Reminder for crypto newbies, traders. Be cautious with new exchanges - page 3.

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Quote from: bearexin on March 21, 2021, 12:03:36 PM

I have even noticed that there are people who just register on exchanges because they are giving registration and first deposit bonuses, they don’t even care to check out these sites most of the times to know how legit they are, which is totally wrong.

People shouldn’t be letting these traps that are being laid by scammers to catch them, the main focus should always be on how good an exchange really is and not their offers, that’s just a tactics that’s being used by scammers to distract people from focusing on the main issues , it’s just like cheese on a mouse trap.

Those people who hunts register bonus usually just try to sign up there and cash out though there's always someone who gonna stay in newly founded exchange, but scamming caused by exchanges happen frequently when the exchange is still in a new phase where they are small enough to be able to get away with the money they scammed. Big exchange won't scam because everyone know their details and they are just too big to scam people and get away with it. Even dapps that supposed to be decentralized often do rugpull.

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Quote from: zanezane on March 09, 2021, 02:54:10 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.

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Quote from: tranthidung on March 22, 2021, 06:48:21 PM

Quote from: michellee on March 22, 2021, 03:53:23 AM

The truth is we want to make a bigger profit but we do not see the conditions that the exchange is good or not, so we delay to take profit. Once that exchange turns into become a scam and run away with the member's money, that will make us feel sad.

The longer you stay on an exchange, the safer you will feel about it. Then you will stuck with it and depends on how that exchange goes, you will be scammed or not.

If that exchange is binance, I do not mind staying on that exchange because with the good reputations of binance, and I am sure they will take care of their members and the funds. Binance will give their members the best services, and I am sure they will not let their members sad. But if that is the new exchange, I will not try that because the new exchange needs to build reputations before the trader trusts them.

Quote from: tranthidung on March 22, 2021, 06:48:21 PM

Quote from: michellee on March 22, 2021, 03:53:23 AM

I am sure traders will attract to come to that exchange and deposit in big money. But if they can research for more information about that exchange, they will know the truth and they will not try to deposit their funds to that exchange. We need to be careful if we get those offers and make sure that we really know that the exchange is legit.

I don't recommend anyone to do so. If they are brave and decide to do so, do it with very small deposit: $50 or $100 just to enjoy the small bonus. That's all they should to be brave and satisfy their greed. Don't make bigger deposit as it is very risky.

I agree with you. But as we do not know if that bonus is real, we do not have to deposit a small amount. Maybe we can search for the review from another trader who already tried that exchange, so that can be our consideration to try deposit or stick to our favorite exchange.

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Quote from: 7788bitcoin on March 22, 2021, 01:29:35 PM

Binance is asking for everyone's KYC if you are trading above a certain limit and if these tokens are making money and accepting investors then why not comply with a full KYC procedure for all the company members to be listed. I am not sure about the policies on listing a coin but they need to do something to avoid the scams that can be avoided by collecting and verifying these information.

It is only mandatory requirements for their Peer-to-peer marketplaces or when you exceed the default 2 BTC withdrawal per day.

I have never known they require a mandatory KYC because of daily trading volume. No KYC for Spot trading.

Quote from: michellee on March 22, 2021, 03:53:23 AM

The truth is we want to make a bigger profit but we do not see the conditions that the exchange is good or not, so we delay to take profit. Once that exchange turns into become a scam and run away with the member's money, that will make us feel sad.

The longer you stay on an exchange, the safer you will feel about it. Then you will stuck with it and depends on how that exchange goes, you will be scammed or not.

Quote

I am sure traders will attract to come to that exchange and deposit in big money. But if they can research for more information about that exchange, they will know the truth and they will not try to deposit their funds to that exchange. We need to be careful if we get those offers and make sure that we really know that the exchange is legit.

