too, only those who have balls survive in crypto space, I wish for better solutions
I always check them out on this forum first to know if they have any unresolved issues.
I don't trust any new exchange unless it was created by someone trustworthy or have a connection with successful trading sites.
I don't trust any new exchange unless it was created by someone trustworthy or have a connection with successful trading sites.
New exchanges are 100% dangerous for new crypto investors and traders, better off using binance and Okex or kucoin, they are very popular and trustworthy, even if you hit your 24hrs withdrawal limit you can just come back the next day to make another withdrawal
I would also add these steps :
4.Be sure the exchange you will be using for converting crypto to fiat is a safe exchange . A few guys hacked binance's database some time ago and all users data are still in danger.
5.Be sure that exchange is at least on the market for 4-5 years.
4.Be sure the exchange you will be using for converting crypto to fiat is a safe exchange . A few guys hacked binance's database some time ago and all users data are still in danger.
5.Be sure that exchange is at least on the market for 4-5 years.
And for that, don't ever use new exchange to trade, just use an exchange that already has a big name so that we don't lose money (deposit/withdraw)
Just reminder that new exchange at this time that has to do KYC but can't withdraw is BCNEX. so don't make any deposit there
Just reminder that new exchange at this time that has to do KYC but can't withdraw is BCNEX. so don't make any deposit there
I will like to warn newbies and old members on here about exchanges, before you use any crypto exchange make sure you check first if you can withdraw without verification process (KYC), many failed to do this and once the make deposit the unexpected happens
1. Not all exchange accept withdrawal without KYC
2. Some have limits of 24hrs withdrawal
3. Bad or low exchanges can keep rejecting your KYC if you deposit big value of coins on the exchange, an excuse to ruin you lol
1. Not all exchange accept withdrawal without KYC
2. Some have limits of 24hrs withdrawal
3. Bad or low exchanges can keep rejecting your KYC if you deposit big value of coins on the exchange, an excuse to ruin you lol
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