Topic: Minimum deposit (Read 379 times)

My focus here is about the legally!

Maybe they might have a term that justify their change of policy to be general accepted and effected from the moment it was enacted.
What I fined really disturbing is when they update these policies and don’t care to send a mail or give a period of grace for these adjustments to be made. It’s just so wrong of CEX and it’s one way to steal user’s Bitcoin. There isn’t any two ways about that, when you still either by policy creation, it’s still stealing and illegal.

Many CEX platforms do what Remitano did. They have the right to change the terms and conditions of their service at any time. See the attached image for Remitano's terms and conditions, specifically conditions 3 and 4.


^{Source: https://remitano.com/home/eg/policy-terms}

Perhaps we disagree and do not like what these platforms are making regarding changes in their service and adding minimum limits for deposits and withdrawals, which may result in losses for their client's funds. Still, they are not legally liable or responsible for refunding the money as the customer has agreed and accepted their terms of service and policies. As OP did, the solution is to move to another CEX platform. Take your time, don't rush to deposit your funds, and read the deposit page carefully if there are any important notes. Also, ensure that the full deposit amount, including any deducted fees, is sent. If the amount deposited is slightly less than the minimum deposit on the exchange, you will also lose your deposit funds. CEX platforms are legal scammers, and there is no comment on the changes they make to the minimum deposit and withdrawal limits and fees, even without any prior notice. Still, they are skilled at harming and making money from their clients.

I didn't experience this before because I always check the minium deposit before making it, but if the OP deposits again above 0.0005 BTC will the initial deposit be credited at the same time?
Will it be completely lost and belong to the exchange because the negligent user did not pay attention to the minimum deposit?
Usually, but I never know how this happens, when the deposit is made again then the exchange will credit the balance because it has met the requirements, but I don't know if this will really disappear.

So they are not going to process this deposit into your account and they will take possession of the money. This is clear "stealing" and nothing else, but i am not surprised as it is coming from a centralized exchange. Yes the customer deposited below the minimum amount, should the customer have read their terms before depositing? Yes. But that does not mean the exchange has to keep the money for themselves, they can halt processing it into your account until you deposit extra funds to make it up to or more than the minimum deposit amount. Centralized exchanges are always ready with the flimsiest reason to take possession of their customer's money.

This is definitely the hand work of Okx exchange, they are the ones with minimum deposit as high as that, exchange like Binance, Kucoin has lower minimum deposit and as much as I see this, the deposit are not lower than a dust transaction, so I think when centralized exchanges do this, they claim to increased liquidity, they want retailers with high volume but I see it as a way of stealing coins from customers. 0.0004 btc is worth $27, that's a reasonable amount of money to trade on any exchange.

Avoid Cex if you can and don't deposit anything less than what is required of you else the Bitcoin becomes there, if you are not kyc verified, don't deposit any crypto in their platform, you may not be allowed to withdraw the money until you verified that account, thousands of unaware people face this problems every time because of less awareness about this.

If this is already on theirs and the cons of sending below the required amount then there's no way for you to recover it. I hope the amount is just small for you to consider it as a donation to them instead.

As for every deposits in any platform, it's best thing to do is always go to deposit page and check the deposit wallet address, i'm sure the minimum required amount is always mentioned there.

We can't decide anything when it comes to when the platforms will alter their terms and requirements but we can do certain things to avoid getting into such situation and to avoid what OP faced it is always important to visit the deposit page before making the funds and always give attention to the every details that is important like minimum accepted deposit,etc.

This is happening to people not only you, especially when Bitcoin price is going up. Try and always send above the minimum deposit limit, you can only know the deposit limit if you pay attention and checked properly before sending. Exchanges are making lot of money from these kinds of transactions and you cannot hear them addressing the issue for ones because they are benefiting from all these failed transactions as it is not refundable.

Yes, they are always happy if customers make such mistakes, and instead of them to disallow the transaction since it is below the deposit limit of that exchange, the exchange will receive the money.
To avoid all these, I do use stable coin because of charges and I also used tron to send through exchanges because of the low transaction fee.

Yes, this information is very important to keep money safe and secure. I was not aware of the fact that exchanges require minimum deposits. It is important to know the rules and regulations of an exchange when it comes to deposits, withdrawals and other transactions involving money. When we deposit money in the wallet of the exchange, it is recommended to read the terms and conditions, where the minimum or maximum amount of money can be deposited, we must take this matter seriously. However, be aware of fraudulent exchange scams and always use a reputable exchange.