I don't recommend anyone to do so. If they are brave and decide to do so, do it with very small deposit: $50 or $100 just to enjoy the small bonus. That's all they should to be brave and satisfy their greed. Don't make bigger deposit as it is very risky.

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Quote from: tranthidung on March 16, 2021, 08:27:12 AM

Even Binance don't give you a guarantee that they can protect you from new coins or tokens are listed on their platform.

Binance is asking for everyone's KYC if you are trading above a certain limit and if these tokens are making money and accepting investors then why not comply with a full KYC procedure for all the company members to be listed. I am not sure about the policies on listing a coin but they need to do something to avoid the scams that can be avoided by collecting and verifying these information.

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Quote from: tranthidung on March 16, 2021, 08:27:12 AM

Quote from: michellee on March 12, 2021, 11:16:02 PM

I agree with you to withdraw our funds immediately after we can sell the new coin or token.

Frankly, I fell into that step. Made deposits, took profit but I hesitate or just was lazy to withdraw my money. I let my capital on potential scam exchanges and lost it eventually. Not all, but some newbies will step in my shoes again. Undecided

I have that experience before, and I feel regret about that. Many times we do not want to take profit when we see the price increase higher. The truth is we want to make a bigger profit but we do not see the conditions that the exchange is good or not, so we delay to take profit. Once that exchange turns into become a scam and run away with the member's money, that will make us feel sad.

Quote from: wiss19 on March 22, 2021, 12:09:48 AM

Quote from: michellee on March 12, 2021, 06:30:41 AM

If we already have our own favorite exchange, we do not have to try to use the new exchange before we know if that exchange is real and good for trade because we must avoid the scam exchange, as @OP says. If the new coin or new token is listed on the new exchange, we may need to wait for a while and see how it progresses. If the progress is good, maybe you can try to trade for a small amount to see if that exchange is fitted for you. Otherwise, you need to stay away from using that exchanges.

There are lucrative offers thrown at the potential traders by giving them features like 0% trading fees for the first month or things like that which lures the traders into making an account and start trading on these new exchanges.

I am sure traders will attract to come to that exchange and deposit in big money. But if they can research for more information about that exchange, they will know the truth and they will not try to deposit their funds to that exchange. We need to be careful if we get those offers and make sure that we really know that the exchange is legit.

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Quote from: michellee on March 12, 2021, 06:30:41 AM

If we already have our own favorite exchange, we do not have to try to use the new exchange before we know if that exchange is real and good for trade because we must avoid the scam exchange, as @OP says. If the new coin or new token is listed on the new exchange, we may need to wait for a while and see how it progresses. If the progress is good, maybe you can try to trade for a small amount to see if that exchange is fitted for you. Otherwise, you need to stay away from using that exchanges.

There are lucrative offers thrown at the potential traders by giving them features like 0% trading fees for the first month or things like that which lures the traders into making an account and start trading on these new exchanges.

Quote from: dothebeats on March 11, 2021, 02:42:38 PM

It's unusual in this day and age for exchanges to just simply pop in to the scene and generously list coins without any fees. Even if an exchange is new, they would have asked for some listing fees no matter how small if they want to profit.

Some exchanges are actually making a living by doing this, they take money list a coin and don't care if the project is a scam because they get their listing fees and that is how they run their website.

Quote from: isaac_clarke22 on March 12, 2021, 01:20:54 PM

I particularly only traded in Binance, EtherDelta, and had a bit of peek in Bittrex but they were still closed for new registrants back then so I didn't manage to do my trading there.

Bittrex is not very good, is all I can say. I have heard a lot of bad things about them and some even call them scam but because I haven't seen any accusation with proofs, I am not going to accuse them of scamming but staying away for sure.

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New crypto traders are always waiting for some kind of bonus. It is often seen that new exchanges give users a bonus for registering on their exchange or giving a bonus on the first deposit. As a result, new traders are interested in registering and depositing in those exchanges without any research. And because of their haste, they often fall prey to various scams. There are people with bad intentions who are always waiting, looking for ways to fool inexperienced people and scam their money.

