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

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'm so sorry,
I don't recommend Latoken and p2pb2b market exchange,
according to my experience:
1. fake volume of most bots.
2. WD fee is quite high compared to other markets
3. the WD process is quite long, sometimes you even have to chat support first.
4.The promised airdrop value was est. 10 $, but in fact it was less than 1 $ (my experience)

and maybe you all want to add. ; D; D

carlisle1

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Quote from: ice18 on August 26, 2020, 02:31:32 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.

What?are they out of mind?traders will trade whenever they thing it is profitable and if they have enough time to keep focusing in trading,but if not they will at least leave the funds in exchange(in which i totally disagree from the start though there are many traders doing this still).

this is not fair for those not active in trading and thinkingthat their money is safe in LaToken and suddenly when they come back after a year or 2?what will they find is no balance because of this continues charging monthly?

This is shame in Trading exchange,maybe with this LaToken will lose many traders since Binance is the best home for them now.

TradingBull.io

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Latoken business model is simple: money, money, money

Any shitcoin can IEO on Latoken and pump/dump themselves using their market maker as long as they pay the listing fee.

Free1bitco.in

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Sounds funny and ridiculous charging you for inactivity lol Im not using this exchange since liquidity is too low and trading volume looks fake new altcoins that listed on this exchange has very low liquidity much better decentralized exchange with huge liquidity.

So far, I have also avoided using this exchange. however, if deducting is inactive in that regard, cutting off the asset by $ 5 is an odd thing to do. This isn't the first time I've heard anything negative from Latoken. Therefore, I avoided using latoken as an exchange.

wiss19

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But from the photo you have posted, it’s clearly stated that they won’t charge you that amount, unless you have been inactive for over six months. And moreover it’s not advisable to leave funds on an exchange if you’re not trading with those funds. If you don’t want to trade it’s best that you move your funds to your personal wallet than keeping it on an exchange.

Apart from that I think this is a way for them to make inactive users to be active and start trading, instead of just leaving those funds on their exchange without doing anything at all. I don’t really see anything wrong with it, but it’s all your choice, you can still find another exchange or just move it to your personal wallet.

Salauddin1994

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Latoken will never charge 5 USD monthly It seems like a lot of scams. There are many exchange sites in the crypto market so it doesn't seem like much to believe. Most of the tokens here do not come in the market and they are scammed and also the transactions are much slower. That's why the safer fees for exchanging at other sites are much lower and the monthly charges are less it's depth is much easier to determine.

ice18

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Sounds funny and ridiculous charging you for inactivity lol Im not using this exchange since liquidity is too low and trading volume looks fake new altcoins that listed on this exchange has very low liquidity much better decentralized exchange with huge liquidity.

ihabhamed

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unbelievable Huh

beerlover

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I guess they do not want inactive people on their website which could be understandable however there is also the fact that any business that can hold other people's money on their behalf could use that money to make money without really having to worry about charging anyone anything.

Look at insurance companies and banks, they are still charging people for having money as well but there are now some that do not because honestly they have enough money from the customers to actually use that money to make more money whereas it is not even theirs, it is ours.

Same could be done by latoken as well, it is your crypto that they are holding but they could definitely use that money to make more profit, such as masternodes or proof of stake coins which could help them earn even more.

iamaruf

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Then they will lose a lot of traders. Actually I am not a fan of LAtoken Exchanger but I think 5$ fee rule is a bad move. One more thing to ask ( I don't have an account on Latoken that's why asking) inactivity means if you don't trade on LAtoken or if you don't log in Latoken for a long time? Would you please clear me.

cheezcarls

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Last year, my colleague told me to avoid LAToken exchange because of their shady tactics, wash trading, etc. Despite that I had a good friend who is working there and been doing consistent virtual events, I just don’t want to engage in their activities anymore. They invite a lot of speakers and having pitch competitions as well.

I didn’t have any assets stored on LAToken despite that I have an account. I wouldn’t trust storing my assets in an exchange where I don’t have the full custody of them.

