Make we dey very careful about Bitcoin minimum deposit for some exchange

Barikui1

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Quote from: DaNNy001 on April 06, 2024, 05:32:45 PM

My brother no be small Thing oo and sometimes the major cause of this whole deposit being lost na due to the fact say many people been actually don dey really familiar with binance and maybe some other exchanges wey their minimum deposit dey very very low because I believe say for binance the minimum deposit of crypto na as low as 0.0000001 BTC per deposit where as some exchange na even upto 50$ as minimum deposit.

Na really true you talk because all this things dy happen recently, because as people switch from binance to most of this exchange, some people just focus on how to withdraw and how to do some other things without looking at the minimum deposit, and of a truth, since I start to use binance, I no even get time to check minimum deposit because binance own dy really low, even 1 dollar self go enter, so most people think say na so all the exchange be, but as them start to they lose money because of that, even me self come even experience am first hand through my remitano account, na now I come even take am more serious than before, because to lose that kind money fit make person sick, I swr.

Churchillvv

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Sincerely, this new characteristics of centralised exchanges na bad act oh. But the way wey people fit use no fall enter this kind problem naim be my own concern, apart from checking manually, them supposed dey send notifications if them change terms and conditions or policy for the exchange but from weytin Una dey complain here show say them no dey inform Una with the new development but any how sha, I know say alot of people no dey really notice am because say them dey only transact big big transactions.

But for small people like us such new development has alot to do with us because we might not afford to loss any funds at those current situations.
I think say this kind of thing na why most senior members for the forum dey always take say make we no dey use centralised exchanges.

Makus

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My brother, the experience of Lossing your fund to this exchange minimum deposit thing ehn na die. This week naim this thin reach my doormot so, as I wan do one transaction make person for credit my exchange account I no come check the minimum deposit and na so as the person send the money no reflect for my account, e remain I been wan message the person say I no see the money, but I come say make I check seriously weda the fault na from my end first. As I check the minimum deposit na there I take see say the money don go, I no even bother to disturb their customer service because I know say e don go though na $13, I just lock up. But that experience don give me better lesson wey I no go forget In a hurry. My advice na besay, if you wan transfer any crypto for exchange make you check the minimum deposit first.

DaNNy001

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My brother no be small Thing oo and sometimes the major cause of this whole deposit being lost na due to the fact say many people been actually don dey really familiar with binance and maybe some other exchanges wey their minimum deposit dey very very low because I believe say for binance the minimum deposit of crypto na as low as 0.0000001 BTC per deposit where as some exchange na even upto 50$ as minimum deposit.

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Quote from: Charles-Tim on April 04, 2024, 04:03:29 AM

Quote from: Barikui1 on April 04, 2024, 03:51:11 AM

My country people, i dey greet everybody inside this morning, I know say some of us know this thing, but due to say newbies dey sign up for this forum every day and most exchange now don increase their Bitcoin minimum deposit, wey most of us no know, and it will lead to serious loss of fund if we no check before we transfer funds.

Not that most exchanges increase it but most of them do not reduce the minimum deposit as bitcoin increases in price. Example is OKX that its minimum deposit for bitcoin is 0.0005 BTC. You can easily deposit $30 when bitcoin was $30000 as that is 0.001 BTC at the time. But when bitcoin is now $66000, that is 0.00045 BTC. Some people are making such mistake and deposit using naira or dollar estimate and forgot the minimum deposit is in BTC and not fiat. They would have lost their money before they will remember. These kind of exchanges with high minimum deposit are scamming people. It is good to always check the minimum deposit before sending money to the exchange.

The best thing to do with this crisis is to always use the BTCminimum as deposits benchmark that way, regardless of what the price of Bitcoin will be at that moment, it won't affect the deposits it's sad how careliness can make one lose money, but to be at a safer side, always make sure to visit the exchange and copy your wallet address all the time, this way you avoid two things which are.

1: you avoid sending coins to an outdated deposits address since exchanges change and update they wallet address frequently.

2: from the deposits page you can see how much is the minimum deposits, so that way you stay at safe zone by not depositing an under amount that could lead to loses, most exchange have 0.0005 BTC as the minimum deposits at the moment, that could still change in the future.

Stable090

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Quote from: CryptoHeadlineNews on April 05, 2024, 04:34:05 PM

Shebi you dey whine me? So you mean your $5 still dey the exchange simply because your amount no reach the minimum withdrawal requirements?

