Share your experience with the bad exchanges

[cooperallch 349]

I had a lot of bad experiences with exchanges, including loss of funds due to hacker attack, scam from the exchange itself and that is very discouraging

[Relium 424]

my worst cryptocurrency exchange experience happened on bitmart. When i was young (17 i guess) i signed up their website for trading my ubex that i received from airdrop. I deposited my ubexs for trading and traded them to ethereum but when i want to withdraw this ethereum to my own wallet some issues have happened. They asked me for kyc which i can't do because i am not over 18 at that time. I tried to tell them i am not 18 but they don't really care my situation and locked my account. My funds still holded in bitmart, i am over 18 now but they are not unlock my account.

[George10 9932]

On 9/20/2020 at 11:36 AM, lowty it said:

I had bad experiences with exchanges, as I deposited my funds in an exchange called Sistemkoin and the exchange disappeared with my funds claiming that I was hacked, although no one had my password

That's too bad mate and I have seen many of scam exchanges out there they lure people by displaying very attractive rates on certain crypto currencies mostly they do claim to exchange bitcoin to etherum at attractive rates,we need to be careful with such exchanges they are scam and we should use exchanges that are well known and rated positive on trust score index or Google.

As for me I have not encountered any bad experience while using any exchanges that I'm using so far which are yobit and changelly.

[mattsett 120]

I had a bad experience with the Cryptopia exchange, I had some funds in the exchange and it was hacked and these funds are currently lost, but I hope to recover them someday if that is possible

[Naga 1250]

one of the exchanges i used and had bad experience with is hotbit, i loved how it had a lot of liquidity and decided to try it but sadly most of the bids on coins are spoof bids that rack up the liquidity.

[yonkii 3205]

On 8/8/2020 at 2:22 AM, Jami273 said:

-short of buyer-seller,

-shows fake trading history,

-take too much time for withdraw,

-high trading and withdraw fees,

-not related with real crypto market,

-big gap between a coin's price with the  original price 

-less security,

-sometimes many coins are vanished etc.

I'm in shock after reading all these can happen, these are scam exchanges and we are not even need to look in them but if we have money there pray to be able to withdraw fast before they scam us. 

This is why I have chosen Yobit and not changing it with anything else. I'm feeling secure and happy to trade in Yobit and if you are trading in another one you have to use Yobit.

[annayks 2314]

I have tried trading in exchanges where I was the only trader and some bots along with the owner was counter trading me. I left of course and I was lucky they allowed me to withdraw. In other occasions I joined exchanges to sell some altcoins and the altcoins are still there an the sell order awaits for years at the minimum too. There are exchanges that maybe they are not scam but have very low trading happening.

[Fixfin 2569]

I had bad experience with some exchanges that shut down and I lost my cryptocurrencies. It was small amount and I didn't mind so I didn't have a big negative experience.I try not to hold a lot of coins or money in exchanges because I don't trust them enough. Some are ok but there are always big dangers and we need to know how to use cryptocurrencies.

[cryptovlek 2597]

I didn't have these experiences you mentioned but I have read about exchanges suddenly stop withdrawals and the CEO dying while holding the private keys alone, and many more bad experiences of others. These have made me more suspicious of some exchanges so I'm only using now some that I can be more safe than the rest as Yobit exchange, have some wallets to split the coins and use also DEX to trade a few tokens.

[buildupks 38]

Indeed I have had bad experiences with a couple of exchanges that I will not mention since the purpose of the issue is not to create controversy towards these exchanges, but to share that bad moment.

Specifically, these two exchanges shared the same annoyance, very high withdrawal rates where for btc it exceeded $ 11, which is a total scam and completing an operation was very slow, you could be perfectly more than 48 hours waiting for it to be completed with respect to the withdrawal time The funny thing was that the speed was relatively fast in 1 hour or less it was completed, even so, due to the qualities described above, I no longer continue to use or recommend them.

[kryptonick 2659]

On 8/8/2020 at 2:22 AM, Jami273 said:

big gap between a coin's price with the  original price 

Price has no gaps but if an exchange or a token has very low liquidity you may have bought it very high and to sell you have to put a sell order that maybe it will take years to reach. This is not making an exchange scam but it is a sign they don't support a lot of coins.

[duncun007 3577]

14 hours ago, Seyeumi said:

I'm had a bad expirience with Binance exchange. I did the mistake to trade at their exchange and I'm lost money. I wouldnever lose this money in Yobit because it is a good exchange that cares to be good to the customers and not trick us to make mistakes when we are trader. If you are use the Binance do not trade the isolarated margin guy. I'm not even knew what I was do there and I'm only lose money for no reason because time passes. This is very bad to have on an exchange it is a trap for newbies like me. Yobit is has nothing to make us lose as this margin trade.

well then with all due respect but it seems like you lost the money due to your inexperience in trading features in binance, you should blame yourself and not the exchange because you should have learned first before you trade there.

[veimaralex 83]

I have a bad experience with Mercatox due the requirements that this platform requires and the excesive transaction fees, i will never reuse mercatox.