For me, it seems that they are losing revenue, that’s why they’re charging $5 USD monthly. Although that it’s just a price of a Starbucks frappe, it’s not ideal for an exchange to do that.

hulla

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Quote from: Slow death on August 24, 2020, 03:21:47 AM

When I looked at the title of this thread, I thought: will all exchanges in the future follow the same path? minutes later i remembered that the other day i received an email from skrill informing me that they would charge $5000 because my account has been inactive for more than 1 year, but funny Is that skrill himself blocked my account without any convincing reason. If all the services keep putting these crazy rules I highly doubt that they will have customers

There's chance that others exchange will enforce the rules of charging their users who's inactive for years in other to strengthen their business but I'm still surprised the OP account was charged $5 monthly for not been active cause I have an old account on Latoken which i usually use to sell shit token/coin and I havent such charges OP must have signed up for some features.

Slow death

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When I looked at the title of this thread, I thought: will all exchanges in the future follow the same path? minutes later i remembered that the other day i received an email from skrill informing me that they would charge $5000 because my account has been inactive for more than 1 year, but funny Is that skrill himself blocked my account without any convincing reason. If all the services keep putting these crazy rules I highly doubt that they will have customers

djmixen

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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.

Form the very start, Latoken is not that good exchange for my own perception. I've seen it many of their coin listed became a piece of shit in the end. And charging 5$ each inactive users is too much, to be honest with you. Unless if La token is like Binance, Okex, Bittrex but it's not!
So, I don't care about their rules anyway.

Maestro75

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Quote from: Shallow on June 01, 2020, 04:23:34 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 think the loss will not be the old clients. It will be with those who will want to have the urge to patronise them. It will discourage newcomers from registering on Latoken. It is not even a top exchange to start with so why make a tough rule to cost it have a bad reputation. Thank you to the OP for bringing this to my notice too.

Shasha80

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I haven't used Latoken for trading in a while, but I still have some tokens that I got from the bounty campaign. But after getting
a notification regarding the new policy, I finally decided to withdraw the assets I have at Latoken. I feel the new policy imposed
by Latoken is very burdensome, having to pay 5 USD because inactivity is a bad policy. The steps Latoken takes will make users
switch to other exchanges. I don't understand the purpose of Latoken in issuing the policy, it will only have a negative impact on
the Latoken exchange itself.

lucky80

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The problem is that I don't receive any warning about inactivity. They never even send me an email about the inactivity fees. Taking the user's coins without notification is premeditated theft, lol.

We are very busy and desperately need notification. Even this forum has notifications. I realized this when I logged in today. They really want to go bankrupt. I have lost my IMT token which I bought for 50 bucks. Damn, I love that token lol.

Edit: The IMT token is even not in Top 100 CMC. They announce that in their website https://latoken.com/fees (archive: http://archive.is/jgQnP )

cryptothreads

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This is funny coming from an exchange which doesn't have good reviews from a number of users. However, people have been warned to store assets off exchanges maybe with this step, those holding on their exchange will have to withdraw, because I don't think it makes sense when there are other better exchanges. Normally I would say it is not my concern because I have no business with them but I think people need to understand that Latoken isn't a good exchange and with this, many people will likely take their leave.

After they started charging users, I withdrawal all my assets from this exchange, I don't usually trade here, but there are some coins I earn from bonus campaigns, and only Latoken can be sold.

Of course, after losing $5 monthly without trading, it is best to switch to Binance or Huobi because these two exchanges are more reliable for investors.

Shallow

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This is funny coming from an exchange which doesn't have good reviews from a number of users. However, people have been warned to store assets off exchanges maybe with this step, those holding on their exchange will have to withdraw, because I don't think it makes sense when there are other better exchanges. Normally I would say it is not my concern because I have no business with them but I think people need to understand that Latoken isn't a good exchange and with this, many people will likely take their leave.

dragon695

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Quote from: BuNga_cute on May 31, 2020, 05:53:43 PM

This is the wrong step taken by Latoken exchange, by giving a 5 USD monthly charge for those who are inactive too much
in my opinion. And of the many exchanges only Latoken applies it, this will make users uncomfortable. And the worst thing
that will happen is that many Latoken users will move to other exchanges. If this happens, bad impact for Latoken exchange
itself.

Right! I don't know what their reasons are, but this is not a wise move. I prefer to use other exchange platforms such as Bittrex, Binance, Kucoin,.. than LAToken exchange! Their token is not worth that much, guys!

