It's quite hard to identify scam exchange if they're not do stupid thing (offer ponzi scheme, fake review/team or plagiarized content). According to many accused about scam exchange, I learn few way to identify a scam exchange :
1. Fake volume. (example)
High trade volume in exchange doesn't mean the exchange is legit and safe, especially for new exchange. It very suspicious how a new exchange created on 2019 can beat Binance. Don't trust data from CMC, you should compare with this sites for a real volume https://www.livecoinwatch.com/exchanges or https://www.bti.live/exchanges/
2. Contradicting content (example)
When you read the exchange said was founded from 2015, don't really trust it... verify with WHOIS data first. If the domain of that's exchange created on 2019 not 2015, then you should stay away.
3. Fake price or discount (example)
Each exchange have different prices on same crypto (Bitcoin), maybe in binance is $8,701 coinbase $8,682, or okex $8,690. You can see only 0,2-0,5 % the difference of each exchange. If you find a exchange the price of Bitcoin is upnormal, or offering buy 1 bitcoin only pay 0,8 btc... than it's scam.
4. Ask for minimum deposit or KYC (example)
Many scam exchange usually do this after you want to withdraw your funds. They will say to complete your KYC first or ask to deposit first to make you can
to withdraw.
I would suggest to use trusted and popular exchange only... such as binance or coinbase, it's risky to use brand new or unknown exchange. Also don't forget to double check the right url to prevent from phishing sites.
CMIIW
Topic: How to identify Crypto exchange scam?? - page 2. (Read 312 times)
In recent times,there are 100 of crypto exchages are opening and the number is increasing.It is a good thing that we can trade our coin in this exchanges.But the most worrisome news is that majority of the small exchanges are scamming people though their exchages.
Recently Exstock exchage is the perfect example of scams.They have promoted their exchange nicely.And after sometime they are not giving withdraw to any people.A lot of small traders like me have lost their money.So for now i am very worried about the safety of my money.
As you see i have scammed so many times through excahge,i don't have any knowledge to identify the scam exchage.Can you suggest me some scam exchage are there right now so that i can avoid those exchanges.
And it will be better if any crypto lovers will tell me how to identify scam exchanges.I am very enthusiastic about crypto and i don’t want to be disappointed and not interested to loss money. .So feel free to give me a suggestion.It will be very helpful.
Recently Exstock exchage is the perfect example of scams.They have promoted their exchange nicely.And after sometime they are not giving withdraw to any people.A lot of small traders like me have lost their money.So for now i am very worried about the safety of my money.
As you see i have scammed so many times through excahge,i don't have any knowledge to identify the scam exchage.Can you suggest me some scam exchage are there right now so that i can avoid those exchanges.
And it will be better if any crypto lovers will tell me how to identify scam exchanges.I am very enthusiastic about crypto and i don’t want to be disappointed and not interested to loss money. .So feel free to give me a suggestion.It will be very helpful.
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