Topic: USDM to USDT (Read 174 times)

Thanks
That confirms my own findings.
just saw some bad reviews on IBank. digifinex looked somewaht better

usdm is a very unpopular coin, transaction volume is very low with such conditions of course exchangers that can support this coin are very low.
I see on coinmarketcap there are only 3 exchangers that support it, of course the official exchanger site from usdm itself, the other 2 are digifinex and l bank.
https://coinmarketcap.com/currencies/usd-mars/#Markets

Might be able to do it on Biance but process looks a bit tricky per
https://www.binance.com/en/how-to-buy/usd-mars. Assuming the reverse process is simliar.

Since I can’t even send crypto off the Multi site I was using the  answer to this question is not as needed as it was. But may need to do it in future

There's absolutely nothing wrong if we want to make attempts to solved the intending problem at hand, everyone can freely dropped solutions which can either succeed or not. The conversion have 50/50 chances of either succeeding or failing, though we have to keep positive mindset whenever we wants to gamble. The problem of swapping, we just gave to deal with swapping USDM to USDT and I'm confident this incident can be resolved. Trying Binance is a good welcomeable idea because he should keep making findings and following an appropriate steps of ensuring of solving issues.

Thanks
Stalker22

CoinGecko is just a data aggregator platform that gives information about various cryptocurrencies.  You dont send anything to CoinGeck, but you need to use an exchange, either decentralized (DEX) or centralized (CEX) to exchange your coins. On the other hand, PancakeSwap is a decentralized exchange (DEX) that operates on the Binance Smart Chain (BSC).

The first thing you need to do is definitely identify which token you are actually dealing with because the USDM ticker can mean several different tokens on different networks. You must identify the correct smart contract address.

Hello

i am not sure about the mars on the end of the USDM for coingecko or not. Wether that makes a diff or not.  Or how it would exactlly work. I guess I would send the USDM from Multi to the USDM on coingecko, then re import it into pancake?  is importing into pancake the same as pasting a deposit. address?  I see there are several videos from google, on how to work with pancake

If i want to continue to use the multi-banks site I posted i am stuck with it USDM for awhile. The site does give the 100;1 leverage. And BTC  can go up and down 200pts several times a day.  Not sure how many platforms do this.  So, if you buy on the bottom of the red  it can go up 100pts in a few minutes. That's 100% profit. The other day BTC made a big up swing and did 400% in 2 hrs. I was able to ride that up then get out before it drops.  The site has reg agreements with Cyprus, Singapore and Australia. I have withdrawn all funds in USDM to my wallet once, as a test. I didnt even know it was USDM  cause the form says USDT, which is irregular.  And I did send 1400 directly to my bank, as anoher test.
But the secound time I tried to wire/withdraw a larger amount to my bank the sites's bank refused cause of a blockchain record of the 1000$USDM being refused by Coinbase.  Which was sent from my wallet, not the Multi-site.  I was flagged as suspiscious for " arbitrage". I did not realize that banks have access to all transcations, even one not being done with them. And they don't list the reasons behind any refused deposits. So, I cant say I fully endorse the site at this time.  I am in the process of withdrawing more, and will see how that goes.  Does not do much good to make a profit if you cant withdraw it easily

Do need to be carefull with pancake according to below. But as @oktana pointed out there is always good and bad reviews

https://www.reddit.com/r/pancakeswap/comments/ls1gxm/missing_funds_after_pancakeswap/

Coinbase is oldest crypto exchanges around. Regarding, using pancakeswap I agree, op should have used it, but I guess he didn't cause he's not-so confident about dexes.

But will arguing with them even solve anything? Sometimes support doesn’t care if it was their colleges that gave the instructions. They could even claim that they never asked you to do that. I don’t know so much about coinbase though I think I may have used it in the past, however, if I have a cryptocurrency to convert, pancake comes to mind because it’s simple and decentralized. If the trade can’t happen then it can’t, not all these stories they are telling OP.

