Reminder for crypto newbies, traders. Be cautious with new exchanges - page 2.

sana54210

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Quote from: geegaw on March 28, 2021, 08:38:27 AM

Testing new exchanges is probably not necessary when the competitive chances of new offerings are relatively low, the exchange seems to have confirmed its owners as major exchanges such as Binance, Bittrex, Okex and several others. Priority and satisfaction always lie on these big exchanges, with new exchanges, what we can see is a little special feature and airdrop they create, UNI is a prime example of the benefits of observing the advent of new exchanges but as you say, new exchanges have too many fraud risks, pay attention to events and rewards, do not put money into participation

I think if you are not going to do something major, you could just stick with the big names and keep trading there, but if you are not going to do something like that and if you are going to end up trading on a place like a very low level exchange because they have that coin you own and you want to sell it and that's it, it's going to be hard.

I once used one exchange to claim idena, idena wasn't on many exchanges (haven't checked if they are listed in good places now) and in that horrible horrible exchange, there wasn't many coins, since I cashed out like 50 bucks worth of idena, I didn't want to use bitcoin or ethereum since it would be super high, I was asked to pay like 40 bucks just on cost, so I didn't do that.

The only coin I have ever heard of was dogecoin, seriously aside from bitcoin, ethereum and doge there was all coins with under 5k dollar volume per day, it was horrible and they charged terrible withdraw costs as well even for doge. In the end I got my money out of it. There are those type of situations where people do end up using those exchanges.

geegaw

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Quote from: ven7net on March 28, 2021, 04:55:23 AM

Over the past few years, I have faced the emergence of a number of new crypto exchanges and, unfortunately, most of them turned out to be inoperable in the end. There may be many reasons for this, but you cannot certainly trust each new exchange. As the saying goes, everything is learned by comparison. You need to spend more time studying and testing new crypto exchanges. However, this does not mean that all new crypto exchanges are bad. No, it’s not like that. There are those who were able to prove their efficiency and now delight their traders. At the same time, I want to note that crypto exchanges with experience also periodically suffer from the appearance of a number of unpleasant problems, and this shows us that any crypto exchange cannot be 100% reliable.

Testing new exchanges is probably not necessary when the competitive chances of new offerings are relatively low, the exchange seems to have confirmed its owners as major exchanges such as Binance, Bittrex, Okex and several others. Priority and satisfaction always lie on these big exchanges, with new exchanges, what we can see is a little special feature and airdrop they create, UNI is a prime example of the benefits of observing the advent of new exchanges but as you say, new exchanges have too many fraud risks, pay attention to events and rewards, do not put money into participation

EclaireWithLove

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Just like what others mentioned, most new exchanges are not usable. There are many issues with them that you don't want to use them. There are also other new exchanges to launch that has promise, but you guys still have to check and research about them first.

ven7net

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Over the past few years, I have faced the emergence of a number of new crypto exchanges and, unfortunately, most of them turned out to be inoperable in the end. There may be many reasons for this, but you cannot certainly trust each new exchange. As the saying goes, everything is learned by comparison. You need to spend more time studying and testing new crypto exchanges. However, this does not mean that all new crypto exchanges are bad. No, it’s not like that. There are those who were able to prove their efficiency and now delight their traders. At the same time, I want to note that crypto exchanges with experience also periodically suffer from the appearance of a number of unpleasant problems, and this shows us that any crypto exchange cannot be 100% reliable.

Ryker1

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Quote from: Zilon on March 27, 2021, 02:39:36 AM

What then could be my criteria for choosing an exchanger. Because as newbies to Crypto trading proper knowledge of reliable exchangers will always and still remains a problem. So helping one choose from the wider range of exchangers would save us from dooms. Is it also adviceable to leave your coin with an exchanger?

Well, there are too many factors to consider.
First --look at the exchange if how length the service he had run and don't trust with the new exchange platform that newly created, they don't have a credential to trust especially if they are new in the trading business. At least 2-3 years of service would be acceptable but of course, it will depend on their liquidity have. However, it is a good step if you will choose trading sites that already well-known with a high volume and supported with a lot of cryptocurrency and the last one is to have a secured fund offering.

fullhdpixel

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Quote from: AicecreaME on March 27, 2021, 08:12:10 AM

This topic also fitted here in my opinion so that it could be notice instantly. A lot of exchanges are popping out of nowhere and "listing" coins (mostly big coins) and they are hyping it out to attract customers in my opinion, and when you deposit your coin on them, you can't withdraw it anymore nor trade it in their platform which is pretty useless and a waste of money.

The majority of victims are always newbie since they have no idea about Trading that's why they are just carelessly accepting any exchanges to exchange their coins.

That's basically a business model. Exchanges are a great way to make money if you know what you are doing. I am not talking about marketing and all that, that part could go up slowly and gradually, what I am talking about is the technological part of building an exchange, it is really hard and not just building the website itself, that could be done one way or another, I am sure there are even some software allowing you to build that easily.

