Why and how cryptocurrency exchanges publish fake commercial volumes

[ayatoslaw 858]

On 4/21/2020 at 9:37 PM, hasdasdaw07 said:

I think these fake volume trades are created primarily to attract users and compete with other exchanges so I recommend you choose the top ones because they always have a large number of users and activities. so there is no fake story

Not everything as you said, because exchanges that have a high ranking in coinmarketcap sometimes still use fake volumes to increase their trading volume, one example is Latoken, because in the end Latoken exchanges have a bad reputation because of many cases and one of them is fake trading volumes.

[tienda 8776]

I think there are a lot of website exchange publish a fake volume on their website exchange platform, I see many members they have suggested to investigate that or to check that in Coinmarketcap, but my question is Coinmarketcap did some investigation about a such website exchange volume before they announce it on their website?....

[Nakamoto 279]

On 10/4/2019 at 7:05 PM, starwill said:

WHY EXCHANGES LIKE TO LIE?

I think you should add evidence to your announcement. How do you know and can make such comments? Because you are not someone we know and can be trusted. You are just an anonymous like me.

[NevermindNe 549]

On 13.03.2020 at 16:09, kadayakito said:

In fact, I don't like coinmarketcap, because it is dishonest and fraudulent in volume, the volume on coinmarketcap is almost completely fake. I am advised to use openmarketcap

I do not think that the site that binance exchange buys writes fake numbers in the volume of coins, if they wrote false data their application and site would not be used, if you do not like Coinmarketcap it use Coingecko

[gourav789 2834]

I also hear about it that there are many exchange that published fake volume to attract new user to their platform , I think there is not any method to track real volume as a result I always used top 10 exchange According to coinmarketcap for good result .

[Thekingcallme 1975]

I only deal with popular and powerful platforms like binance and yobit as well as I use strong and big currencies and this makes you avoid any fake currencies

[magd 5231]

Fake stock exchanges are widely spread, so I always recommend the famous stock exchanges and the new way they use to defraud, their way has become exposed and it is by promoting temporary fake codes until traders buy them and then these symbols disappear I suspect that we should become more careful

[Calvinpriva 17296]

They need to get more users in their exchanges and thats why they publish fake commercial volumes. This is very bad because there are many members who are using them and they get different things from what they thought.

[DreamStage 2105]

In terms of a web page it's simply rather easy to edit such data, by changing database values, introducing fake amount of data you will be able to basically blind everyone without them knowing you are having basically virtual added data out of the void.

 

Based on that no one can predict if an exchange is really showing you proper 100% true data or not.

[Virgil dijk 1431]

There are so many exchanges which give fake volumes, and this fakes volumes makes people think there are very reliable, for me to avoid exchanges which shows fake volumes, I go for the well known and trusted exchange like the coinmarketcap.

[Hfaragon33 29]

Crypto world its corrpted too, all manipulation comes always from the same way... big open fundation with theirs tentacles. Please.. use coingecko

[percare 3192]

On 10/4/2019 at 3:05 PM, starwill said:

WHY EXCHANGES LIKE TO LIE?

These exchanged want to produce big volumes and look attracting to investors. This is a big lie though and only a few exchanges are not doing that. As I see it the only exchanges that have real volumes and never been accused are Yobit, Coinbase and Kraken.

[duncun007 3577]

On 3/17/2020 at 6:16 AM, Whited35 said:

I am confused by seeing the trading volumes from the new exchange. I really do not believe them how they are able to get that much of the reputations which is causing the great 24 hours trading volumes on their exchange? Yobit exchange never shows the fake volumes. 

every new exchange wants to attract big players, and they know big players wont be coming in unless you already established a name for yourself in the market, and you have a high volume too. plus fake volume is what gets exchanges in problems with law enforcements. 

[yonkii 3205]

Is this really happening? I'm very surprised and isn't anyone telling these exchanges to stop being fake? They should understand that fake volumes means that they are not trusted. I wouldn't trust an exchange that gave me false information about their traffic and volumes. Why are people trusting these? It is a scam if you think of it more because they do that with a purpose to lie and gain from this.

[Whited35 15285]

On 6/12/2020 at 5:37 PM, Calvinpriva said:

They need to get more users in their exchanges and thats why they publish fake commercial volumes. This is very bad because there are many members who are using them and they get different things from what they thought.

@Calvinpriva It again floated to my screen 😂! Well, I have seen some new exchange with unbelievable trading volumes. You can check Imoex and IDCM may be they are still doing the same. Main intention is to attract users showing like it is the most used exchange with the large trading volumes. 