This is my first time hearing about USDM, so I don't know if this is what the OP is talking about.
https://www.coingecko.com/en/coins/usd-mars#markets

If so, then I think you would probably advise you to stop using this stablecoin if possible, because it does not guarantee value compared to the fiat it wants to be tied to. And like @Husires, it's good advice to keep your stablecoins safer.

Looks like USDM can be swapped with USDT on pancake. It pulls it in from coingeko with a warning. So not sure about moving 10k. Maybe a bit at a time to check. Pancake has no customer support if something goes wrong so need to be real sure about any transfers
USDM is real. I did wire 1400 to my bank as reg US dollars. Unless that was just a set up.
The multi banks does allow leveraged 100:1 positions so a lot can happen in just 5 minutes

Thanks
I spent several hrs on phone with coinbase. Gee we sorry but too bad. Sent them the full etherium reports with all data. Not enough. Oh well

Coinbase does not support usdm, I dunno why would their rep say to transfer it there, why not argue with them, and say you said me to transfer and now say you can't recover?

You should have used pancakeswap to exchange usdm to usdt.

I have never heard of exchange and coin you are talking about. There is not much info about either on Internet, if I were to guess, it's scam and you lost nothing.

Oh my, that’s a really terrible news to hear. But really, support should be able to help you recover the funds. They may need some information from you, but it’s not something that you can’t provide… I mean; proof of transaction, KYC, etc. I once heard that this happened to someone on Binance and they did help the user recover all his money back. So, I do not know if yours is a thing with Coinbase or maybe it’ll be the same difficulty if it were someother exchange, but you have my best wishes, I hope you get your funds back.

Thank You oktana for all the feedback.
Have heard of Pancakes will check it out. I transfered The USDM out of Mult banks to my Trust wallet. Thought id lost 18K but somone showed me how to add USDM as a custom coin and the 18K popped up.  I was tld USDM is similiar to USDT.  Even on the Multi-banks website when you go to cash out it says USDT, but then they send USDM to my wallet.  But even when in the wallet you cant swap USDM to USDT

So tried to move 1000 USDM to Coinbase as one of thier reps said it would work. Well it does not. So I lost 1000 USDM in the etherium network someplace. Contacted several recovery services, most to no avail. Apparently its harder to recover funds refused at Coinbase then from scammers.  According to one recovery service who said there is not much I can do.  Coinbase said if they start to support USDM the 1000 will pop back up.
One recovery service said to deposit 550$ in a temp wallet and then they would put the 1000 in it.  i said no, as that's a known scam.

I’m trying to recall if I’ve heard USDM but, it still sounds strange. Anyway, do not always listen to reviews. From experience, I’ve seen some platforms which are very good but for some reasons, some person want to bring them down so they start giving bad reviews. So just try the platform out and see for yourself instead of wondering from the outside. If you look closely, there’s no  (no matter how good or perfect the app is) app that doesn’t have a bad review.

If the usdm has it own Blockchain then it would be very difficult for us to convert it to USDT due to so many reasons. If it has multiple chains then you might not have a problem converting it but first of all, you need to look for exchanges than have the coin so that you swap it to usdt which will enable you to do whatsoever thing you want to do with it even though you intend to swap it and sell it directly for exchange for fiat.

Yes of course but no exchanges I have seen listed in USDM. I searched CoinMarketcap and found that the USDM PancakeSwap is listed. But here I can say that OP's mentioned coin USDM can be swapped from PancakeSwap if it belongs to BSC chain. We may not be able to give the OP a better solution.

Volume doesn't look good on that USDM, if you can dispose them and exchange that to the listed exchanges on its coinmarketcap page, do so.

This gives him more options because, on the cmc page, there are only a few options to which exchanges he can swap or trade. He has to do that if he wants to get rid of it and trade it now.

If you are talking about this USDM then you can definitely try from Pancakes swap. I actually never swapped with USDM so I can't give you the exact result. I have looked on various exchanges but can't find USDM trading anywhere.