Dart18

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Oh crap! They are going to eat my dust there. Grin

Ain't this a great move from LAToken?
To avoid traders making their exchange like a wallet.
Also, it would keep them safe if ever a hacking incident will happen.

Baoanhbmt

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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. $5 every month from many subscribers who are not active in trading could be a lot.Latoken exchange is famous for fake volume and fake IEO. Now with this new policy I'm sure Latoken exchange increasingly avoided by investors. You should only use big exchanges. At Binance they have low fee, high volume and lots of potential alts there.

Twinkledoe

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Quote from: BuNga_cute on May 31, 2020, 05:53:43 PM

This is the wrong step taken by Latoken exchange, by giving a 5 USD monthly charge for those who are inactive too much
in my opinion. And of the many exchanges only Latoken applies it, this will make users uncomfortable. And the worst thing
that will happen is that many Latoken users will move to other exchanges. If this happens, bad impact for Latoken exchange
itself.

What I am thinking with this unreasonable move from them? They just kill themselves. Tongue

A lot of exchanges are still alive because of those small time traders and if they will have this monthly fee, I don't think small traders will ever use their exchange again. Time to pack up and get all your funds from them. I don't think paying such monthly fee is worth it while other reputable exchanges are not charging anything.

BuNga_cute

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This is the wrong step taken by Latoken exchange, by giving a 5 USD monthly charge for those who are inactive too much
in my opinion. And of the many exchanges only Latoken applies it, this will make users uncomfortable. And the worst thing
that will happen is that many Latoken users will move to other exchanges. If this happens, bad impact for Latoken exchange
itself.

CaVO32

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Quote from: Lizzylove1 on May 31, 2020, 12:33:39 AM

Who will leave their fund on Latoken exchange? An exchange that sells scam IEO to its customers and and cause customers huge financial losses, they expect same customers to be actively patronizing them? They are a joker.

Such move is their loss actually. Small traders will not leave their funds on them aside from the fact that there are other allegations thrown to them. This is the first crytpo exchange that I encountered charging their clients monthly fees. I hope others will wake up and not use this exchange anymore. If traders will not use their platform, I don't think they will impose such fees. Or they need to shut down their services forever so they will not victimized other traders.

BitcoinTurk

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Yesterday I received such an e-mail, but even though it was sent from the official e-mail address, I did not consider it because I no longer use this service. If I have to use it in a possible situation, I am thinking of opening and using a new account because I do not want to pay a fee of 5 USD each month for such nonsense. Moreover, the service is poor quality and transaction volumes are also quite bad. As someone who does not like the mentioned service anyway, I will never use it anymore because this has been extremely ridiculous. Instead of doing this, things could be done, such as deactivating inactive accounts after a while or identifying and closing multiple accounts users' accounts. But we see that the Latoken team will again lose their users with a ridiculous decision.

Lizzylove1

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Who will leave their fund on Latoken exchange? An exchange that sells scam IEO to its customers and and cause customers huge financial losses, they expect same customers to be actively patronizing them? They are a joker.

alkuluku

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Quote from: alan2here on May 30, 2020, 09:18:45 PM

If they do this, the investor will surely feel this exchange is very bad, and traders here will tend to choose a better exchange to invest.

I think losing money without trading is ridiculous, and it certainly only makes Latoken lose more customers. Personally, I have never traded here and will never choose because this exchange will only make you more frustrated.

It will also be an bad move for small inverters.

alan2here

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Quote from: abel1337 on May 30, 2020, 03:32:17 PM

I think this is a marketing strategy for them to force their users to use their exchange, This is a very bad move especially they are not that big and reputable exchange. The users will more likely avoid this exchange because of this forceful act. They are just making their users run away from them Undecided

To think of that they aren't a big exchange, They are possibly not making such a decent amount of profit and commission from their exchange so they are forcing users to use their exchange. This is a very bad move for them.

If they do this, the investor will surely feel this exchange is very bad, and traders here will tend to choose a better exchange to invest.

I think losing money without trading is ridiculous, and it certainly only makes Latoken lose more customers. Personally, I have never traded here and will never choose because this exchange will only make you more frustrated.

Lorokan

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Quote from: abel1337 on May 30, 2020, 03:32:17 PM

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.