So new traders should refrain from depositing their funds in any unknown exchange to get any kind of bonus.

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I have even noticed that there are people who just register on exchanges because they are giving registration and first deposit bonuses, they don’t even care to check out these sites most of the times to know how legit they are, which is totally wrong.

People shouldn’t be letting these traps that are being laid by scammers to catch them, the main focus should always be on how good an exchange really is and not their offers, that’s just a tactics that’s being used by scammers to distract people from focusing on the main issues , it’s just like cheese on a mouse trap.

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Quote from: tranthidung on March 09, 2021, 02:29:05 AM

Don't blindly accept new exchangers because you are greed and want to get rich fastly

Completely agree there with you, picking an exchange is like choosing a bank account because we are sometimes going to deposit all our crypto there to trade and more than 10 exchanges I can easily recall that turned into scam. Some are selective scammers while others just shut down.

Quote from: tranthidung on March 09, 2021, 02:29:05 AM

Don't blindly make big deposit just to claim deposit bonus

Never heard of a deposit bonus at an exchange but if anyone offers such things, I would rather avoid and be even more cautious.

Quote from: tranthidung on March 09, 2021, 02:29:05 AM

Pay your attention on early signals of scam exit

I think the early signs are blocking other user's withdrawals while allowing deposits, right?

I actually never use new exchanges because I don't find a reason to fix something that isn't broken. I trade at Binance and they are more than trusted for a small trader like me and even then, I withdraw my profits into my wallet rather than keeping them on the exchange itself. I was shocked when cryptopia was hacked or they scammed, whatever. I stopped using new exchanges since then.

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Quote from: michellee on March 12, 2021, 11:16:02 PM

I agree with you to withdraw our funds immediately after we can sell the new coin or token.

Frankly, I fell into that step. Made deposits, took profit but I hesitate or just was lazy to withdraw my money. I let my capital on potential scam exchanges and lost it eventually. Not all, but some newbies will step in my shoes again. Undecided

Quote from: sana54210 on March 13, 2021, 10:40:26 AM

So those newbies, thinking they are too late for bitcoin or any other major coin, end up buying the low level coins from low level exchanges with the hopes of making 10x as well

It is the basics for investments. Choose the leaders in each aspect for your investments. In crypto market, it is bitcoin.

Quote from: taufik123 on March 13, 2021, 11:01:05 AM

It is indeed a very fatal mistake when trusting a new coin or exchange platform whose price is still very cheap and will conduct a public sale or something like that. Some of them created phishing web portals to trick some trusted users. The hope of getting 10x the initial price certainly makes them very interested. Currently there are many fraudulent practices like this. and what's becoming popular is the BSC platform and lots of new coins listed, some of which make cloning coins popular so people get stuck and Rugpull will happen.

You are correct but I warned in OP about the risk of let your money in new exchanges. After you deposit, cash it out, withdraw it instantly into reputable exchanges. Don't stay on new exchanges more than what you need. There are many older and more reputable exchanges for you to use and make profit.

Quote

Trading on the Binance exchange is the safest and don't trust any new exchange or coin whose origins are still unclear.

Even Binance don't give you a guarantee that they can protect you from new coins or tokens are listed on their platform.

Their warning at bottom of every announcement.

Quote

Risk warning: Cryptocurrency trading is subject to high market risk. Please make your trades cautiously. Binance will make best efforts to choose high-quality coins, but will not be responsible for your trading losses.

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Quote from: sana54210 on March 13, 2021, 10:40:26 AM

-snip-
So those newbies, thinking they are too late for bitcoin or any other major coin, end up buying the low level coins from low level exchanges with the hopes of making 10x as well, and soon realize that most of the times that is as bad as it gets, it is a loss making move, making profit with bitcoin is possible, maybe you are late, but it still doesn't mean that you should risk all of your money to make a profit like bitcoin holders did, bitcoin is legit and binance level places are legit, looking for that kind of profit in small places for small coins could hurt you.

