Topic: Warning: Do not trade with btctrade.im (Read 264 times)

Although my issue is resolved, what I have learned here is a scheme in which an exchange trick you into joining them by somehow controlling the price of specific coins. But when you bought such coins, an exchange will give you alibi and prevent you from withdrawing. As a result, you will be forced to convert the newly bought coins to other coins in which the exchange tell you to do so in order to make withdrawal. As a result, the exchange will get additional commissions out of the conversion. btctrade.im is one of such exchanges. Take my case as an example.

That's why btctrade.im not trustworthy and you should stay away from them.

At least now we know that they don't need your business, next time use more well-known exchange

Well I don't accuse them for selling their customer's information, but a shady exchange usually have something behind their sleeves.
Stolen IDs are sought out in DarkNet used for Identity Fraud, I won't go into details since I'm not sure whether it is allowed here or not, but here's a Wikipedia article.
https://en.wikipedia.org/wiki/Identity_fraud

Anyway, since your problem are resolved, feel free to lock the topic to prevent any further spam or necro bumps in the future

I never heard of the exchange sire before but since there withdrawing service took a week, sooner or later they will scam their used and this is why it better to use exchange site Nexybit which run their ANN thread and Signature campaign on this forum so you and I can both complain if something go wrong.

The important thing is that you did able to convert your DOGE to BTC and withdraw them back to your wallet.Its good that you didnt able to put up 1 BTC to trade.This would really be a lesson learned for you and making up trades into non heard sites isnt really on my vocalbulary and this is my first time on hearing out this exchange.If you dont like to be hassled once again better choose up another top tier exchange and by the way you can lock up this thread since the issue had been resolved already.Thank you

I could not wait any longer so I decided to convert DOGE back to BTC. Then I made BTC withdrawal request. This time it took less than 10 minutes to get approved and I received BTC in about 30 minutes.

I did some research and discovered that someone else was having similar issue when trying to withdraw BCH from btctrade.im. Here is the link --> https://www.reddit.com/r/BitcoinAll/comments/8bol8q/beware_btctradeim_rbitcoin/
In fact, I did some research about them before I opened an account but there are not many information about this exchange. May be because their website was mainly designed for Chinese. There are also restriction on countries that can apply with them.

I was hoping to do DOGE arbitrage since the price at btctrade.im is lower compare to other exchanges. Too bad I was forced to buy and sell DOGE with them. If this is how they operate then I think we should stay away. I learned my lesson and I hope anyone who want to trade at btctrade.im get a chance to read this post before they make their decision.

@teddy, since I get my coin back already, the only thing left for me to concern is the DarkNet you mentioned. I hope they don't sell my information. Just out of my curiosity, what can the buyer do with such information?

@magneto, my withdrawal was about 187,000 DOGE (about 0.1 BTC). I initially thought about depositing 1 BTC to trade but later on changed my mind since it is not a well known exchange.

@all, thanks for your feedbacks. I finally got my coin back!

well since you already deposited and your money is stuck anyways I would strongly advice to do what their support is telling you , for some reason they won't process DOGE withdrawal so try any other coin like ETH or LTC
I know it doesn't make sense to force a customer to do that , but you can't do anything

after you get your money make sure to never use them cause there are plenty of better exchanges

Yes, twitter is the best medium to call their attention.

As far as I know there's no network congestion so the support response to you is weird. I don't want to speculate that they are a scam site. But something is wrong here. As per coinmarketcap:


https://coinmarketcap.com/exchanges/volume/24-hour/

Pretty much there are huge volumes on their trading platform regarding Doge. Maybe you need a little patience and see how it goes in the next 24-48 hours.

Yeah you catched them on point, don't have prior experience with them and even I have never heard of them before so they might be just looking for extra fee from you or they might be running exchange with only partial reserve. I suspect some of the exchange operate with partial reserve so they can boost the volume and also can take fees allowing traders to trade against fake coin or fiat. They will be making money out of thin air if they does so.

Keep updating this thread ....Good luck on your withdrawal

Their response to you is pretty much nonsense, or their systems can't handle any sort of volume. Both of which should be alarming, because I don't see anything wrong with the Doge network itself. That excuse is pretty weak.

A simple doge withdrawal being pending for 24h is definitely not acceptable, though if you can reveal it, how much was the withdrawal? You shouldn't be asked to convert it to BTC simply because that means paying more commission and spread, and that's not the coin that you currently want to withdraw.

They advertise themselves as safe and reliable on their site. Definitely looks the complete opposite to their statements if withdrawals take 24+ hours to process.

Thank you for the info. They just replied to my email stating that withdrawal of DOGE is under internet congestion and suggested me to convert DOGE to BTC and withdraw again. I would believe them if I hadn't just made a DOGE transfer between other exchanges about one hour ago and it took less than 10 minutes. In addition, I would have to pay additional commission to them to convert from DOGE to BTC. Also, BTC network fee is more expensive than DOGE's.

I replied back explaining my experience with my other DOGE transfer and asking them to check their system. I will see what kind of reply they will have for me after this.

It is the first time I've heard of btctrade.im, try to wait for a few days, sometimes Customer Support takes a few days to reply to your ticket especially during busy days.
If you think it's a scam, feel free to open new topic at Scam Accusations.
https://bitcointalk.org/index.php?board=83.0
Since you already did their KYC your data are at risk if they are indeed a scam, your data could be sold on DarkNet easily  

Edit:
Try to contact their Twitter
https://twitter.com/btctradeim

I opened an account, submitted documents for verification and it took less than 24 hours to be verified. I can deposit and trade without any problem. But my withdraw transaction has been pending for about 24 hours despite what they mention on their website that the transaction will be approved within 30 minutes. Also their support never reply to me. Do not trade with btctrade.im!