The reasons you mentioned are objective, but from my point of view, it is related to not losing money but it does not talk about your profit making, which is the basis for depositing on the platform. You need to know about trading volumes, orders to buy and sell, whether the platform has defrauded anyone before, And others.
in my option, I was using one of the platforms for anonymous token and sudden surprises by turning the entire trading volume to zero, which means losing my money.
Topic: What do I need To know Before Transferring My Tokens/Coin to an exchange Wallet (Read 614 times)
June 20, 2020, 10:17:11 AM
June 18, 2020, 08:27:52 AM
I'm not sure if there's an exchange that gives you free withdrawal except if you transfer it into another user of the exchange (off-chain transactions, like Luno did). If I understood you correctly, then you're suggesting some exchange does not ask for withdrawal fee of ETH, BNB etc. Can you give an example of this?
Not totally free but you will pay on tokens that you hold on your wallet as fee instead of eth ot any blockchain network that have smart contract type. But you can check this tomoZ protocol by Tomochain, you dont need their coin tomochain blockchain in order to make transaction of your tokens. As long as your tokens have been trc21 type supported. Fee will be deduct on your tokens.
https://tomochain.com/tomoz-protocol
June 18, 2020, 01:45:50 AM
You also need to consider if the exchange platform has that kind of token to be exchanged to other cryptocurrencies. There are many exchanging platforms that are only limited for some cryptocurrencies and tokens, all are not capable of having all cryptocurrencies to be exchanged, so better to choose the right platform that you can use for trading, you may also make some research about the exchange platforms because some have updates on the next week or next month, maybe now they are not accepting tokens but in the next another day, they would accept it. You should follow some pages that the platform is included so you will be updated on some changes.
June 18, 2020, 01:18:29 AM
my advice would be don't forget about Mt Gox exchanges get hacked! buy whatever you want to exchange the move your coins. Unless your exchange is insured to cover your losses. triple check your addresses before sending it. I know that wasn't what you were asking but still, a very important reminder don't trust exchanges
June 17, 2020, 11:02:00 AM
- Do I require KYC before I can withdraw my tokens/coins
Much more dangerous and common is being KYC free up to a certain limit. But a lot of the time you get it thrown at you even if you're nowhere near the limit. That's how the shittier exchanges make some money. They'll either keep pretending that your documents aren't good enough or hope that you'll leave in disgust without withdrawing.
I wouldn't bother dealing with an exchange without proper KYC being done, and the exchange being half decent of course and there aren't many of those.
This is exactly what is happening to me. I submitted the right documents but they keep rejecting it for no reason.
June 16, 2020, 03:17:52 PM
Before Transferring Your Tokens To An Exchange You need to ask yourself some few questions like:
- What's the minimum tokens/coins i can Deposit or withdraw.
- Do I require KYC before I can withdraw my tokens/coins
- What's the withdrawal fee
- Is the token/coin I am transferring trading in this exchange so as to avoid loss of funds.
- What's the minimum tokens/coins i can Deposit or withdraw.
- Do I require KYC before I can withdraw my tokens/coins
- What's the withdrawal fee
- Is the token/coin I am transferring trading in this exchange so as to avoid loss of funds.
All of your questions depend on the site I think
June 16, 2020, 03:15:01 PM
You Need To Know As Many As Possible, Mostly, KYC System Supports Withdrawal Of 1 BTC And Above, Exchange Is Not A wallet Because It's Doesn't Generate Private Key, Mnemonic Phrases That's Why Most Exchange Were Hacked. The First Thing To Know Is Generation Of Addresses, Some Users Mistakes Sending BTC To ETH, Thereby Loosing Funds. If You Not Conversant With This Then You Making A Very Big Mistake In The Cryptosphere.
June 16, 2020, 02:27:11 PM
You also look at the pairs of the token you have before going into that exchange if the orders are enough to make a trade without you losing the money you assume to have. Trading with BTC is always good but for ERC tokens, you may not be able to trade well if it doesn't have enough demands. You'd rather be dealing with Uniswap than an exchange to risk your data.
June 16, 2020, 02:19:30 PM
- Do I require KYC before I can withdraw my tokens/coins
Much more dangerous and common is being KYC free up to a certain limit. But a lot of the time you get it thrown at you even if you're nowhere near the limit. That's how the shittier exchanges make some money. They'll either keep pretending that your documents aren't good enough or hope that you'll leave in disgust without withdrawing.
I wouldn't bother dealing with an exchange without proper KYC being done, and the exchange being half decent of course and there aren't many of those.
June 16, 2020, 12:43:26 PM
..snip..
I will also add some further considerations:- Are the tokens/coins available in the exchange? this is very important because we should not transfer the tokens or exchange in the wrong address.
- Is the exchange trusted? We also should think about the reputation of the exchange, its security, easiness, and also services. Some exchanges may have a negative reputation. So, you must be careful when choosing it and try to make considerations about the negative and positive sides of the exchanges.
- The fee to consider is not only for the withdrawal fee but also for other transactions fee. Sometimes, the fees are high enough. therefore, better to analyze it first.
- How is the trading volume? I will also condenser the exchange that has the great trading volume, no fake volume, and others.
