Why are crypto exchanges not truthful?

Darker45

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Quote from: goinmerry on October 27, 2022, 01:58:25 PM

Quote from: wiss19 on October 27, 2022, 02:49:50 AM

Up until now, these marketing tactics are still there and those platforms weren't even punished for doing this because we still see them operating. The only thing that we can do for now is to avoid using them and use only an honest exchange site.

Technically, those exchanges are honest. It's just that marketing-wise, a catchy phrase is necessary. Besides, all details about the welcome bonus or promotions are supposed to be on the terms. It's just that some users easily believed what they saw on the promotions without bothering to look at the terms.

Common sense, please. Can't believe there are people expecting exchanges will give free money, especially a considerable good amount?

They're half truths, so they're also half lies. But they're not total lies and so they're apparently allowed to do it.

Yeah, common sense, please. Are we born yesterday? Are we not familiar with half lies in ads and other marketing strategies? Have we not encountered the use of superlative adjectives in promoting brands of goods and services? Words like best, most, highest, biggest, fastest, largest, and so on are very common among ads.

Why should we even be surprised? Bybit, Bitgert, Crypto.com are not charity organizations. They're businesses.

goinmerry

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Quote from: wiss19 on October 27, 2022, 02:49:50 AM

Up until now, these marketing tactics are still there and those platforms weren't even punished for doing this because we still see them operating. The only thing that we can do for now is to avoid using them and use only an honest exchange site.

Technically, those exchanges are honest. It's just that marketing-wise, a catchy phrase is necessary. Besides, all details about the welcome bonus or promotions are supposed to be on the terms. It's just that some users easily believed what they saw on the promotions without bothering to look at the terms.

Common sense, please. Can't believe there are people expecting exchanges will give free money, especially a considerable good amount?

NotATether

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bitcoincleanup.com / bitmixlist.org

THere
Aint
NO
Such
Work
AS
Honest
Exchanges
Rewarding
E-Money

There, I made an acronym so you'll never forget that exchanges never hand out free money without srings attached. Besides, how can you forget that when "Thanos was here"? Grin

Rikafip

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Quote from: wiss19 on October 27, 2022, 02:49:50 AM

Up until now, these marketing tactics are still there and those platforms weren't even punished for doing this because we still see them operating.

Punished for what exactly? This type of marketing is used all across the world for all type of businesses but its up to people to read the fine print instead jumping on the offer and then complaining later. Rule of thumb: when something is too good to be true, there is some fishy going on.

wiss19

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Do you really think someone will gave you 1.5k dollars after a deposit just like that? I even saw 10, 20 and 50 dollar offer but still, I didn't bother checking them since I know that it was only a trap to make you sign up on their platform and if you will look at their terms and service page, that's the time you will know the real condition of the bonus and what you will need to fulfil before you can get them for real.

Up until now, these marketing tactics are still there and those platforms weren't even punished for doing this because we still see them operating. The only thing that we can do for now is to avoid using them and use only an honest exchange site.

posi

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It's just a little trick in the form of marketing, you don't have to get mad just because you didn't get that free money. Nothing in this world is completely free, I believe that if you open exchange or start a business, you will also find a way to attract your customers. In this case I wouldn't blame them because it's a business, but if you're not greedy and do a little more research before signing up, I think nothing will happen. If you are into the stock market or the forex market, you will see these exaggerated advertisements often and I have not heard anyone say that they are lying if you understand the rules.

YOSHIE

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Quote from: Crypt0Gore on October 12, 2022, 01:13:31 PM

Some crypto exchanges are so annoying, they lied to new users just to make them sign up on their websites, what is there gains luring people with this trick that ruins their trust?

I frequently see and receive emails from several crypto exchanges operating in my area, as I quote below.

Quote

Get Bitcoin cashback worth a total of tens of dollars by only buying Bitcoin worth $100 (including 0-0.51% tax) and keep it for 7 (seven) days during the promo period.

Quote

Let's have fun together by testing your creativity! Can get a total prize of $ 70 USDT, for 10 winners.

Those are just two examples, there are hundreds of reward methods from exchanges that come and notification via advertisement or email to me, it's just that I ignore all of them, none of which I respond to.

I just think, as long as the exchange is legal and has a responsibility to its users and does not harm me, of course the gift is not a real burden for me, my goal is not a reward for registering on that crypto exchange, trading and investment main purpose, a second question prize.

The Cryptovator

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You should learn nothing is free in the world. Exchanges just use tricks to attract traders. At first look you will think it's free when you enter inside you will realize nothing free. There are a lot of conditions that should be read before your actions. Just try to read their terms to avoid such greedy offers. You did a good thing by sharing with forum users. Others won't fall into this trap BTW.

rat03gopoh

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Quote from: Trx3 on October 13, 2022, 02:00:42 AM

Quote from: rat03gopoh on October 12, 2022, 02:17:47 PM

There's no free lunch, let alone for a month.
To avoid this kind of dishonesty, then stop being greedy.

Where is the greediness here? Coming from popular exchanges like Bybit and Bitget how will anyone knew that this is just an advertising strategy? This bonuses is not from a cloud mining industry or a gambling website or random tweets on Twitter and you called it greed? You don't know what you are saying.