Na true you talk, that $5 wey I leave for exchange, anytime wey things hot for me, na to lock up send more money to d exchange, then withdraw everything from the exchange, but e fit happen to person wey no go get more money to send to the exchange then to withdraw everything back na y we suppose dey careful be that.

Also if you check my post well, they get where I talk about losing money wey dem send give me due to not meeting up to minimum deposit, na that time wey I even dey run bounty campaign that one happen to me, I don suffer do work for 1 month, they come pay and I no see d money for d exchange wallet wey I drop, e pain me small Sha.

Quote from: CryptoHeadlineNews on April 05, 2024, 04:34:05 PM

Secondly, I will like to ask, was the $5 in BTC or in Stable coin? Because if the money was in BTC, then the fund is likely to have increased due to the recent increase in the value of Bitcoin recently. Hence, I will be glad if you fit try go recheck if maybe your $5 don rise to either $10 or $15. Thank you.

Na stable coin the money be, e no even come my mind say make I convert am go bitcoin or another coin. Since I leave the coin for the exchange, if to say na bitcoin e dey, e go don do like $10-$15 for me, but since na small money, I no even care, I just leave am for the exchange like that, but I know say one day, e go come get use.

Barikui1

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Quote from: Charles-Tim on April 05, 2024, 04:35:20 PM

Quote from: Mate2237 on April 04, 2024, 06:36:40 PM

See dem weti dem tok for di minimum deposit.
It is 0.0005 and this is equivalent to NGN42,082.00 as for now. Meaning anything wey e dey below that amount is for them and that is nonsense. That means Binance was still the best.

In Binance you can trade with 0.00006 and buyers are everywhere. OKX na scam. Deactivating do app soon.

I do not know why you included that you can trade 0.00006 BTC on Binance. Trading on Binance requires at least $10. But this thread is about minimum deposit. Why did you later discussing about trading? Minimum deposit for bitcoin on Binance is 1 sat.

Quote from: Cryptomultiplier on April 05, 2024, 02:56:33 AM

This would make Binance a better exchange than Okx because why should okX, upon confirming the transaction take the coins without funding the account it is supposed to be deposited in, instead of automatically cancelling the transaction having not met the minimum standard?

I have already explained this above that OKX is using multisig wallet. But that should still not be the reason the exchange minimum deposit limit should be that high. I see no more reasons and it seems more like a scam.

Quote from: Cryptomultiplier on April 05, 2024, 02:56:33 AM

Also, I think if we are able to navigate the settings in our exchange apps, we can toggle the notification buttons, so as to receive steady updates on upgrades and news bothering on the exchange. It has sure helped me to know the exact thing to do like when my old address expired and I had to follow the notifications instructions to get the new one.

I do not think notification is important about this. It can be important for other reasons but anytime someone wants to deposit bitcoin, it is better to just check at that time the minimum deposit limit.

You have actually said it all @charles, people have failed to understand and some are even ignorant that most of this exchange place their minimum deposit in Satoshi, hence, when the price of Bitcoin rose to it current price, the minimum deposit rose with it, and because of that, my friend lost 31 dollar worth of Bitcoin, because we thought it was still 10 dollar as minimum deposit, and I have also heard of how people have lost money like that because they failed to pay close attention to the minimum deposit before they transfer funds, which resulted in severe losses, so it's very important that before we make any transfer of Bitcoin to an exchange, it's best we look at the minimum deposit first, so that we wouldn't fall victim to this.

Charles-Tim

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Quote from: Mate2237 on April 04, 2024, 06:36:40 PM

See dem weti dem tok for di minimum deposit.
It is 0.0005 and this is equivalent to NGN42,082.00 as for now. Meaning anything wey e dey below that amount is for them and that is nonsense. That means Binance was still the best.

In Binance you can trade with 0.00006 and buyers are everywhere. OKX na scam. Deactivating do app soon.

I do not know why you included that you can trade 0.00006 BTC on Binance. Trading on Binance requires at least $10. But this thread is about minimum deposit. Why did you later discussing about trading? Minimum deposit for bitcoin on Binance is 1 sat.

Quote from: Cryptomultiplier on April 05, 2024, 02:56:33 AM

This would make Binance a better exchange than Okx because why should okX, upon confirming the transaction take the coins without funding the account it is supposed to be deposited in, instead of automatically cancelling the transaction having not met the minimum standard?

I have already explained this above that OKX is using multisig wallet. But that should still not be the reason the exchange minimum deposit limit should be that high. I see no more reasons and it seems more like a scam.