It is indeed a very fatal mistake when trusting a new coin or exchange platform whose price is still very cheap and will conduct a public sale or something like that. Some of them created phishing web portals to trick some trusted users. The hope of getting 10x the initial price certainly makes them very interested. Currently there are many fraudulent practices like this. and what's becoming popular is the BSC platform and lots of new coins listed, some of which make cloning coins popular so people get stuck and Rugpull will happen.
Trading on the Binance exchange is the safest and don't trust any new exchange or coin whose origins are still unclear.

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It is understandable for a newbie to look for low level places and low level coins because we have made so much profit from just keeping bitcoin, not even on exchange, just buy it and put it on your wallet and we made 10x from last year, and they know that in order to make 10x they can't buy bitcoin, that would be 550k+ bitcoin price, which may eventually happen but we all know it is not going to happen anytime soon.

So those newbies, thinking they are too late for bitcoin or any other major coin, end up buying the low level coins from low level exchanges with the hopes of making 10x as well, and soon realize that most of the times that is as bad as it gets, it is a loss making move, making profit with bitcoin is possible, maybe you are late, but it still doesn't mean that you should risk all of your money to make a profit like bitcoin holders did, bitcoin is legit and binance level places are legit, looking for that kind of profit in small places for small coins could hurt you.

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Quote from: dothebeats on March 11, 2021, 02:42:38 PM

It's unusual in this day and age for exchanges to just simply pop in to the scene and generously list coins without any fees. Even if an exchange is new, they would have asked for some listing fees no matter how small if they want to profit.

Their first moves already scream scam. Probably even collaborating with some coin creators too. Best to avoid the exchange for the mean time unless they are able to prove their legitimacy.

Newbies are definitely going to fall for this but I think other traders falling for it is highly unlikely because of the reason why would you go for a new exchange when the old one is working just fine, I mean have they heard of the saying, "If it ain't broke don't fix it."? Because that is the case when they are going to switch to a new exchange with some questionable add-ons that as @dothebeats say, scream scam.

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Quote from: tranthidung on March 12, 2021, 08:08:43 AM

Quote from: michellee on March 12, 2021, 06:30:41 AM

If we already have our own favorite exchange, we do not have to try to use the new exchange before we know if that exchange is real and good for trade because we must avoid the scam exchange, as @OP says. If the new coin or new token is listed on the new exchange, we may need to wait for a while and see how it progresses. If the progress is good, maybe you can try to trade for a small amount to see if that exchange is fitted for you. Otherwise, you need to stay away from using that exchanges.

That is it. Sometimes, for shit coins or tokens, you have to make deposit to a strange exchange, to cash out. Mostly, they are not scam at beginning so when you cash out, withdraw your fund immediatly. Don't stay and trade on new exchange, if they are keen on listing newborn coins or tokens.

That is why I do not pay too much attention to the new coin or token, especially if that coin or token is listed on the new exchange. But that will be different if that coin or token is listed on the big exchange such as Binance, Bittrex, Poloniex, KuCoin, or others. If that so, maybe I will try to search for the information, but I do not buy in a large amount. I agree with you to withdraw our funds immediately after we can sell the new coin or token.

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Quote from: tranthidung on March 09, 2021, 02:29:05 AM

~

I am not even surprised with these types of exchange anymore. From the gazillion number of exchange that are popping up quite often, why do some people chose those that don't even built their reputations just yet and then complain in the end that they've been, as you mentioned, exit scammed.

I particularly only traded in Binance, EtherDelta, and had a bit of peek in Bittrex but they were still closed for new registrants back then so I didn't manage to do my trading there.