Why don't you ask the op where he clicked on the (questionable) ad? then you'll know where he was tempted by the bonuses. Most of the ads are created by third parties can even be left flying even after the program has expired, and the ads have a limited space that doesn't need to explain the nitty-gritty of requirements that the average user is likely to avoid.

I think everyone knows that service never gives, but offers. "We'll give this much if you give what is worth it".
I know what I'm saying.

hugeblack

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Ads are always misleading, but reputable companies should give good promises and not just lies, I don't know, but instead of clicking on the ad, please ask the support team or go to the terms of use to verify the information before logging in.
This is how you will deprive them of getting your data for free and you will make sure of the reliability of the platform before you get deceived by more.

Pmalek

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Quote from: Crypt0Gore on October 12, 2022, 01:13:31 PM

Some crypto exchanges are so annoying, they lied to new users just to make them sign up on their websites, what is there gains luring people with this trick that ruins their trust?

You kind of answered that question yourself. Like it or not, you registered on their platform and you deposited money trying to take advantage of the offer. That's what they gained. They gained you as a customer. Maybe a dissatisfied customer, but still. You aren't the first to fall for it and you will certainly not be the last one. Many other people have probably seen that ad or a similar one and went to check it out.

Despite what the ad says, you should always confirm what is true by reading the TOS and speaking with the support before depositing money. When you send them your coins, you have to play by their rules. They can ask you to verify your identity and that information can and will be shared with 3rd-parties. If they don't like what they see, they could freeze your crypto and ask you additional questions about its origin, etc. Before you can withdraw YOUR MONEY, you will need to pay a withdrawal fee, maybe even complete a trade and lose some more money to them.

bitmit.exchange

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Nothing is free, but air!
Their business is in making you to do something but after taking your money from you.
Make sure you read about each exchange you wanna choose before moving further and making any trades on their platforms.
Review sites can help you as well.

pooya87

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To be fair "advertisement" has always been about lying, or better say to "bend the truth" about a product or service. Cryptocurrency exchanges are obviously doing that in order to attract more users and most of their methods are obvious too so you can't really complain. For example you can't really expect them to just give you free money (like $1500) for just signing up! They aren't running a charity, it is business and be sure that the money is not free, they have to earn 10 times that much from you to be able to afford it otherwise they will go under.

Trx3

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Quote from: rat03gopoh on October 12, 2022, 02:17:47 PM

There's no free lunch, let alone for a month.
To avoid this kind of dishonesty, then stop being greedy.

Where is the greediness here? Coming from popular exchanges like Bybit and Bitget how will anyone knew that this is just an advertising strategy? This bonuses is not from a cloud mining industry or a gambling website or random tweets on Twitter and you called it greed? You don't know what you are saying.

tranthidung

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Quote from: Crypt0Gore on October 12, 2022, 01:13:31 PM

Some crypto exchanges are so annoying, they lied to new users just to make them sign up on their websites, what is there gains luring people with this trick that ruins their trust?

It only ruins their reputation if it is not common in the industry or in society. If it is common, it is not harmful because community is familiar with that already.

Quote

I signed up on Bybit through an ad that says free 1500$ for first depositors and after clicking I was forced to make first deposit and I later find out that the free 1500$ is for futures trading and you still need to trade futures with your money, why can't the ad says free 1500$ for futures trading?

It is a marketing trick. Similar to when sell price is something like $999 rather than $1000. Just a marketing trick and somewhat gives people more comfortable feeling when they want to buy something. About bonus, it is attractive for users but you should read more details at their website about a specific program. Don't think you get all information in an advertisement banner that is short and contains keywords only.

If you are seriously, spending a few minutes to read their full details about that program is not a big issue.

cryptoaddictchie

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$1500 is big for a deposit reward and from there we should already seen that the marketing is hoax or just a gimmick to lure you guys. I dont think anyone on their tight mind as well to give that huge reward just by depositing funds and it will be spammed by fake accounts or trying to claim multiple rewards. This is hurting actually but we must also consider that ads like that are created to gain hype and yeah this is a bogus marketing and its well known on crypto community. Dont waste your energy for signup promotions on ads like this.

PX-Z

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You see, this is not just on cryptocurrency market but almost in any kind of financial related services, this is called marketing gimmick. But surely if you will observe carefully, these are mentioned on their marketing mechanics or terms. That's why you need to read this very long, boring article to save your ass.

decodx

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As long as there are people out there who want to get rich with little effort, these schemes and fake "free money" opportunities will continue popping up online. That's the sad truth about internet scams, and this isn't something that's going to end anytime soon. I'm not saying that everything out there is a scam, but you should always make educated judgments, read the fine print, do your due diligence, and never be lured in by a deceptive ad campaign. Only then will you avoid the dangers ahead.

coolcoinz

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Quote from: rat03gopoh on October 12, 2022, 02:17:47 PM

There's no free lunch, let alone for a month.
To avoid this kind of dishonesty, then stop being greedy.