However the security part is very difficult, it is nearly impossible to build something like that, it is going to be very difficult. This is why if someone can build and exchange that barely gets hacked (even binance got hacked few times) and can secure everyone's money, that means they will do it, there is a ton of money in that business, and I mean more than you can imagine, tens of billions of dollars worth market, so that is why we are seeing so many bad ones as well.

AicecreaME

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This topic also fitted here in my opinion so that it could be notice instantly. A lot of exchanges are popping out of nowhere and "listing" coins (mostly big coins) and they are hyping it out to attract customers in my opinion, and when you deposit your coin on them, you can't withdraw it anymore nor trade it in their platform which is pretty useless and a waste of money.

The majority of victims are always newbie since they have no idea about Trading that's why they are just carelessly accepting any exchanges to exchange their coins.

gabbie2010

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Quote from: Zilon on March 27, 2021, 02:39:36 AM

What then could be my criteria for choosing an exchanger. Because as newbies to Crypto trading proper knowledge of reliable exchangers will always and still remains a problem. So helping one choose from the wider range of exchangers would save us from dooms. Is it also adviceable to leave your coin with an exchanger?

As a newbie it better to opt in for reputable exchange like Binance other ones, it had been well reviewed from forum members personally I am a user of the exchange no issue so far.
Some of the so-called exchanges do fake trading volume of some coins in a bid to scam unsuspecting traders or investors.
Some of my coins are in my exchange although I wouldn't leave a bulk or hude amount of my coin with them I trade and withdraw profits to be the safer side.

Bttzed03

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Quote from: Zilon on March 27, 2021, 02:39:36 AM

What then could be my criteria for choosing an exchanger.

Stick with the basics of high trading volume. You can also use trust ratings given my market data aggregators like Coingecko as reference.

Quote from: Zilon on March 27, 2021, 02:39:36 AM

Is it also adviceable to leave your coin with an exchanger?

You can leave funds strictly for trading. Do not use the exchange for long term storage.

If the coin/token you are holding is listed on smaller exchanges, you can send a small amount to test their platform and make sure their order book is legit. Check if withdrawals are working and how much do they charge.

Zilon

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Bitcoindata.science

What then could be my criteria for choosing an exchanger. Because as newbies to Crypto trading proper knowledge of reliable exchangers will always and still remains a problem. So helping one choose from the wider range of exchangers would save us from dooms. Is it also adviceable to leave your coin with an exchanger?

AmoreJaz

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Quote from: JeromeTash on March 26, 2021, 05:54:06 PM

Quote from: jerry0 on March 26, 2021, 04:19:38 AM

How is FTX by the way? Heard few good things about it.

FTX is OK, though I wouldn't rate it as Binance, but it's a solid exchange than you can trust unlike pure scam exchanges like p2pb2b, bitforex etc

Quote from: DarkDays on March 26, 2021, 04:28:57 PM

Quote from: maxreish on March 25, 2021, 08:16:28 PM

Quote from: zanezane on March 09, 2021, 03:54:10 AM

The problem is why do newbies want to go for the new exchanges when there are established ones that are far more reliable and are guaranteed to not run away with your money. Going in with big money as a newbie I think is the biggest mistake that anyone can do especially as the topic says, you are in a new exchange.

Thats my question, too. But when I was a newbie before, I didnt choose new exchanges. Ive chosen established exchanges that has a good feedbacks like Binance. When there and new crypto exchanges, it is hard to entrust your fund to those who still didnt prove their length of existence and their security system.

Exactly my thinking... As a newbie you should at least try to go for traditional exchanges, if that's the least research you do. There's no point in investing (and even making profit) if the exchange you're using is not legit. You'd still end up losing in the end.

Picking the right exchange is one of the 1st steps you take towards investment, be it in crypto or otherwise. Always best to keep to places that have already been proved many times before. No point in risking it with newer exchanges...

Most Newbies get trapped into using brand new or scam exchanges due to airdrops, ICOs and shitcoins that are not listed on trustworthy exchanges. I have been there when I was a newbie. Thou I was lucky not to make any financial losses

because mostly these giveaway coins are being listed to small to unfamiliar exchanges. so no choice for these hunters but to try the exchange. however, most of them are just a trap. lucky for you if you can get out your coins. and usually their fees are lower than regular exchanges, to attract users. but the usual prob is the liquidity, it would take 'years' for you to complete the order. and the gap of sell vs buy order is quite wide. better stick to reputable ones if you are just trading the top coins.

JeromeTash

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Quote from: jerry0 on March 26, 2021, 04:19:38 AM

How is FTX by the way? Heard few good things about it.

FTX is OK, though I wouldn't rate it as Binance, but it's a solid exchange than you can trust unlike pure scam exchanges like p2pb2b, bitforex etc

Quote from: DarkDays on March 26, 2021, 04:28:57 PM

Quote from: maxreish on March 25, 2021, 08:16:28 PM

Quote from: zanezane on March 09, 2021, 03:54:10 AM

The problem is why do newbies want to go for the new exchanges when there are established ones that are far more reliable and are guaranteed to not run away with your money. Going in with big money as a newbie I think is the biggest mistake that anyone can do especially as the topic says, you are in a new exchange.