I have experienced this but not with remitano but with various instant exchanges. They have a dynamic minimum deposit and that's why as OP said, it's very important to check on the minimum deposit because it changes from time to time especially when the price of Bitcoin decreases.  That is why when you've sent an amount and the minimum deposit has changed and you're short with that, you have to deposit again to that given address for it to proceed the transaction. It is truly hassle but they should put some big banner that will make their users aware of these real time changes.

Yes newbies should keep an eye on this issue as there are many exchanges where there is a minimum deposit amount that we have to deposit accordingly.

When I joined a campaign for the first time in my life I used a BTC-Segwit address from my KuCoin exchange to work. But the funny thing is that I didn't know or didn't notice that the minimum deposit required for KuCoin exchange is 0.0002 BTC (present ). My first payment in the campaign I joined was only four dollars worth of bitcoins due to which I did not receive my first earned bitcoins. But when I didn't receive the payment, I spoke to the manager and realized that I had made a mistake, i.e. I had used the address without looking at the minimum deposit amount.

indirectly they scam people by using the rule that "if you don't fulfill these rules, your assets go to us". they didn't even give me a chance to explain the problem. supposedly if they were a platform that cared about the crypto world then they should be able to return the money to their users, even half would be fine, but they didn't let me get the money. because many people have experienced similar cases, but they still get their money back. but this remitano only cares about money, they don't care about their users.

for others, please avoid this REMITANO. because of simple cases like this, they avoid them and don't let users explain, let alone bigger cases.

It's not about luck or the lack of it. It's about knowing the terms and conditions of the service you are using and keeping yourself abreast of the latest updates and changes.

Are you sure there was no minimum deposit before? Custodial services normally have minimum deposits. Or perhaps there was an increase of their minimum limits?

However, still I think it is sneaky of them to confiscate their clients' deposits simply because they're below the minimum. They could just prevent the amount to be spent or be reflected in the wallet balance unless more deposits are made until the minimum is reached.

It's quite unfortunate especially when one is not paying that much attention to all of these policy practices by centralized exchanges. The very one I discovered through a direct personal experience is from kucoin exchange which I believe many users might not have observed. Before now I had the knowledge about their deposit limit of $10 which I felt was cool for me but then just last week I had to open an account with them as I desperately needed such a new account from a CEX to run a certain transaction within the week.

Long story short, I transferred $12 for a start into the kucoin account with a transfer that shouldn't take more than 2hrs to complete on normal circumstance but waited for longer hours without receiving nothing. I was moved to crosscheck their deposit limit again only to discover that as bitcoin price keeps rising that's how their deposit limit commensurate with the bitcoin price rise. So at the moment the deposit limit was above $12 and that was how I lost those coins to kucoin.

This is why before depositing coins to any CEX even if you had known before what their deposit limit was in the past months or so, do your due diligence by rechecking if you're sending a little amount of coins especially now that the bullrun season is here with bitcoin price on an uptrend many CEX will likely want to take advantage of that area of their policy to as @plaguedeath pits it "legally steal" customers money.

This customer unfriendly policy pretending not being able to do anything is a bad joke, to say the least. You might have seen their ass sight for the first time, but seriously, why use a service with such grabby habits and that isn't afraid to give you the middle finger like it's the most normal thing in the world?

I don't get it how customers "support" such a shitshow by becoming or worse, staying customers. I don't want to blame you directly as you may have decided to leave this service where it belongs: go out of business if you can't respect your customers!

If for instance, 1000 customers made the mistake of sending the old minimum deposit of 0.0004 BTC to Remitano, that means it will make 0.4 BTC, which is equal to $28k. With the issue Binance is currently having with the Nigerian government, this is the best opportunity for Remitano to sell itself to the Nigerian crypto community and reassure them of delivering quality services and not to be scamming the customers.

This is a good reminder for people that are coming into cryptocurrency new, and to some of us that are already into it for a while that there is always minimum deposit in most of these exchanges and that any amount below the minimum deposit that is deposited will be lost and I don’t know who owns the coin.

Most exchanges always showed their minimum withdrawal of all coins when you are trying to make withdrawal, it is usually above minimum deposit for other exchanges. Advisability, always confirm the minimum deposit of any exchange you are sending money to before initiating the transaction.

What a bad experience for you, I must say, and indeed, this is something that some newbies should be aware of because most of them don't bother to check. Initially, when I started using CEX, I didn't even know they had anything like a minimum deposit. It was also through a similar experience that my friend had, and that was how I learned that CEX or some trading platform usually has a minimum deposit and a maximum withdrawal for KYC and non-KYC customers. Sorry you lost your asset, sometimes we learn from our mistakes.