This will only happen it people allows that, charging people not using exchange platform is against the blockchain and against every thing the blockchain stands for.
The best solution is to boycott latoken, its shit anyways, and remember, your funds are important than any exchange platfom

hulla

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I think this is a marketing strategy for them to force their users to use their exchange,

No, this is totally another strategy for them to make more into their pockets since people dont invest/trust the IEOs launch by them. Besides, nothing make them different to banking system and despite the previous accussation about the exchange site with the inclusion of this one i dont think a genuine crypto trader/investor will use the exchange site.

abel1337

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I think this is a marketing strategy for them to force their users to use their exchange, This is a very bad move especially they are not that big and reputable exchange. The users will more likely avoid this exchange because of this forceful act. They are just making their users run away from them Undecided

To think of that they aren't a big exchange, They are possibly not making such a decent amount of profit and commission from their exchange so they are forcing users to use their exchange. This is a very bad move for them.

bittraffic

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It should mean one thing. It's never safe to put your coins inside an exchange no matter how small it could be, because when you and inactive for years, you may not have anything left there. exchange addresses are not wallets.

Quote from: timmmers on May 29, 2020, 09:05:46 AM

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.

All of them, even bitfinex does it? I thought they are decent enough that they make money because they rank up and have enough volume to that exchange.

justdimin

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When you create an exchange for the sole purpose of listing coins that are unlistable in other places, these kinds of complaints will happen. There are so many useless and horrible coins there that even the project owners of those coins would rather be listed somewhere else if given the chance but they can't and their only option is here so they take it instead of being exchangeless.

With the increasing number of IEO's and so forth, I think it is getting lesser and lesser to see these kinds of exchanges, eventually we will have DEX where many coins will be listed and the big centralized exchanges and that will be it, all these small centralized ones will not get any attention since DEX is not liked because of low volume but these ones do not have proper volume neither which will cause people to move from small exchanges to DEX ones.

Renampun

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This is the wrong policy...
I'm sure Latoken users will be drastically reduced because of this rule, LATOKEN's reputation is not very good, so I'm sure there aren't many people who do active trading there, even large exchanges like Binance don't make rules like this.

noorman0

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Leave this exchange out and never return, more worrying is that when you make a deposit one time, your balance will be deducted for as many months as you were inactive. In addition, many shicoins that are still listed there are no longer possible to trade. That is why this exchange began to fall into poverty and had to collect funds from users with unreasonable reasons to try to cover the salaries of their employees.

Yamifoud

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Quote from: timmmers on May 30, 2020, 06:43:08 AM

Quote from: amonymous on May 29, 2020, 11:13:24 PM

snipped~

The only reason why this exchange exists because there are a lot of sh*tcoins and people believe in them, I mean that Latoken list everything to collect fees for lisitng and thats all, they do not care about the quality of the project, like Binance does.

That fees give them a reason to live and the existence of shitcoins on their platform will be helping them either.
Well, I don't think that people had read that particular fee upon registration. It was just surprising how traders or holders could afford to keep their money on there knowing the risk and that fraudulent issues that Latoken have.

Quote from: timmmers on May 30, 2020, 06:43:08 AM

they do not care about the quality of the project, like Binance does.

They probably don't care about their reputation, only they need to fool the community and get some money out from us.
That makes me Latoken out from my sight and not even to consider this platform since before.

timmmers

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Quote from: amonymous on May 29, 2020, 11:13:24 PM

bullshit exchange with totally unless to me
Although i never hold fund latoken exchange in fact totally i have no account on in latoken exchange. Why should I accept this exchange? Even Instead there are many better exchanges in this crypto market.
Therefore if you have hold any fund in latoken exchange then keept withdraw now and putting binance exchange for your long term hold.

The only reason why this exchange exists because there are a lot of sh*tcoins and people believe in them, I mean that Latoken list everything to collect fees for lisitng and thats all, they do not care about the quality of the project, like Binance does.

cabron

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Well it's a good thing that latoken is known to be a shit exchange that less people are there. Its reputation isn't that good anyway, so they might as well do their worse. The tokens which did an IEO over there didn't perform well and although I have joined a campaign to some of these tokens, I didn't register to the exchange. So i guess its true what they say about it.

