Topic: Latoken will charge you 5USD monthly, if you are not active. - page 3. (Read 555 times)
What the**? thats ridiculous for me that was unacceptable and too much it's better to leave that shitty exchange It's not worthy to stay there, instead of wasting any of our resources with Latoken exchange It's better to use those popular crypto exchange with a good volume and not charging any unnecessary hidden fees I'm using Binance since 2017 but I was never charged any fees because I'm not active.
Bad rule and bullshit exchange if needed $5 to active our latoken account, I think its the first time of exchange market need for member to activated their account by purchase $5, I got this notification on email and look surprises whats going on with this site and how to recommended to be good exchange without get payment fees.
I have some eth and usdt balance on latoken, I have held it since three months ago, also I rarely been active on latoken since the pandemic outbreak. Until now my balance is still the same amount, not reduced. Maybe I should ask to the support center directly for clarification about this issue
I think you should withdraw your funds before Latoken charge you $5 for their services. I don't think that is a great idea to apply some fees for an inactive account because traders will have their freedom to use any exchanges to trade. You don't need to ask to the support centre, but you can move your fund before it's too late, and you should pay the fee. I prefer to move my funds to another exchange which don't use any fee.What a load of crap from Latoken. They should have foreseen this would have a negative impact on their reputations and it will slam on their users. The only reason I can immediately think this is happening is that they must not have enough traffic and this might have been a plan to try to maintain a supply of funds from their customers and if that's the case, this has been tackled wrong.
Another shit crypto exchange. Never used it, Never will... and guess what? I gained nothing and lost nothing.
This is a stupid policy IMO. It kind of reminds me of banks and the whole centralized and fucked up government systems that we are trying to run away from. Shame on Latoken.
This is a stupid policy IMO. It kind of reminds me of banks and the whole centralized and fucked up government systems that we are trying to run away from. Shame on Latoken.
The new policy is carried out by Latoken exchange by giving a 5 USD monthly charge, if our account is inactive for 6 months
is a bad policy in my opinion. Without a new policy, investors have begun to avoid Latoken exchange. Because Latoken exchange
is famous for fake volume and fake IEO. Now with this new policy I'm sure Latoken exchange increasingly avoided by investors.
is a bad policy in my opinion. Without a new policy, investors have begun to avoid Latoken exchange. Because Latoken exchange
is famous for fake volume and fake IEO. Now with this new policy I'm sure Latoken exchange increasingly avoided by investors.
stompix
At some point I don't really like that news but on another hand, it's a good lesson for some people - don't hold your money on exchanges. This exchange, roughly, tells you that.
But on another hand, one idea came to my mind after seeing this thread.
We all know that a lot of bitcoins are lost and losing very often. It would be nice to have a network where people with inactive accounts would lose coins and then they would become miserable. For example, imagine: User A has 10 bitcoin and lost his wallet, this coins are lost forever, but... Every year 1/5 of the original amount (that is calculated by what was the amount after 364 days inactivity) cuts, e.i. 2 bitcoin has been cut. Next year, we would have 2/5 of original amount cut if wallet is still inactive and no one has made any transaction via it and finally after 5 year, this wallet is left without coins and these 10 bitcoins are reminded by miners.
Idk, maybe someone already had this idea but still just writing.
At some point I don't really like that news but on another hand, it's a good lesson for some people - don't hold your money on exchanges. This exchange, roughly, tells you that.
But on another hand, one idea came to my mind after seeing this thread.
We all know that a lot of bitcoins are lost and losing very often. It would be nice to have a network where people with inactive accounts would lose coins and then they would become miserable. For example, imagine: User A has 10 bitcoin and lost his wallet, this coins are lost forever, but... Every year 1/5 of the original amount (that is calculated by what was the amount after 364 days inactivity) cuts, e.i. 2 bitcoin has been cut. Next year, we would have 2/5 of original amount cut if wallet is still inactive and no one has made any transaction via it and finally after 5 year, this wallet is left without coins and these 10 bitcoins are reminded by miners.
Idk, maybe someone already had this idea but still just writing.
Yeah, a lot of people have had this idea
especially with the "threat" of Satoshi's coins ever hitting an exchange and crashing the price or with the other "threat" that we will run out of bitcoins. Different forms, from burning them to redistributing them, all of them basically match your idea of not moved coins for x time getting lost for good.The problem with it is that it will force people to move their coins, imagine a million more transactions so you don't love your coins, it will make people more reticent to buy bitcoins, what if your get in an accident, in prison, in whatever and you can't move your coins and you lose your money. It will simply add one more inconvenience to newbies who already have a hard time using their own wallet and not an exchange.
Do I have to add that in all the threads the feedback was overwhelming negative?
It has gotten so bad for Latoken that they now charge users for in-activeness. While there counterparts are improving their platform in order to keep the platform running and attract more users Latoken is doing otherwise. If the cost of running the platform is getting to high, while cant they re-evaluate the platform and drop some of their feature. Just like binance, they also launch their DEX platform https://latoken.com/dex when there lot of controversy surrounding the CEX. They have lost their decency long time ago
stompix
At some point I don't really like that news but on another hand, it's a good lesson for some people - don't hold your money on exchanges. This exchange, roughly, tells you that.