Quote from: Cryptomultiplier on April 05, 2024, 02:56:33 AM

Also, I think if we are able to navigate the settings in our exchange apps, we can toggle the notification buttons, so as to receive steady updates on upgrades and news bothering on the exchange. It has sure helped me to know the exact thing to do like when my old address expired and I had to follow the notifications instructions to get the new one.

I do not think notification is important about this. It can be important for other reasons but anytime someone wants to deposit bitcoin, it is better to just check at that time the minimum deposit limit.

CryptoHeadlineNews

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Quote from: Stable090 on April 05, 2024, 03:37:50 PM

Even me wey I don spend small time for crypto I been lose money around ending of last year due to minimum deposit wahala, and I get like 5$ for one exchange like that, I no fit withdraw am because e no reach their minimum withdrawal, I just come lock up dey observe am.

Shebi you dey whine me? So you mean your $5 still dey the exchange simply because your amount no reach the minimum withdrawal requirements? However, I no fit categories this your case as losing money, because the truth of the fact be say na you just leave your $5 there, til maybe you dey wait the day Sapa go hold you before you transfer funds to that account so as to enable you have an account okay for withdrawal.

Secondly, I will like to ask, was the $5 in BTC or in Stable coin? Because if the money was in BTC, then the fund is likely to have increased due to the recent increase in the value of Bitcoin recently. Hence, I will be glad if you fit try go recheck if maybe your $5 don rise to either $10 or $15. Thank you.

Quote

The funniest part be say, na when you really need the money na him things like this dey happen, e fit be small money ooo, but e fit be say na Wetin u get left for that time be that, and e fit be say u need the money urgently, so Abeg make we dey careful, to lose money currently dey very painful.

Such is life my friend, and a more reason why people should always read the rules and guidelines before proceeding to initiate depositing of Bitcoin.

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Quote from: Barikui1 on April 04, 2024, 03:51:11 AM

My country people, i dey greet everybody inside this morning, I know say some of us know this thing, but due to say newbies dey sign up for this forum every day and most exchange now don increase their Bitcoin minimum deposit, wey most of us no know, and it will lead to serious loss of fund if we no check before we transfer funds.

I don call victim of dis minimum deposit before because I don lose money because say I no check the minimum deposit of the exchange wey I wan use receive money before dem go send am. The money dey really small but I never imagine say e no go enter base on say na new exchange wey I wan try and the other ones wey I dey use get very low minimum deposit wey even dey less than $1. Na after I wait for the money tire and I no see am and the blockchain transaction that was broadcasted showed that the money was already transferred into my account. Na so I take lose that money, before dat kind thing go happen again, I quickly go change am to the the former one for them to dey send my little money to me anytime dem wan send am. E good make we dey check the minimum deposit to avoid stories like this ones wey no dey make sense to hear.

Stable090

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Quote from: Barikui1 on April 04, 2024, 03:51:11 AM

My country people, i dey greet everybody inside this morning, I know say some of us know this thing, but due to say newbies dey sign up for this forum every day and most exchange now don increase their Bitcoin minimum deposit, wey most of us no know, and it will lead to serious loss of fund if we no check before we transfer funds.

Even me wey I don spend small time for crypto I been lose money around ending of last year due to minimum deposit wahala, and I get like 5$ for one exchange like that, I no fit withdraw am because e no reach their minimum withdrawal, I just come lock up dey observe am. Seriously dey get some things wey we suppose dey carry serious but we dey overlook am, we suppose dey try read exchange terms and condition so that something like this no go happen to us, but most people no even dey care to check forum rules.

The funniest part be say, na when you really need the money na him things like this dey happen, e fit be small money ooo, but e fit be say na Wetin u get left for that time be that, and e fit be say u need the money urgently, so Abeg make we dey careful, to lose money currently dey very painful.

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Quote from: Mate2237 on April 04, 2024, 06:36:40 PM

Yes OKX has a minimum deposit and if you didn't check before depositing the minimum required amount then you coins will just disappear. Before you even deposit the amount they would notify you and if click continue to proceed then as for them you have agreed to give them the coins so they would accept it but that is very wrong and it is scamming. See dem weti dem tok for di minimum deposit.
It is 0.0005 and this is equivalent to NGN42,082.00 as for now. Meaning anything wey e dey below that amount is for them and that is nonsense. That means Binance was still the best.

In Binance you can trade with 0.00006 and buyers are everywhere. OKX na scam. Deactivating do app soon.

This would make Binance a better exchange than Okx because why should okX, upon confirming the transaction take the coins without funding the account it is supposed to be deposited in, instead of automatically cancelling the transaction having not met the minimum standard?