June 16, 2020, 11:37:29 AM
1. Don't use new or less popular exchanges
2. Make sure you check if you can trade without KYC on exchange before depositing on the exchange
3. If you don't want to do KYC some few exchanges still accept trading and withdrawal but with limit of 5000$ per 24hrs for example binance and kucoin
2. Make sure you check if you can trade without KYC on exchange before depositing on the exchange
3. If you don't want to do KYC some few exchanges still accept trading and withdrawal but with limit of 5000$ per 24hrs for example binance and kucoin
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June 16, 2020, 10:27:33 AM
I want to add something more here,
1. You should also check the exchange wallet (specific coin) is maintenance or not. Because sometimes some shady exchange show wallet online during deposit but when you try to withdraw, it will show wallet maintenance. Many times I have seen this problem in yobit exchange.
2. Don't be greedy by seeing the price of the coin in x exchange is very higher than other exchanges.
3. Sometimes some shady exchange takes more time for example 12-24 hours or more. So you should know about the withdrawal duration. If you need the money fast then you have to think about it before making a deposit.
This is not all. there are more things we should think before deposit but it depends on the basis of the case.
1. You should also check the exchange wallet (specific coin) is maintenance or not. Because sometimes some shady exchange show wallet online during deposit but when you try to withdraw, it will show wallet maintenance. Many times I have seen this problem in yobit exchange.
2. Don't be greedy by seeing the price of the coin in x exchange is very higher than other exchanges.
3. Sometimes some shady exchange takes more time for example 12-24 hours or more. So you should know about the withdrawal duration. If you need the money fast then you have to think about it before making a deposit.
This is not all. there are more things we should think before deposit but it depends on the basis of the case.
June 16, 2020, 10:23:39 AM
That's right, the most important is the liquidity on the exchange you've to choose, trading volume can make you money deposited become worth it and after that the community feedback, something fraud or selectively scamming people are now most usually the same cases on most exchange. Next is always to read the ToS and FAQ on the exchange and of course, lastest update and announcement to avoid possible trouble ahead.
There is various stuff before you use the exchange because nowadays it's hard t trust for a smaller crypto exchange than the big exchange platform.
These factors should we consider.
There is various stuff before you use the exchange because nowadays it's hard t trust for a smaller crypto exchange than the big exchange platform.
These factors should we consider.
- Reputation
- Liquidity
- Security
- Trading Fees
June 16, 2020, 09:22:56 AM
The most important one is to check whether the exchange has enough liquidity for the said coin/token. Some exchange may have a very high price for a certain coin while on other exchanges, the price may be low. At that time, before depositing your coin to that exchange, check the trade orders whether you can sell your coin or there is very low amount of buy orders. It's very important. Some shit exchange may have very higher price for a certain coin but most of the times they don't have liquidity enough to even sell $500. In that case, you will lose the fee for transactions of the coin here and there.
June 16, 2020, 08:10:30 AM
-Is the wallet asking for fee or does they have free token transfer in case you decide to transfer again the tokens. Cause mostly you needed eth, bnb or any coin to support outgoing transactions.
I'm not sure if there's an exchange that gives you free withdrawal except if you transfer it into another user of the exchange (off-chain transactions, like Luno did). If I understood you correctly, then you're suggesting some exchange does not ask for withdrawal fee of ETH, BNB etc. Can you give an example of this?
June 16, 2020, 07:52:10 AM
Before Transferring Your Tokens To An Exchange You need to ask yourself some few questions like:
- What's the minimum tokens/coins i can Deposit or withdraw.
- Do I require KYC before I can withdraw my tokens/coins
- What's the withdrawal fee
- Is the token/coin I am transferring trading in this exchange so as to avoid loss of funds.
You done good work for yourself as these are very important things for any person few more now we have issue with blocked countries check is your country in good list of exchange and choose right address as many done some mistake and lost good amount of funds mean send your tokens to relevant address. - What's the minimum tokens/coins i can Deposit or withdraw.
- Do I require KYC before I can withdraw my tokens/coins
- What's the withdrawal fee
- Is the token/coin I am transferring trading in this exchange so as to avoid loss of funds.
June 16, 2020, 07:46:53 AM
You can also add:
-Is the exchange wallet is legit or dont have any history of scam or fraud activity.
-Is the exchange wallet support the token type you are going to transfer.
-Is the wallet asking for fee or does they have free token transfer in case you decide to transfer again the tokens. Cause mostly you needed eth, bnb or any coin to support outgoing transactions.
These are good precaution so newbies would know what to expect and will not regret sending tokens cause there are some exchange wallet that has so strict rules.
-Is the exchange wallet is legit or dont have any history of scam or fraud activity.
-Is the exchange wallet support the token type you are going to transfer.
-Is the wallet asking for fee or does they have free token transfer in case you decide to transfer again the tokens. Cause mostly you needed eth, bnb or any coin to support outgoing transactions.
These are good precaution so newbies would know what to expect and will not regret sending tokens cause there are some exchange wallet that has so strict rules.
June 16, 2020, 07:35:47 AM
Before Transferring Your Tokens To An Exchange You need to ask yourself some few questions like:
- What's the minimum tokens/coins i can Deposit or withdraw.
- Do I require KYC before I can withdraw my tokens/coins
- What's the withdrawal fee
- Is the token/coin I am transferring trading in this exchange so as to avoid loss of funds.
- What's the minimum tokens/coins i can Deposit or withdraw.
- Do I require KYC before I can withdraw my tokens/coins
- What's the withdrawal fee
- Is the token/coin I am transferring trading in this exchange so as to avoid loss of funds.
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