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.
I can only think of one reason, perhaps that token that they want to trade is listed on that exchange. But perhaps the token devs and exchange themselves has been colluding to dupe crypto traders, specially newbies. And then after they ran their scam, the crypto exchanges will suddenly disappear and newbies are going to complain in this community and it's gonna be too late. 
Topic: Reminder for crypto newbies, traders. Be cautious with new exchanges - page 5. (Read 818 times)
March 09, 2021, 03:37:37 AM
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.
March 09, 2021, 02:51:37 AM
It will be good to move this to beginners and help, or scam accusation, but for beginners to gain from it, will be good to move it to beginners and help. There are exchanges like that, it is called scam exit. Before using an exchange, it is good to make detailed research about them because some are scam while some projects are just scam, either scam exit or pump and dump. Also after researches, it is also good to focus on the coins listed, new coins are often risky to dump while many are just scam that will lead to classic scam exit. There is nothing better than to invest in bitcoin or invest in strong ones that you know are not scam, altcoins like ethereum, polkadot, litecoin, cardona and of the category.
March 09, 2021, 02:29:05 AM
I am not sure Beginners & Help or Trading discussion is a best board for this topic. I leave it here. If it belongs to Beginners & Help, please move it.
In bull market, projects are created daily and exchanges are created to list new coins or tokens. You never know which teams are behind exchangers. Are they scammers and own some scam projects? What are purposes of those people when they create exchangers?
Years ago, in 2018, I lost my money with my stupid ignorance on advice from senior members. "Never store your cryptocurrency on exchanges. Store them in your non-custodial wallets."
Story
Advice
Resources
In bull market, projects are created daily and exchanges are created to list new coins or tokens. You never know which teams are behind exchangers. Are they scammers and own some scam projects? What are purposes of those people when they create exchangers?
Years ago, in 2018, I lost my money with my stupid ignorance on advice from senior members. "Never store your cryptocurrency on exchanges. Store them in your non-custodial wallets."
Story
- Altex [1] is the exchanger that very friendly to list Cryptonight coins.
- Cryptonight coins were created abundantly in that year. Easy to mine with GPUs.
- The exchanger listed new coins without listing fees (as I recalled).
- They quickly accept any listing request -- that I believe you will see more in this current bullish market.
- Early signal of scam exit [2]
- Less than one month later, they made that annoucement [3] and exit.
Advice
- Don't blindly accept new exchangers because you are greed and want to get rich fastly
- Don't blindly make big deposit just to claim deposit bonus
- Pay your attention on early signals of scam exit
- and more. Generally, be cautious with new exchangers in the bull market
Resources
- https://twitter.com/altex_exchanger
- https://twitter.com/Altex_exchangeR/status/1015052661605924864
- https://www.twitlonger.com/show/n_1sqk2fh
- Beware of "Pay original fine" - a scam method. It is a template scam exchanger. I am not sure you still see this scam template around. If you see it, beware of this scam and protect your money.
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