That's pretty bad they didn't notify you first about the changes and the bad part is they never warn their customers about the minimum deposit changes.
As the above said that's a legal way for exchanges to steal customer's funds.

Binance is way better because their minimum deposit for BTC is 1 sat why not use a better exchange like a local exchange or Binance if it's not banned in your country?

Stupid exchanges.

If bitcoin is $70000 today, 0.0005 BTC equals to $35. If you deposited even 0.00049 BTC which is high amount that seem like scam if your exchange account is not funded with it. Those exchanges are using this to scam people.

A friend told me about something like this about OKX. That the minimum deposit for bitcoin is also 0.0005 BTC. These exchanges are scamming people.

Almost the same as this case, but the difference is that you don't see a minimum deposit while this link the casino changes the deposit address.
So make sure before making a deposit first open your account and see if there are any new rules or not whether it's from the minimum deposit being increased or the address being updated by the exchange or any platform without notice.

Cases like this are small but when you do it wrong, it will result in loss.

In order for exchange to take custody of your coins is to have a policy like that where if you deposit an amount that is less than the minimum amount then they will take over your coins because that way it won't be a scam attempt since it's your fault for depositing less than the minimum deposit amount. Just contact their customer support and explain the situation so that they will have to refund you the amount that you deposited. When transferring your coins, checking everything is a must and check if there's a minimum deposit or not to avoid same problem in the future.

You need to be very careful trading with remitano, their policy is not a good one expecially for beginners. The same remitano exchange always change their bitcoin address from time to time, i won't advice someone to use exchange like remitano because their policy can affect one that is not observant on what is happening.  

I know, no exchange is safe but going through remitano and seeing their features, it is so risky to trade with an exchange like remitano. Security is one of the important things that exchange shouldn't be taking for granted,  in remitano their is nothing good to about security.  I don't mean to rate remitano remitano bad, but they need to improve for the sake of customer which will reduce the risk of losing money.

I do not just believe that the money is gone. Remitano should actually have a way to refund you if only you prove you are the rightful sender. I have thought that it is a very negligible amount of money but with price surge, it seems to be a good money. I have only heard this kind of complaints about casinos and not CEXs

Consider the case of newbies who know nothing much about DEX, the easiest thing to do is using CEX. CEXs cannot be totally avoided as long as the industry is existing.

Basically this is the only reply required for this thread. A short and understandable piece of advice that any veteran coiner will tell you. Following it will save newbies from many many unnecessary headaches.

There are better alternatives. DEX (Like ERC20 or BSC20) and decentralized P2P exchanges (like Bisq).

That was the first thought that came to my mind when I saw the telegram notification.

You sort of owe it to me now to take off this burden you have placed on me, or I could wear it with pride

- Jay -

Sorry for your lose, such incident has happened to be twice, the first one was on a new crypto exchange, its centralized and I contacted the team, they get my Bitcoin back for me and warned me that such a mistake must not happen again or they won't bother to help me.

The second on was on Huobi, now HTX, I deposit the wrong amount, just like you, I waited for the deposit to arrive but no Vail, until I find out that I deposited an amount thats under their minimum deposit amount, this was how I lost my digital asset till today.

You can only learn from this, as I doubt if the team will ever help, even if they can, they might choose to take advantage of you, always cross check, not only the address that you are sending your coins to but also the minimal amount that the exchange will be able to credited onto your account, a certain amount allowed today can change tomorrow, always go back and check or stay the hell away from CEXs.

It’s kind of how I interpreted it, but I wasn’t sure how the said Exchange dealt with deposit address reuse. Going over their deposit procedure, it does state that deposit addresses can be reused, though the user can also opt for generating a new address:


Side note: Devil's Merit number now on your profile.

According to the Op the user did not log in to their remitano exchange before depositing, they probably had the address saved and signed the transaction directly, then went to check if it had reflected after confirmation, at which point he discovered the error.

- Jay -

Going over their website, and the information they provide on the minimum deposit amount, it seems that they could explain the cons of not meeting the minimum amount in a clearer manner, as they do in one of their support pages, where a warning notice explicitly states that:
That probably sticks to the reader, who may be more prone to checking these lower limits from time to time.

I’m not sure how the whole depositing process goes on that platform (i.e. if a new address is provided for each deposit, or if you can reuse addresses you’ve once deposited to), but one of the screenshots of the process on their support page does show the minimum deposit amount when you select the coin/token:


I’m not sure if you deposited circumventing the above screen, or if you saw it but didn’t focus on the (changed) minimum amount. They could also play there with colours highlight recent changes (i.e. minimum changed over the last x days).