[Mella 3680]

I am not have had a very bad experence with an exchanger until now but I am had the pain to do the kyc on the coinbase exchange because when I am starting it was hard to find anohter way to trade and be safe. I am read and said it is the safest trade to exchange and it was take me one week. Lukcy I am made and had next found yobit that saved me a lot.

[Ridam 7455]

Talking about my experience with bad exchange there is no such records. I use only the exchange with good amount of trading volume and the one that doesn't asks kyc. I'm using Binance, Yobit for a long time and though I'm not a big trader I haven't faced any problems or issues upto now. Binance had got hacked that was bad incident happened but they manage to recover the funds of users which is pretty good action taken.

[Sykkuno 2887]

I have coins stuck in exchanges that had very different prices from other ones and made mistake to buy and then could not move out because wallet was offline. This happened with the livecoin exchange and the coin was had some blockchain problem that didn't inform of a hard fork the exchange. The coin was mona and I'm not even holding these now because it was delisted.

Edited October 10, 2020 by Sykkuno

[Naga 1250]

On 10/10/2020 at 10:47 AM, Ridam said:

Talking about my experience with bad exchange there is no such records. I use only the exchange with good amount of trading volume and the one that doesn't asks kyc. I'm using Binance, Yobit for a long time and though I'm not a big trader I haven't faced any problems or issues upto now. Binance had got hacked that was bad incident happened but they manage to recover the funds of users which is pretty good action taken.

just a gentle reminder that binance so far is allowing people to trade without the use of KYC, but this could change at any minute now, they are still working on it but regulation could strike the binance exchange at any moment. yobit is much safer.

[roymundo18 27]

I use yobit, yobit is not a bad exchange, I have seen many other exchange to join but I do not because there are many bad exchanges.

[parakazanix 68]

I am very lucky, l have never traded in a bad exchanges. But we had a local exchange. There was neither volume nor transaction inside. They create trading volume by trading on their own. 😆😁

Edited October 20, 2020 by parakazanix

[Heisenberg 3301 1]

Now am using only yobit and LBC for P2P exchange.

[Dormilon 2183]

On 8/7/2020 at 7:22 PM, Jami273 said:

Hello everyone.
We all have used different exchanges in different time.Between those exchange some were excellent but a few of them were worst.These have so many problem like

 

-short of buyer-seller,

-shows fake trading history,

-take too much time for withdraw,

-high trading and withdraw fees,

-not related with real crypto market,

-big gap between a coin's price with the  original price 

-less security,

-sometimes many coins are vanished etc.

 

So i want that if you ever have experienced any of these problem in an exchange share with us about.By this we all may might have a great concept about the exchanges.We might not face any problem with those underrated exchanges.

 

Here's mine:
The worst exchange i have ever used is finexbox.com.It has so many bad sides like too short of buyers and sellers,fake trading history,very high withdraw fees,too much time needed for withdraw.

 

So write down about yours and help each other.

 

And for beginners,I want to say that before start using any exchange,loot at it's ranking on Coinmarketcap or Coingecko and see some review about it.

 

@Jami273 In the last few years many exchanges have closed, others have changed their usage policies, I got to know Cryptopia and Tradesatoshi, both of them closed and many lost their coins, fortunately I did not lose money on them.
I was also in others who changed their use policies and that is why I left, currently I use, Yobit, Unnamed and Binance, Stakube on occasions, they have all given me good results, but I am always aware of what happens around and I do not leave all my money in them, that is a very bad idea, with being attentive we minimize the risk, we must look for serious platforms that have good support for users, fast and safe withdrawals, online wallets mostly among other things.

[Kami505030 1617]

I am facing extremely bad experience with Bibox exchange now a days. Some of my tokens are stuck there and when i try to withdraw so it requires sms option, i have put my own number for confirmation but i am receiving no msg from the exchange and hence my tokens are cannot withdrawable now.

[Jromz 2158]

I recently had a bad experience with OKEX exchange after one of the founders was arrested and put under investigation by the Chinese government, this caused user funds to be paralyzed and they cannot be withdrawn from the platform till further notice. This has been quite annoying as I usually transfer funds between my exchanges' accounts on a regular basis. I just hope this situation can be solved soon, so I can take all my funds out of there.

[GanBin 705]

I know only two exchanges that are good for now according to a good research, binance and yobit, i do not use bad exchange, I am using only yobit for now, and later will use binance, I think that can not result to bad experience. 

[tienda 8776]

11 hours ago, Jromz said:

I recently had a bad experience with OKEX exchange after one of the founders was arrested and put under investigation by the Chinese government, this caused user funds to be paralyzed and they cannot be withdrawn from the platform till further notice. This has been quite annoying as I usually transfer funds between my exchanges' accounts on a regular basis. I just hope this situation can be solved soon, so I can take all my funds out of there.

Dear @Jromz is sad to heard about what happened with all OKEX users, I hope they will resolve this issues as soon as possible! But thank you for sharing your bad experience here! also we thanks @Jami273 for introducing this interesting content, because the goal of this topic is sharing our experiences to avoid fails.