Do they link to the rules they are implementing regarding this inactive accounts monthly fee?

amonymous

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bullshit exchange with totally unless to me
Although i never hold fund latoken exchange in fact totally i have no account on in latoken exchange. Why should I accept this exchange? Even Instead there are many better exchanges in this crypto market.
Therefore if you have hold any fund in latoken exchange then keept withdraw now and putting binance exchange for your long term hold.

masterrex

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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.

qory

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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.

michellee

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Quote from: rexxarofmoknathal on May 29, 2020, 06:22:45 AM

Quote from: michellee on May 29, 2020, 04:05:18 AM

Quote from: shield132 on May 29, 2020, 03:44:53 PM

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.

I guess they don't even think about that. If they think about their reputations, they will not do that because if they check on the other exchange, they don't apply any fee except the fee for transaction and trading. Doesn't have enough traffic can be their reason to do that but I don't think that would be a problem for them since if they can have many members who trade on their site, that can cover their fee, especially to promote their website.

logfiles

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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.

MCobian

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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.

stompix

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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.

Yeah, a lot of people have had this idea Grin

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? Cheesy

thesmallgod

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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

shield132

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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.

harizen

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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.

Quote from: slaman29 on May 28, 2020, 03:13:22 AM

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.

dunfida

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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.

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. Cheesy

You would really avoid all of these fee problems if we do just indeed store it on our own non-custodial wallets.

timmmers

sr. member

Activity: 1176

Merit: 265

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.

Mrengage

member

Activity: 420

Merit: 12

Globe-dex.com

Quote from: Timmzzy on May 28, 2020, 06:19:57 PM

Quote from: michellee on May 29, 2020, 04:05:18 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.

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.

rexxarofmoknathal

sr. member

Activity: 980

Merit: 260

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.

DarkDays

legendary

Activity: 2030

Merit: 1189

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."

tvplus006

legendary

Activity: 2268

Merit: 1655

To the Moon

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.

michellee

hero member

Activity: 2604

Merit: 816

🐺Spinarium.com🐺 - iGaming casino

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.

mbahokey

full member

Activity: 547

Merit: 109

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

culuuton

hero member

Activity: 1593

Merit: 502

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

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.

el kaka22

legendary

Activity: 3654

Merit: 1165

www.Crypto.Games: Multiple coins, multiple games

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.

Paycoinzzz

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Activity: 994

Merit: 503

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.

alan2here

hero member

Activity: 1778

Merit: 504

WorkAsPro

Quote from: ?? on ??

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

hero member

Activity: 2156

Merit: 803

Top Crypto Casino

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

member

Activity: 785

Merit: 34

SOL.BIOKRIPT.COM

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

hero member

Activity: 1778

Merit: 520

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

legendary

Activity: 3416

Merit: 1225

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

full member

Activity: 381

Merit: 101

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

sr. member

Activity: 493

Merit: 250

IDENA.IO - Proof-Of-Person Blockchain

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

sr. member

Activity: 1176

Merit: 265

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

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

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

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

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

sr. member

Activity: 1876

Merit: 289

Zawardo

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

legendary

Activity: 2674

Merit: 1226

Livecasino, 20% cashback, no fuss payouts.

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

sr. member

Activity: 2422

Merit: 357

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

full member

Activity: 467

Merit: 100

DIA | Data infrastructure for DeFi

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

legendary

Activity: 2492

Merit: 1232

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

legendary

Activity: 2170

Merit: 1789

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

sr. member

Activity: 854

Merit: 253

l0tt0.com

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

hero member

Activity: 2912

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Enterapp Pre-Sale Live - bit.ly/3UrMCWI

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

member

Activity: 1260

Merit: 21

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

legendary

Activity: 2506

Merit: 1394

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

legendary

Activity: 2296

Merit: 2721

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

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.

Jawhead999

legendary

Activity: 1834

Merit: 1208

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?

Maybe Latoken will still deduct the rest of it until the balance is 0, and they didn't make your account have a negative balance. You can read in pict 2

Quote

If there are no funds on the user balance then nothing can be or will be deducted

Thanks for @OP to share this information, especially for those who using Latoken exchange. 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). Even you have using strong password, Two-factor authentication, and secured email on the exchange. If the exchange got hacked, you can't do anything unless they "can" fix the issue.