[rvbeus 22]

On 10/7/2019 at 9:36 AM, 1millionClub said:

If you don't want to deal with the fake volume exchanges you should avoid using coinmarketcap and find another alternative. I am using openmarketcap lately and I see they are handpicking the honest exchanges so you don't get fooled.

Coingecko is also really good. Don’t like cmc myself to much hyped and indeed fake.

[ShiNorton 906]

I think exchange shows up fake volumes to  attract  traders and investors. I have seen so many new exchange sites with the fake volumes. Some good exchange show the real volumes like one of the important  exchange  Coinbase. 

[jonhblack 285]

On 10/4/2019 at 7:05 AM, starwill said:

UNDERSTANDING THE VOLUMES OF CRYPTO TRADING
Like any other market, the crypto space has several entities that track the commercial activities that occur within it. These are basically transactions initiated and closed at any given time, the most immediate metric being a 24-hour period. That is what is called the daily trading volume of a cryptocurrency.

Cryptographic information resources such as CoinMarketCap publish these cited figures in monetary terms. The data comes from several encryption exchanges in the market.

Metrics also include the price of the cryptocurrency, total market capitalization, circulating supply and total supply. These figures are subject to change as they are affected by market forces at any given time.

The trading volume can also be affected by a rush to buy (buying pressure) or a dump (selling pressure).

WHY EXCHANGES LIKE TO LIE?
As much as the exchanges make Bitcoin trading much easier for everyone, they are mainly for the money. They charge commissions for transactions made through them. They also charge listing fees for new crypto fresh from ICO (Initial coin offer) and that need exposure. Exchanges with high trading volumes seem safer and more attractive, since anyone who reviews their figures assumes that the people behind those volumes definitely trust the exchange. Every exchange wants to be reliable.

However, if an exchange is not really high traffic, you can resort to falsifying volumes to achieve the same purpose of attracting new users and coin listings. That is what most of them are doing, according to the Bitwise study

You are right in what you mention, some time ago I heard from exchanges that they altered or manipulated the market volumes, but not only with good intentions, but to sell at a higher price 😒.

 

I think that now it is easier to detect when an exchange does this, thanks to the fact that there are many online tools in which you can check the price in real-time, which is averaged from the most popular or used exchanges.
One of them is CoinGecko.com, another could be CoinMarketCap.com .

 

Another way to find out about the real average value would be through social networks in reliable groups, also through information media about crypto that are reliable.

[Calvinpriva 17296]

On 10/11/2020 at 12:01 PM, Whited35 said:

@Calvinpriva It again floated to my screen 😂! Well, I have seen some new exchange with unbelievable trading volumes. You can check Imoex and IDCM may be they are still doing the same. Main intention is to attract users showing like it is the most used exchange with the large trading volumes. 

😂! @Whited35 I never heard those exchanges, let me check them. It's really bad because there are many traders who will be attracted by their trading volume and they'll be satisfied because not all traders will be curious.

[indio24 68]

They publish false volumes to attract future investments by manipulating the market, or to discourage users from buying or selling for us, and after all that nonsense of false volumes they make profits in commissions depending on the currency that is being manipulated.

[Michar1 1693]

What happens is that the means of earnings of an exchange is the collection of fees from all transactions, and the more users they have, the higher those transactions will be and the greater the profits for the creator of the exchange, something like that happened with the unii token, I think Only the bianance exchange had it active, but as soon as the airdrop was announced, other exchanges chose to activate it, but that is because people were only selling their tokens in binance and the other exchanges did not want to be left out.

Edited November 14, 2020 by Michar1

[Whited35 15285]

9 hours ago, Calvinpriva said:

😂! @Whited35 I never heard those exchanges, let me check them. It's really bad because there are many traders who will be attracted by their trading volume and they'll be satisfied because not all traders will be curious.

@Calvinpriva Imoex has sent me an email to migrate all tokens stored on there, more likely they are shutting down. Now you can just imagine how dangerous to prefer such exchange sites for the active cryptocurrency tradings ! 

[Omar Ommeish 4872]

On 11/23/2019 at 3:49 AM, xprince1996 said:

I think they doing it to attract more users to use their exchange because most of the traders want an exchange that has massive volumes to do scalping.

Yes, they do this in order to increase the number of investors in the platform, but we can rely on other sites in order to verify the volume for each currency.

[Roan 2166]

This is their way to attract more investor users to use the stock exchange, but we must make sure of the size of each currency before entering these exchanges through reliable sites and it is preferable to use more than one site to make sure.

[Jhon00 97]

Very good your explanation about how cryptocurrency exchanges publish false commercial volumes, I understood your point very well and I already know how it works so as not to fall into those false commercial volumes