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Quote from: slaman29 on March 12, 2021, 03:04:03 AM

snip~~~
That's a really crappy way to make a comparison. How do you know that centralized services aren't sending you money from random people whose source of income is unkown? Or that the money you get on a daily basis is also from unknown sources? Do you even know who pays your signature campaign and where their income comes from?

I think you need to calm a bit and analyze what I am saying, centralized exchanges are registered companies making payments from their bank accounts but while doing p2p we are receiving funds from random people we found using the platform, even though they submitted their KYC we can't actually trust that we are dealing with the verified person.

And about signature campaign payouts or basically gambling site payouts are not coming from unknown sources, those sites also regulated and we are receiving funds from their hot wallet not directly from other person's deposit means we are having someone in the middle between the transaction and gambling site will take responsibility if some illegal source funds are coming to their site.

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Quote from: Rengga Jati on March 11, 2021, 05:35:35 PM

This will depend on how we see the new exchange. Sometimes, they offer very interesting and also promising rewards, very low transaction fees, or event various events or programs. And sometimes, many people are trapped to be interested in this kind of promotions.
Well, it depends on each individual.

New exchanges attract me if they have bonus without any requirements to make deposits or volume of trading to claim bonuses. Some exchanges give you free money for registration and they give you more if you make deposit, trade.

Beware of risks for deposit first if they require huge amount. There might be different tier of deposit to claim bonus and please don't fall into top tier, with big required deposit. If I join such bonus, I choose small one, just for fun and I don't stay on new exchanges for long. I will join them back if later they prove that they are legit exchanges.

Quote from: michellee on March 12, 2021, 06:30:41 AM

If we already have our own favorite exchange, we do not have to try to use the new exchange before we know if that exchange is real and good for trade because we must avoid the scam exchange, as @OP says. If the new coin or new token is listed on the new exchange, we may need to wait for a while and see how it progresses. If the progress is good, maybe you can try to trade for a small amount to see if that exchange is fitted for you. Otherwise, you need to stay away from using that exchanges.

That is it. Sometimes, for shit coins or tokens, you have to make deposit to a strange exchange, to cash out. Mostly, they are not scam at beginning so when you cash out, withdraw your fund immediatly. Don't stay and trade on new exchange, if they are keen on listing newborn coins or tokens.

Quote from: carlfebz2 on March 11, 2021, 01:43:08 PM

Even though not all of them are scam though, imagining wayback on how Binance and other famous exchange atm did start where it did really came from scratch.

I know. Legit exchange will do start with big and old altcoins. They will expand to new coins/ tokens later together with promotions. If one new exchange tend to focus only on new coins / tokens, it is not a good signal. They might scam you.

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If we already have our own favorite exchange, we do not have to try to use the new exchange before we know if that exchange is real and good for trade because we must avoid the scam exchange, as @OP says. If the new coin or new token is listed on the new exchange, we may need to wait for a while and see how it progresses. If the progress is good, maybe you can try to trade for a small amount to see if that exchange is fitted for you. Otherwise, you need to stay away from using that exchanges.

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Quote from: Findingnemo on March 11, 2021, 11:19:56 AM

Quote from: slaman29 on March 11, 2021, 09:53:11 AM

These days you don't need a centralized exchange anymore so that's the good thing. Go p2p if you want, safer with escrow, or if it's those alttokens you're interested in there are so many AMMs out there that'll take your btc too.

I can't ever consider using a new exchange now. If I really need a CEX Binance and Bittrex are enough for me.

P2P is not really an alternative for centralized exchanges because you are going to trade with random person which means the source of the money is unknown for you but what if it comes from someone who involved in illegal activities so you also will be on the wanted list now.

That's a really crappy way to make a comparison. How do you know that centralized services aren't sending you money from random people whose source of income is unkown? Or that the money you get on a daily basis is also from unknown sources? Do you even know who pays your signature campaign and where their income comes from?

Topic: Reminder for crypto newbies, traders. Be cautious with new exchanges - page 3. (Read 818 times)