Latoken will charge you 5USD monthly, if you are not active. - page 4.

alan2here

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I don't think Latoken will charge you 5 USD a month It's never possible it's extremely risky to trade. the probabilities of loss are above the monthly charge we've to trade very carefully. within the case of exchanges there are many sitcoins that manage everything as they want and make many barriers to transactions. i exploit Binance and Bittrex to exchange it's better to remain faraway from these sites.

I haven't heard of any exchange that charges a 5$ monthly transaction fee if they don't trade. This is a really bad idea, and it will only make investors here feel more disappointed.

I used to have some coins at Latoken, but all were mainly from bounty campaigns. I think good exchanges like Binance or Huobi will often be options that people should consider and best leave the Latoken exchange.

pakhitheboss

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Quote from: timmmers on May 27, 2020, 05:41:24 AM

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.

Do they consider themselves as a bank wherein you need to pay a bank to keep your money safe. It is better to leave such ludacris exchange and move to another.

Also, if any one has cryptocurrency stored on karlien it is better to transfer them to your personal wallet for security reason because they might now block your account untill the fine is paid.

Timmzzy

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Quote from: timmmers on May 27, 2020, 05:41:24 AM

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.

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.

Zackgeno96

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Quote from: timmmers on May 27, 2020, 05:41:24 AM

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.

I have used this exchange in past and it used to be one of those exchanges with a good support team and also having a decent trading volume of newly launched coins. But now as they have said that they will charge their inactive users a monthly fees, it feels very greedy on their part as they are getting enough trading fees from their active users that they can run their operations smoothly and now they will be charging users a monthly fees. I strongly believe that this idea might backfire and a lot of active users can also leave the exchange.

robelneo

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I just wished that those tokens that are on my wallets and waiting or looking to be listed on exchange will not pick LATOKEN I have not used my account for a year now and will not intend to use this risky exchange, I think they have done this because they are not making a good profit because of the bad reputation they had now.

All new tokens and old ones better not choose this exchange or your project will be ruin.

bitgoldpanther1978

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Quote from: timmmers on May 27, 2020, 05:41:24 AM

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.

I am not using Latoken anymore, since I discovered that most of the token listed to their platform came from the ICO or IEO after 1 month
or 2 months the price of the coins will be dropped until it become once of the shit coins or zombie coin. I am not against to this platform,
I just don't like the system they are implementing unto it.

WSDN

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Quote from: shadowdio on May 28, 2020, 04:28:30 AM

Lol this is not right, charging 5 usd a month because you are not active? well they proven that exchange is a shitty and most of the coins there were also shitty coins. Users must abandon that exchange because we never know they will turn scam soon. What a crazy exchange. Grin

I have never trusted this exchange, and when I heard the news of charging $5 per month, I did not want to participate because the rules at the exchange here are so bullshit. Also, the coins listed in there are no liquidity and almost no traders, so it's best to stay away. The best advice should only be to choose exchanges with large liquidity Binance or MXC to invest because these exchanges are very good for users in this market.

timmmers

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Quote from: stompix on May 28, 2020, 04:54:25 AM

Quote from: Lakai01 on May 27, 2020, 09:34:16 AM

Quote from: stompix on May 27, 2020, 06:25:59 AM

~

I see it the same way, and I am frankly surprised that Exchanges did not start covering their running costs through user fees (apart from trading fees) much earlier.

They did, latoken is not the only one:

coindirect
https://www.coindirect.com/terms

Quote

You must not use your Digital Currency Wallet for the purpose of storing Digital Currency. Where any Digital Currency in your Digital Currency Wallet is not used for a period exceeding 90 (ninety) days, Coindirect may charge and obtain from you an Inactivity Fee of EUR 5.00 per month (or the equivalent in your Local Currency), which shall be collected from the Digital Currency held in your Digital Currency Wallet.

coinsbank
https://coinsbank.com/fees

Quote

Inactive account maintenance
49.95 EUR (or equivalent) per month

crypto.com

Quote

Inactivity fee 12 months 5£

And.......drumbeats.... Grin

Bitfinex
https://www.bitfinex.com/legal/terms

Quote

9. Inactivity Fee: Where you have not traded on the Site or engaged in any funding activity on the Site for an uninterrupted period of one year, Bitfinex thereafter reserves the right to charge and obtain from you an inactivity fee of $5.00 per month, with or without notice to you.

But as I said before, nobody reads the terms!

Well, that is crazy. They think that there are not many competitors so they can do that without loosing their clients... but this will not lead into any action, people will move their funds to another exchange and thats all.

stompix

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Quote from: Lakai01 on May 27, 2020, 09:34:16 AM

Quote from: stompix on May 27, 2020, 06:25:59 AM

~

I see it the same way, and I am frankly surprised that Exchanges did not start covering their running costs through user fees (apart from trading fees) much earlier.

They did, latoken is not the only one:

coindirect
https://www.coindirect.com/terms

Quote

You must not use your Digital Currency Wallet for the purpose of storing Digital Currency. Where any Digital Currency in your Digital Currency Wallet is not used for a period exceeding 90 (ninety) days, Coindirect may charge and obtain from you an Inactivity Fee of EUR 5.00 per month (or the equivalent in your Local Currency), which shall be collected from the Digital Currency held in your Digital Currency Wallet.

coinsbank
https://coinsbank.com/fees

Quote

Inactive account maintenance
49.95 EUR (or equivalent) per month

crypto.com

Quote

Inactivity fee 12 months 5£

And.......drumbeats.... Grin

Bitfinex
https://www.bitfinex.com/legal/terms

Quote

9. Inactivity Fee: Where you have not traded on the Site or engaged in any funding activity on the Site for an uninterrupted period of one year, Bitfinex thereafter reserves the right to charge and obtain from you an inactivity fee of $5.00 per month, with or without notice to you.