But on another hand, one idea came to my mind after seeing this thread.
We all know that a lot of bitcoins are lost and losing very often. It would be nice to have a network where people with inactive accounts would lose coins and then they would become miserable. For example, imagine: User A has 10 bitcoin and lost his wallet, this coins are lost forever, but... Every year 1/5 of the original amount (that is calculated by what was the amount after 364 days inactivity) cuts, e.i. 2 bitcoin has been cut. Next year, we would have 2/5 of original amount cut if wallet is still inactive and no one has made any transaction via it and finally after 5 year, this wallet is left without coins and these 10 bitcoins are reminded by miners.
Idk, maybe someone already had this idea but still just writing.
At some point I don't really like that news but on another hand, it's a good lesson for some people - don't hold your money on exchanges. This exchange, roughly, tells you that.
But on another hand, one idea came to my mind after seeing this thread.
We all know that a lot of bitcoins are lost and losing very often. It would be nice to have a network where people with inactive accounts would lose coins and then they would become miserable. For example, imagine: User A has 10 bitcoin and lost his wallet, this coins are lost forever, but... Every year 1/5 of the original amount (that is calculated by what was the amount after 364 days inactivity) cuts, e.i. 2 bitcoin has been cut. Next year, we would have 2/5 of original amount cut if wallet is still inactive and no one has made any transaction via it and finally after 5 year, this wallet is left without coins and these 10 bitcoins are reminded by miners.
Idk, maybe someone already had this idea but still just writing.
But what if a user doesn't want to trade yet. Maybe much better if they can modify the terms to 6 months offline even without activity. That's where we can say that the account is really inactive as it's difficult to imagine that within 6 months, no active session is recorded.
I have some eth and usdt balance on latoken, I have held it since three months ago, also I rarely been active on latoken since the pandemic outbreak. Until now my balance is still the same amount, not reduced. Maybe I should ask to the support center directly for clarification about this issue
As per OP's, 6 months of inactivity (without doing trades, deposit, withdraw, etc). So you won't see any deduction to your balance now. But if you make trades along the way, you don't have to worry. Or if you are not planning to use them, or maybe you think that you will never use them, then withdraw your funds there now.
LAToken's been found many, many times to be a scam/fraudulent operation. You can google it and search for the Cointelligence research which digs up all the dirt about them.
Anyway, accounts charging you "maintenance" fees aren't a new thing. My bank also does it, the bastards. The only way to truly keep things in your control is to hold Bitcoin on your own wallet.
Anyway, accounts charging you "maintenance" fees aren't a new thing. My bank also does it, the bastards. The only way to truly keep things in your control is to hold Bitcoin on your own wallet.
Its been suggested for a decade already but people do seem really likes to store up their coins in exchange wallets.
There are other good exchangers out there but people are really fan on using these non popular ones.Charging up $5
if the account is inactive? a bad move but i do consider out that maintenance fee and since the user isnt active for that long
then he probably makes their exchange account as their main wallet.
You would really avoid all of these fee problems if we do just indeed store it on our own non-custodial wallets.
Lets summarize which exchanges collect fees for inactivity because it would be helpful if it would be on one place.
So latoken, exmo, bitfinex, coindirect, coinbank, crypto.com have written in the terms that you will be charged a fee when you are inactive for a longer time.
So latoken, exmo, bitfinex, coindirect, coinbank, crypto.com have written in the terms that you will be charged a fee when you are inactive for a longer time.
Be careful guys, those who hold funds on Latoken exchange and not trading, you will be charged 5USD monthly.
Look they officially send it through email and confirmed on Telegram.
I think that they officially bury themselves.
Look they officially send it through email and confirmed on Telegram.
I think that they officially bury themselves.
I also got the email, now my say here is $5 not too much of a tasks and secondly is it $5 in total of all the tokens held there or its $5 per each coin that's in one's Account been hold? I don't even recommend keep my tokens in an exchange for future reference.
My instincts tells me it won't be $5 for all tokens held up in the Exchange that one will pay up for. So I think it's $5 fee to all the tokens in the Exchange for a whole one month. Funny enough they are going to make users run away from them.
I have some eth and usdt balance on latoken, I have held it since three months ago, also I rarely been active on latoken since the pandemic outbreak. Until now my balance is still the same amount, not reduced. Maybe I should ask to the support center directly for clarification about this issue
I think you should withdraw your funds before Latoken charge you $5 for their services. I don't think that is a great idea to apply some fees for an inactive account because traders will have their freedom to use any exchanges to trade. You don't need to ask to the support centre, but you can move your fund before it's too late, and you should pay the fee. I prefer to move my funds to another exchange which don't use any fee.What a load of crap from Latoken. They should have foreseen this would have a negative impact on their reputations and it will slam on their users. The only reason I can immediately think this is happening is that they must not have enough traffic and this might have been a plan to try to maintain a supply of funds from their customers and if that's the case, this has been tackled wrong.