You don't have to be greedy to fall for false advertising. What if they told you that you could buy one and get one free, but when you actually buy it you are told that it's only times 4 so you have to buy 4 to get 4 free? Technically they aren't lying, but they aren't telling the whole truth. You could not need 4 of these items, or you could have not enough money on you to buy so many.

Be greedy, but read the small print.

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Quote from: Crypt0Gore on October 12, 2022, 01:13:31 PM

I signed up on Bybit through an ad that says free 1500$ for first depositors and after clicking I was forced to make first deposit and I later find out that the free 1500$ is for futures trading and you still need to trade futures with your money, why can't the ad says free 1500$ for futures trading? It's same with Bitgert...

There is something called marketing strategy where a company may highlight something enticing from their terms and condition and those who are lazy to follow through reading and actually understanding the complete terms and conditions, may be fooled. This is money we are talking about here you don't expect them to just make the process of getting it as easy as it seems, you have to do something for them for them to do something for you that's how it works, nothing goes for nothing.

Next time to avoid being fooled, be sure to read through completely the terms and conditions of any exchange you want to use before you sign up, don't simply be lured by the promise of money.

Dunamisx

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Cryptocurrency exchanges cannot appear been truthful to you in trying to satisfy you as you'd always expected because it will be to their own detriments as they were all out for business as well, the worst harm you could also do to yourself lies in giving attentiveness to every of their adverts, ads, and sweet quoted post, all is to bring you in to their altcoins patronage and other services been advertised and ones you get into it you begin to discover new things entirely from the ones initially thought or expected.

Charles-Tim

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Some exchanges are just shady.

Quote from: Crypt0Gore on October 12, 2022, 01:13:31 PM

I signed up on Bybit through an ad that says free 1500$ for first depositors and after clicking I was forced to make first deposit and I later find out that the free 1500$ is for futures trading and you still need to trade futures with your money, why can't the ad says free 1500$ for futures trading? It's same with Bitgert... The most annoying one is Crypto.com

You were lured by $1500. You should not have believed that. Even if you go for future trading, I do not believe that kind of money would be given by an exchange.

Just also know that some sites have sweet ways of luring newbies which would later not be true.

DdmrDdmr

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The online Ads should, were they to be ethical, at least include a link to the promotional terms. Nevertheless, ethics is not a high priority, and tends to fall well below moneymaking. Some countries have stricter rules and regulations that apply to the cryptosphere, although I don’t expect this to be a general norm.

For example, Spain recently explicitly regulated crypto-asset advertising, and although it’s something relatively new, it does mean that clearly deceiving campaigns can and will be denounced to the concerning authorities. There are also prerequisites (in Spain) for campaigns that have an intended audience of over 100K viewer impacts, with a mandatory pre-communication to the supervisors, who could demand changes or a halt altogether. We’ve still yet to see how it plays out in practical terms there.

nakamura12

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That's the scheme that many exchanges do to attract people by false advertisements. The thing is you should never believe anything that says free money especially that kind of amount which is not small to start with and surely it requires something that you should do after you get that so called free money if what they claimed is true. If you want to find an exchange that you can trust then better find it yourself rather than choosing an exchange that you saw in an ad. If you want to find an exchange much faster and also through ads then you should make some research or exploring first before depositing any funds. What I see is that you are being greedy when you saw the ad that says free $1500. There is no such thing as free money all the time (since there's some platform gives free money around $5-$10 per person but limited only and also very seldom to happen).

rat03gopoh

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There's no free lunch, let alone for a month.
To avoid this kind of dishonesty, then stop being greedy.

mk4

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It's just typical shady marketing. They're technically not wrong, it's just that they didn't specify the details. Be prepared to see a lot of those not only in the cryptocurrency space, but even in the broader finance industry.

NeuroticFish

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Quote from: Crypt0Gore on October 12, 2022, 01:13:31 PM

these people are just liars.

Yes, they are. Their aim is to get you signed up for their platform. They hope they may like the platform, get over their initial lies and remain there, since you've already filled KYC.

I've seen such behavior in all kind of stores/business. Some years ago in my country, a certain car maker had advertising about cars starting from price_x. I've found out soon that allegedly they only had one car (for the entire country) at that price, but the strategy was to get people into the showroom and .. show what they had (at higher price, obviously).

My take? Don't just sign up for a platform because of the ads, since you can easily go to even worse experience, like getting your money stolen by scam platforms, which also put out banners here and there.
Also, you may want to read Why KYC is extremely dangerous – and useless; it should hopefully make you understand that 25$ is not worth it, even if it's real.

Crypt0Gore

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Some crypto exchanges are so annoying, they lied to new users just to make them sign up on their websites, what is there gains luring people with this trick that ruins their trust?

I signed up on Bybit through an ad that says free 1500$ for first depositors and after clicking I was forced to make first deposit and I later find out that the free 1500$ is for futures trading and you still need to trade futures with your money, why can't the ad says free 1500$ for futures trading? It's same with Bitgert... The most annoying one is Crypto.com

Crypto dot com promised 25$ on new users signing up through a popular Youtuber and after KYC verification they revealed that you have to buy some CRO in thousands before you can claim the free 25$, these people are just liars.

Topic: Why are crypto exchanges not truthful? (Read 316 times)