There was a time Remitano had a bitcoin address update and notifications were ditched out to their customers. Don't know what changed this time around, whether notifications were sent or not. But after an update such as this, I would expect the exchange to clearly write out the new updated depositing amount close to the deposit address so that customers can easily see and make payment accordingly. If it was done and op didn't pay attention, then op is at fault but if it wasn't, then Remitano's devs did not do a good job.

Professionally, all policy and feature changes on a website should always be announced before getting implemented. They should have legal doors they can use to indemnify themselves but that puts a dent on their reputation. (Of course, the op may have missed such an announcement).

Never get to comfortable when using cryptocurrency. Getting complacent can cause one to make some simple errors that will cost them a lot. Always double check the address you are sending bitcoins to before signing a transaction.

- Jay -

that's what they say. i don't know how cex operates and i also admit that i was wrong for not checking beforehand, but they should have considered that i have been using their services for quite a long time and they should have a system that allows users to get their assets back, it wouldn't even be a problem if there are fees. but they try to hide behind "those are our rules" and let users lose.

just imagine, this is just 1 case, what about other users who experience similar cases? how much bitcoin assets can they get just because of user negligence. at this point i saw that the exchange was not worth using and i planned to move to another exchange, which had a more reasonable minimum deposit!

Ah! So someone else have had similar experience well that's too bad because same thing happened to me once and I have learnt my mistake so it's good that you posted it here because I know some person might actually comit same error if not properly guided. They say mistake is the best teacher but learning from other people's mistake is definitely the better choice of the two so everyone should take note and be always cautious about everything when using a new exchange or stuffs in general.

This  your experience is disheartening I heard of remitano exchange but has not make use of it, if I may ask is there no way you can send the add up to retain your coin, well just as you inform one need take caution and check in details any exchange why send to know the required exchange rate.

Just as it clear that cex most time has their own way of making some gain from their user I think this is not far from it method.

This is forceful confiscation to me, bitcoin aren’t stored on an address but rather on the blockchain which should definitely make it to under that address. In some centralized exchanges it will not displayed yes! Because of minimum but once you send extra bitcoin to that address that is way pass the minimum deposit it will all show the total amount of bitcoin on that address even the first one that didn’t meet the minimum limit.

I would have advise you to do that but I don’t know maybe this exchange actually holds on to the coins that doesn’t meet their requirements which if is true is worse than other CEX. Overall I will advice you in future to either avoid them or cross check your informations before making any transactions there

I'm sorry moneystery, I thought that 0.000... BTC was dust, but at current prices you lost more than 20$ if I'm not wrong.

Won't they send your satoshis back to you? Aren't you allowed to send the difference in order to count as above the minimum?

I didn't know remitano before but I think that alastantiger's reply is right. However, there should be also a way to get your coins back in your case: 20-30$ are not the same for everybody.

I used remitano once in the past and I think they had a deposit limit. It strange for an exchange not to have a minimum deposit limit. If they have a withdrawal limit then they should have a deposit limit. Well, I cannot say this categorically because it has been a very long time I used Remitano.

Secondly, I consider it professional for Remitano to send emails to their users whenever there is a policy change. It is the ethical and professional thing to do as an exchange. They shouldn't just change it at anytime they want and allow their users to find out. Unless you are not subscribed to their email list.

Thirdly, the user responsibility part is to from time to time check these exchanges. Visit their website, their their announcement boards for any new information and allow. It shouldn't just be when we want to use them that visit them. Visiting their websites will help us to stay up to date with any new information and will enable us decide if to continue using them or not.

That's one of many ways for centralized exchange to take customer coins legally, the best is to avoid CEX.

But if you insist, you can prevent it by login into your account before you make a deposit because there could be a change, just like stated by @OP. They also could update their terms to restrict your countries, they change your deposit address, or they didn't longer accept the coins.

something unlucky has happened to me. i am a remitano exchange user and have been using this service for a long time, previously there were no problems, because i usually make deposits directly from my custom wallet. however, for some reason, this morning i immediately deposited without checking my remitano account, and i thought that there would be no problem until i checked my account to see that there were no assets deposited there. i was confused as to why no assets had been deposited, and after clicking on the wallet address section it turned out that the minimum deposit amount there had changed, from initially having no minimum to now being 0.0005btc. i was very surprised, because the amount i deposited was only 0.0004btc and knowing that i contacted customer service (their service was very slow) and what they said was that i couldn't recover my money.

so for beginners here, pay attention to the minimum deposit on your exchange because it may change according to the exchange's policies.