Just for reminder the trusted MtGox exchange got hacked and collapse Bitcointalk history of MtGox and how a Bitcointalk post caught the MtGox hacker.

Reatim

sr. member

Activity: 2828

Merit: 357

Eloncoin.org - Mars, here we come!

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

What the Heck,they are just pushing their users to find another good exchange without forcing them to pay while they are away from their keyboards.

I assume that starting this day,La token users are getting their fund inside that platform and putting to Binance or other exchange without this bad style of maintaining their Platform costs

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.

seems like extortion lol,they are forcing people to take their slices from the income of every users,imagine just in 1 month time?what if you need to have something to do in life?for example 1 year then they will take 60$ just for that absence?

TopTort777

legendary

Activity: 2478

Merit: 1492

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.

timmmers

sr. member

Activity: 1176

Merit: 265

Quote from: stompix on May 27, 2020, 07:13:17 AM

I do not see any reason why I should start using Latoken exchange. I do not trust them at all, look how they behave, fake IEOs, fake volume and now charge for nothing?

Neither do I but you're the one receiving emails from them.

Quote from: DoublerHunter on May 27, 2020, 06:47:23 AM

Binance is the biggest and most safest exchange and its free!

There is no such thing as most "safest", and I wouldn't trust Biannace with a satoshi, especially after their flight from Japan and then from Malta when they couldn't abide the laws, nor will I trust any exchange with anything, I go by the principle "not your keys not your coins".

That is why we should read first the "TERMS OF USE AGREEMENT" in every exchange platform.

Funny thing is that the fee is not mentioned anywhere in their Terms or in the Fee panel.
https://cdn-new.latoken.com/common/files/terms-of-use-v2.pdf
https://latoken.com/fees

But let's be serious, who read the terms before signing up? 0.0001%?

I was an early ICO investor, glad to see that my LA tokens worth less than 5USD, so I don't have to do anything. Grin

And I forgot about their never ending LA airdrop, how they secure free advertisement... Many problems conected with this exchange.

stompix

legendary

Activity: 2912

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Blackjack.fun

I do not see any reason why I should start using Latoken exchange. I do not trust them at all, look how they behave, fake IEOs, fake volume and now charge for nothing?

Neither do I but you're the one receiving emails from them.

Quote from: DoublerHunter on May 27, 2020, 06:47:23 AM

Binance is the biggest and most safest exchange and its free!

There is no such thing as most "safest", and I wouldn't trust Biannace with a satoshi, especially after their flight from Japan and then from Malta when they couldn't abide the laws, nor will I trust any exchange with anything, I go by the principle "not your keys not your coins".

That is why we should read first the "TERMS OF USE AGREEMENT" in every exchange platform.

Funny thing is that the fee is not mentioned anywhere in their Terms or in the Fee panel.
https://cdn-new.latoken.com/common/files/terms-of-use-v2.pdf
https://latoken.com/fees

But let's be serious, who read the terms before signing up? 0.0001%?

timmmers

sr. member

Activity: 1176

Merit: 265

I think that they officially bury themselves.

Im seeing their platform will go down soon or will close eventually due to this move.

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?

Its like they imposing some ground for not being actively trading there, so by any chance that you not logged in to do some trade, they will automatically deduct $5 fee every 6months?

It's 5$ per month, every month after the 6 inactivity months. And only if you have a balance.

I do not see any reason why I should start using Latoken exchange. I do not trust them at all, look how they behave, fake IEOs, fake volume and now charge for nothing? Binance is the biggest and most safest exchange and its free!

DoublerHunter

hero member

Activity: 2590

Merit: 644

~snip~
It's 5$ per month, every month after the 6 inactivity months. And only if you have a balance.

^ So, it is quite clear here that why you are leaving your fund there in Latoken exchange in that quite long. Remember that don't leave funds in any exchange, after trading you may withdraw them all. I think that is good if their clients know what is going on in that platform, they should not leave fund and that is not the fault of Latoken exchange if they were deducted after 6 months inactive. That is why we should read first the "TERMS OF USE AGREEMENT" in every exchange platform. Nevertheless, in my own opinion. This exchange is not recommended to use.

stompix

legendary

Activity: 2912

Merit: 6403

Blackjack.fun

I think that they officially bury themselves.

Im seeing their platform will go down soon or will close eventually due to this move.

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?