Also, I think if we are able to navigate the settings in our exchange apps, we can toggle the notification buttons, so as to receive steady updates on upgrades and news bothering on the exchange. It has sure helped me to know the exact thing to do like when my old address expired and I had to follow the notifications instructions to get the new one.

Barikui1

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Quote from: CryptoHeadlineNews on April 04, 2024, 06:10:56 PM

Quote from: Barikui1 on April 04, 2024, 03:51:11 AM

I come discover say na 33 dollar be minimum deposit for Bitcoin deposit, we have to call their customers support, them answer us, and tell us say their minimum deposit na 33 dollar for Bitcoin, say nothing them go fit do.

Point of correction my friend, abeg the minimum deposit on Remitano BTC is not $33 oh, but it's rather 0.0005 BTC, which means if you want to send BTC you must have to send a coin above 0.0005 (i.e you fit send 0.00055Btc, 0.0006Btc, 0.0007Btc e.t.c

Secondly, check the conversion rate in the right hand side below, and you will see that while 0.0005 BTC was $33 when you checked yours, few minutes later, it's now $33.72, which means you by mistake you still also happen to seen $33 to Remitano, your fund will still get seized.

Note: the value of 0.0005 BTC in dollar may fluctuate in respect to the current price of Bitcoin.

Quote

So na so that my guy use lose 31 dollar just like that, I just dy wonder say if na me lose that kind money like that, I fit faint due to shock I swr, so abeg, make we try dey check minimum deposit for most of this exchange before we dey send money,

Normally, $31 na really big sum of money for person to lose this kind hard Tinubu regime oh, but however, I think that's a more reason for us to be always cautious in whatever we do be that.

Quote

Because that remitano na 10 dollar be their minimum deposit before, but them just increase am without informing me, so make we dey very careful with minimum deposit for most of this exchange.

A general mail was sent about the recent increase in the minimum Bitcoin deposit on Remitano wallet, it's either maybe you didn't check your mailbox.

Bro you are actually right, I think we are still saying the same thing, just that since their minimum deposit is set at 0.0005 Satoshi, it's obvious that if the price of Bitcoin keeps on souring the minimum deposit will definitely keep up with the pace of Bitcoin price, because it's not set in dollar, but in Satoshi.

And thanks again for clarifying it further, because someones can still lost his or her funds thinking it's 33 dollars fixed amount, not knowing that it's been set in Satoshi, which is 33 dollar plus as of now, so it's very important we check an exchange minimum deposit first, before depositing an asset.

Mate2237

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Yes OKX has a minimum deposit and if you didn't check before depositing the minimum required amount then you coins will just disappear. Before you even deposit the amount they would notify you and if click continue to proceed then as for them you have agreed to give them the coins so they would accept it but that is very wrong and it is scamming. See dem weti dem tok for di minimum deposit.
It is 0.0005 and this is equivalent to NGN42,082.00 as for now. Meaning anything wey e dey below that amount is for them and that is nonsense. That means Binance was still the best.

In Binance you can trade with 0.00006 and buyers are everywhere. OKX na scam. Deactivating do app soon.

CryptoHeadlineNews

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Quote from: Barikui1 on April 04, 2024, 03:51:11 AM

I come discover say na 33 dollar be minimum deposit for Bitcoin deposit, we have to call their customers support, them answer us, and tell us say their minimum deposit na 33 dollar for Bitcoin, say nothing them go fit do.

Point of correction my friend, abeg the minimum deposit on Remitano BTC is not $33 oh, but it's rather 0.0005 BTC, which means if you want to send BTC you must have to send a coin above 0.0005 (i.e you fit send 0.00055Btc, 0.0006Btc, 0.0007Btc e.t.c

Secondly, check the conversion rate in the right hand side below, and you will see that while 0.0005 BTC was $33 when you checked yours, few minutes later, it's now $33.72, which means you by mistake you still also happen to seen $33 to Remitano, your fund will still get seized.

Note: the value of 0.0005 BTC in dollar may fluctuate in respect to the current price of Bitcoin.

Quote

So na so that my guy use lose 31 dollar just like that, I just dy wonder say if na me lose that kind money like that, I fit faint due to shock I swr, so abeg, make we try dey check minimum deposit for most of this exchange before we dey send money,

Normally, $31 na really big sum of money for person to lose this kind hard Tinubu regime oh, but however, I think that's a more reason for us to be always cautious in whatever we do be that.