Thats my question, too. But when I was a newbie before, I didnt choose new exchanges. Ive chosen established exchanges that has a good feedbacks like Binance. When there and new crypto exchanges, it is hard to entrust your fund to those who still didnt prove their length of existence and their security system.

Exactly my thinking... As a newbie you should at least try to go for traditional exchanges, if that's the least research you do. There's no point in investing (and even making profit) if the exchange you're using is not legit. You'd still end up losing in the end.

Picking the right exchange is one of the 1st steps you take towards investment, be it in crypto or otherwise. Always best to keep to places that have already been proved many times before. No point in risking it with newer exchanges...

Most Newbies get trapped into using brand new or scam exchanges due to airdrops, ICOs and shitcoins that are not listed on trustworthy exchanges. I have been there when I was a newbie. Thou I was lucky not to make any financial losses

Zanab247

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Quote

I want to remind something to the traders especially to newbies, "don't beleive google when searching crypto related services", because mostly you will end up choosing a scam or clone website.

Many traders are finding it difficult to rise because they listen to social media than their own personal research before investing in a particular project. There are many scammers on social media looking for who to scam in the area of crypto exchange.

DarkDays

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Quote from: maxreish on March 25, 2021, 08:16:28 PM

Quote from: zanezane on March 09, 2021, 03:54:10 AM

The problem is why do newbies want to go for the new exchanges when there are established ones that are far more reliable and are guaranteed to not run away with your money. Going in with big money as a newbie I think is the biggest mistake that anyone can do especially as the topic says, you are in a new exchange.

Thats my question, too. But when I was a newbie before, I didnt choose new exchanges. Ive chosen established exchanges that has a good feedbacks like Binance. When there and new crypto exchanges, it is hard to entrust your fund to those who still didnt prove their length of existence and their security system.

Exactly my thinking... As a newbie you should at least try to go for traditional exchanges, if that's the least research you do. There's no point in investing (and even making profit) if the exchange you're using is not legit. You'd still end up losing in the end.

Picking the right exchange is one of the 1st steps you take towards investment, be it in crypto or otherwise. Always best to keep to places that have already been proved many times before. No point in risking it with newer exchanges...

Lanatsa

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Quote from: TopTort777 on March 26, 2021, 04:22:45 AM

I would avoid using new exchanges, because they barely offer anything better than reputed exchanges. Why risk loosing everything to save few dollars on a fee being lured by a better exchange rate? There is no free or easy money in crypto. “Free cheese is only in mouse trap”.

When you are minding about fees then using up these low-liquidity kind of platforms isn't the smartest thing to be done because there are actually lots of possible ways to do that.

In the question on why there are really some people do make use of these unknown exchangers? because of that selling decision of their shitcoins into their bags.

If we do saw that there are no other places then majority of us will really risk out on making transactions with these places even if we are already aware with the risk.

XZERO1

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The thing is that some new and scammy projects are partly responsible that these new shady exchanges get any customers to begin with, of course no one with a brain would choose to go for these types of exchanges instead of a reputable exchanges that had been in the business for a while if what they're trading is available on known exchanges.

HitBTC is a good example of a shady exchange if you're wondering, HitBTC was founded more than 3 years ago and somehow they still get some customers, just because many new project get listed there, even with all the issue they have/had, from really high withdrawal fees for new tokens/coin to asking KYC randomly from customers that have higher USD balance in their account.

To sum it up if a coin/token is only listed in one exchange and that is a new exchange with zero reputation, then that's an obvious red flag and stay far away from that project.

TopTort777

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I would avoid using new exchanges, because they barely offer anything better than reputed exchanges. Why risk loosing everything to save few dollars on a fee being lured by a better exchange rate? There is no free or easy money in crypto. “Free cheese is only in mouse trap”.

isaac_clarke22

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Quote from: tranthidung on March 22, 2021, 07:48:21 PM

~

Good thing, I never went more than or equal to that amount actually.
Even by popular exchanges, I still tell myself not to hold too much money in there or if I don't have the reason to trade right now, I would just get out of there and take all my BTCs traded back then.

jerry0

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How is FTX by the way? Heard few good things about it.

goldade

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The Standard Protocol - Solving Inflation

I am sure this is one golden rule that has to reiterated almost everyday if not everyday. So many people have fallen into scams like this in the past and yet so many people still remain gullible as to still remain clouded in their judgement of an exchange.
It is important to know that before choosing an exchange, one should take the timeout to make research so as to to determine the authenticity of such exchange.
Another very important rule is that do not leave your funds in an exchange. Always move your funds to a non-custodial wallet. It is safer that way

Topic: Reminder for crypto newbies, traders. Be cautious with new exchanges - page 2. (Read 748 times)