But as I said before, nobody reads the terms!

shadowdio

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Lol this is not right, charging 5 usd a month because you are not active? well they proven that exchange is a shitty and most of the coins there were also shitty coins. Users must abandon that exchange because we never know they will turn scam soon. What a crazy exchange. Grin

slaman29

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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.

goaldigger

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This is why we also need to read the terms and conditions of every exchanges because they might hide some conditions like this since not every user read their conditions. 6 months is too short honestly especially if you're a hodler on that exchange, this is just like a dormant account with the banks well at least with them 2 years of having no transactions at all. Switch for a better exchange guys, and don't hold too long on any exchanges and become inactive to avoid this kind of fees.

Vitalicus

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Quote from: joniboini on May 28, 2020, 01:03:04 AM

Quote from: drlukacs on May 28, 2020, 12:43:23 AM

I was just wondering why so many people choose shit exchanges to trade, can you tell me why? Huh

There are several reasons:
- They got shitcoins which got listed only on that exchange.
- They're looking for arbitrage opportunities.

People who use an exchange like this don't necessarily means they don't use Binance or something similar. I bet they use them regularly.

I rather throw away the shitcoin than holding it and hope for a pump. For shit coins, they already took a lot of my time. I'm not going to spend any time for them anymore! I never trade on shit exchanges such as Latoken lol.

sheenshane

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Quote from: joniboini on May 28, 2020, 01:03:04 AM

Quote from: drlukacs on May 28, 2020, 12:43:23 AM

I was just wondering why so many people choose shit exchanges to trade, can you tell me why? Huh

There are several reasons:
- They got shitcoins which got listed only on that exchange.
- They're looking for arbitrage opportunities.

Those are right and in addition.

Probably they know that the coin listed on the shit exchange will have a pump and dump
Shit exchange offering low fees in trading and I doubt also having airdrop will lure people to register/use even they are shitty exchange

But I don't see any mistakes here, why you let your money sleep on that kind of exchange instead to pull out after you trade. I heard and read some articles on that Latoken exchange platform doing a shitty activity. If this policy was written to their TOS, there's no problem. It's the client's responsibility to know the Term and Services.

joniboini

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Quote from: drlukacs on May 28, 2020, 12:43:23 AM

I was just wondering why so many people choose shit exchanges to trade, can you tell me why? Huh

There are several reasons:
- They got shitcoins which got listed only on that exchange.
- They're looking for arbitrage opportunities.

People who use an exchange like this don't necessarily means they don't use Binance or something similar. I bet they use them regularly.

drlukacs

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yep, everyone knows that Latoken is one of the shit exchanges of crypto market. That's why I never use exchanges like this. Ideally, you should only use big exchanges. At Binance we have low fee, high volume and lots of potential alts there. I was just wondering why so many people choose shit exchanges to trade, can you tell me why? Huh

maydna

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Quote from: nicecrypto on May 27, 2020, 12:13:52 PM

In the first pace why keep your money idle in an exchange without trading with it! I think that's too risky to do,
This is good information @op to alert those have their funds in latoken should be aware of this if it is true, $5 every month from many subscribers who are not active in trading could be a lot.

I think that is because people expect to see some pumps in a short time, so they still hold their coin at the exchanges.

It is not a good idea if latoken do that because that can be a sign for the traders to move their coins to another exchange because some of them don't want to pay that fee, even if the cost is only $5 in a month. We can see that binance, as the biggest exchange, don't use that rule so traders can still hold their coins at that exchange. So how come that is happening with latoken which is not too big compare to binance. Perhaps, they need to do that to pay another expense, and they run out of the money.

nicecrypto

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In the first pace why keep your money idle in an exchange without trading with it! I think that's too risky to do,
This is good information @op to alert those have their funds in latoken should be aware of this if it is true, $5 every month from many subscribers who are not active in trading could be a lot.

GreatArkansas

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Quote from: TopTort777 on May 27, 2020, 07:27:18 AM

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.

For sure, they will not deduct the 5$ if you got less than 5$. They are just making their exchange more shitty because of this feature of their exchange.
They are like making their customer get away from them or will use only their exchange for a short period of time.
This is my first time to see an exchange that has this feature, lol. While some exchanges much prefer to store some funds on their exchange for a long time even there is no trading activity.

Lakai01

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Quote from: stompix on May 27, 2020, 06:25:59 AM

Why do you guys think so?
Who are they going to lose, clients that are not making a trade/deposit/withdraw fro 6 months? How can you even call them clients?
From the start, why would you leave money there for more than 6 months and do nothing, why leave coins on an exchange for that long?

I see it the same way, and I am frankly surprised that Exchanges did not start covering their running costs through user fees (apart from trading fees) much earlier. In fact, I think it is reasonable to charge fees only to those users who have not been active for a longer period of time.
You also have to be aware that every user who stores his coins at the exchange causes high costs for the exchange - starting with the safekeeping of the coins up to ensuring a constant liquidity, if for whatever reason all users want to withdraw their coins at once.

Quote from: Jawhead999 on May 27, 2020, 08:01:39 AM

I wonder why many people still leave their funds in exchange, it's not safe to trust the third parties (exchange), just leave it on your wallet (e.g. electrum, trezor, ledger).

This is simply due to the convenience of the users. It is much easier to leave your coins on an exchange than to take care that they are safe (e.g. to take care of a safe storage of the ledger seed). But you shouldn't be surprised if you become a victim of your own convenience and the coins get lost by whatever circumstance.

Topic: Latoken will charge you 5USD monthly, if you are not active. - page 4. (Read 582 times)