Quote

Because that remitano na 10 dollar be their minimum deposit before, but them just increase am without informing me, so make we dey very careful with minimum deposit for most of this exchange.

A general mail was sent about the recent increase in the minimum Bitcoin deposit on Remitano wallet, it's either maybe you didn't check your mailbox.

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Quote from: Justbillywitt on April 04, 2024, 10:56:46 AM

If no be thief mind wey dem get why will someone minimum deposit be up to $33? $20 is even too high for minimum deposit. Why go as high as that? If minimum deposit is around $5 to $10 it is understandable but jumping to $33 is not good. This wasn't how remitano started maybe na too much customers don dey worry them. I had such an experience once and I can tell you that it is very painful, especially when it is an exchange that you usually use. That money is too high as a minimum deposit in my own opinion. But for cautionary purpose let's always check the minimum deposit whenever the need arises to avoid stories.

I noticed on Kucoin that it is a multisig wallet. Multisig wallet addresses will have higher transaction fees if compared with single signature wallet. This can make the exchange to increase the minimum deposit because the fee required to process the withdrawal will be higher also. But this should not be the reason for the high increase in minimum deposit. Exchanges like Binance has a minimum deposit of just 1 sat while other exchanges deposit are higher than that but still much more lower than on OKX. Kucoin is 0.0002 BTC or so while the deposit limit on Bybit is still lower than that. But what that is very important is that we should know that the exchanges are not ours and we are not in full control of our money, we should read the minimum deposit requirements before sending money to the exchange.

Amphenomenon

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Quote from: Promocodeudo on April 04, 2024, 08:47:25 AM

Most exchanges are just their to scam people, I lost 11.68$ to kucoin because of this minimum deposit of a thing, this exchange companies do this thing intentional because they know that people will definitely fall victim, trust wallet and other non-custodial wallets don't do that's why it is advisable to use them to receive coin, that mistake I made is still affecting me till this moment because losing such amount as a Nigerian is not a joke, most exchange companies are dubious in nature so device different means to ripe people off their money, we really need to be careful before depositing in exchanges to avoid regret.

You can't blame them for this, if you actually read their TOS, you would have notice this.

Outside from the reason Charles-Tim gave, before an exchange changes their TOS (minimum deposit is among this), they first inform their customers and even specially sending this information to their email since they can't do this against customers knowledge in order to avoid facing charges from customers

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Quote from: Richbased on April 04, 2024, 11:04:56 AM

I have been a victim of this minimum deposit on kucoin before because basically I didn't check the minimum deposit but the amount of crypto I sent to my kucoin BTC address was lower than the minimum deposit and i couldn't find it in my wallet but when I scan the address on Blockchain, I find out that the amount is visible in my wallet but what if I add more crypto that will match up that minimum deposit wouldn't it appear together with the initial one i sent that could not appear in my exchange BTC balance?

That is the beauty of having your own custodial wallet. With a private key you can definitely spend those coins. But without it I think it’s subjected to the exchange. Some exchanges will allow you to top it up and then and then everything reflects on your balance moreover bitcoin is actually stored on the blockchain, but some exchanges will rather confiscate them as a penalty which to me is ripping off their customers. The reason why the limit is like that most at times is such that it can cover for both the exchanges charges and the transaction fee with also the amount been tangible to send out without it going out as a dust payment.

What you should do on the case just as OP too is to make a deposit which is higher than the minimum limit, say the limit is $30 then deposit something like $40 and see if the other amount will reflect.

Another thing newbies need to be careful with is to always check their depositing address before depositing the bitcoin due to the fact that exchanges changes their depositing addresses sometimes

Richbased

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I have been a victim of this minimum deposit on kucoin before because basically I didn't check the minimum deposit but the amount of crypto I sent to my kucoin BTC address was lower than the minimum deposit and i couldn't find it in my wallet but when I scan the address on Blockchain, I find out that the amount is visible in my wallet but what if I add more crypto that will match up that minimum deposit wouldn't it appear together with the initial one i sent that could not appear in my exchange BTC balance?

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If no be thief mind wey dem get why will someone minimum deposit be up to $33? $20 is even too high for minimum deposit. Why go as high as that? If minimum deposit is around $5 to $10 it is understandable but jumping to $33 is not good. This wasn't how remitano started maybe na too much customers don dey worry them. I had such an experience once and I can tell you that it is very painful, especially when it is an exchange that you usually use. That money is too high as a minimum deposit in my own opinion. But for cautionary purpose let's always check the minimum deposit whenever the need arises to avoid stories.

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