This is a common practice among traditional asset brokers and exchanges, however I've recently see that cryptocurrency companies are not beginning to implement a similar feature.
I guess they're trying to penalize the people that are just using the platform as an online wallet, rather than actually doing any trading.
Another exchange that has a similar policy in place is exmo.com.
Though as far as I can tell, the $5 is only a one off fee after being inactive for 6 months. Not quite as bad as $5/month.
https://exmo.com/en/docs/fees
Quoting the exact paragraph below;
"If during 6 (six) calendar months the User does not make a single: Transaction, Deposit, or Withdrawal of Funds, the Account of such a User is considered an Inactive Account. The fee for the inactivity of the Account is the equivalent of 5 (five) US dollars at the current spot rate of the US dollar to the Currency in which the commission is debited. The Account ceases to be considered an Inactive Account from the date of any of these listed actions: one Transaction, Deposit, or Withdrawal of Funds."
I guess they're trying to penalize the people that are just using the platform as an online wallet, rather than actually doing any trading.
Another exchange that has a similar policy in place is exmo.com.
Though as far as I can tell, the $5 is only a one off fee after being inactive for 6 months. Not quite as bad as $5/month.
https://exmo.com/en/docs/fees
Quoting the exact paragraph below;
"If during 6 (six) calendar months the User does not make a single: Transaction, Deposit, or Withdrawal of Funds, the Account of such a User is considered an Inactive Account. The fee for the inactivity of the Account is the equivalent of 5 (five) US dollars at the current spot rate of the US dollar to the Currency in which the commission is debited. The Account ceases to be considered an Inactive Account from the date of any of these listed actions: one Transaction, Deposit, or Withdrawal of Funds."
In any case, this is negative information. But it is obvious that the exchange cannot earn enough money on the commission and listing fees. And now the Latoken team is thinking of earning $ 5 from those who have long refused to trade on It, but did not withdraw their cryptocurrency from the exchange.
I have some eth and usdt balance on latoken, I have held it since three months ago, also I rarely been active on latoken since the pandemic outbreak. Until now my balance is still the same amount, not reduced. Maybe I should ask to the support center directly for clarification about this issue
I think you should withdraw your funds before Latoken charge you $5 for their services. I don't think that is a great idea to apply some fees for an inactive account because traders will have their freedom to use any exchanges to trade. You don't need to ask to the support centre, but you can move your fund before it's too late, and you should pay the fee. I prefer to move my funds to another exchange which don't use any fee.
I have some eth and usdt balance on latoken, I have held it since three months ago, also I rarely been active on latoken since the pandemic outbreak. Until now my balance is still the same amount, not reduced. Maybe I should ask to the support center directly for clarification about this issue
Be careful guys, those who hold funds on Latoken exchange and not trading, you will be charged 5USD monthly.
Look they officially send it through email and confirmed on Telegram.
I think that they officially bury themselves.
Look they officially send it through email and confirmed on Telegram.
I think that they officially bury themselves.
If I am storing coins on Latoken, I will transfer them to another place immediately. The problem isn't simply $5/month, it is a sign that they are having financial problems, we will face high risks when trading here. Really, they are trying to cancel the future of this exchange, their way is too greedy.
While all exchanges trying to steal customers from each other by adding more features and making it less trading fee's and competing on withdrawal fee's and basically everything they can do to keep earning money while getting as many traders as they can, this place decided on the opposite.
They are basically telling people to leave, I could put my money on binance, the biggest exchange in the world and not have to spend a single dime there whereas these guys are saying I have to trade or I will have to pay them money, that is a reason not to stay there if I am not trading for a while. Hell even if I am trading, just because they are doing something like this that upsets me, I could still move to another place. This is a wrong move no matter how you look at it.
They are basically telling people to leave, I could put my money on binance, the biggest exchange in the world and not have to spend a single dime there whereas these guys are saying I have to trade or I will have to pay them money, that is a reason not to stay there if I am not trading for a while. Hell even if I am trading, just because they are doing something like this that upsets me, I could still move to another place. This is a wrong move no matter how you look at it.
What will happen if user have balance more than 0, but less than 5$ ? He will have a negative balance then?
Anyway that is the great way to officially steal funds. Lots of airdropped or small projects altcoins are often traded on Latoken. Sometimes altcoins value is so small, than it is impossible to withdraw them. Now these funds can be officially "taken" from users account. Great.
Yes and this is the first time I've seen such a case. That is to say, this is an exchange that is short of money and wants to eat users' money in a cheap way. This is not one of the exchanges of professional exchanges, this is like they are digging their own grave. For the first time in my life I saw such an unprofessional business, too bad. Anyway that is the great way to officially steal funds. Lots of airdropped or small projects altcoins are often traded on Latoken. Sometimes altcoins value is so small, than it is impossible to withdraw them. Now these funds can be officially "taken" from users account. Great.
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