Fake Exchanges Discussion

[xBDT Script 4371]

Let us have discussion about fake exchanges and how they fake it and all stuffs in this topic.

Very often we see people talk about arbitrage trade. It's true that arbitrage trade is a very good option to make money. For your info, arbitrage trade refers buying a cryptocurrency from an exchange where price is low and selling it in another where price is high. It may happen very often because of the supply and demand available in various exchanges.

But, scammers are everywhere. You may see significant price on a particular exchange and decide to buy bitcoin from other exchange and sell into that particular exchange. Before doing that, don't forget to dig a little about the exchange you are going to deposit because they may use fake volume to attract arbitrage traders.

Always use reputed exchanges only.

[hexwin 4931]

Like we see that 90% of coins are fake and they are not doing anything, same can be said for exchanges.
Most of them are full of bots and fake volume. They can also manipulate market, and steal from users high fees, or with hidden high fees like  some exchanges are doing

[xBDT Script 4371]

If we go to coinmartketcape we can see there are over 3000 exchanges and when we will do the calculation of the volumes then we will see infinite number volume LOL

These fake volumes are causing misleading to the space. By the way, I think they provide API. A small application of can prove us right. Just need to get the total usd of the exchanges they have in the list 😁

[cryptokram 102]

Coinmarketcap should list only those exchange with a 1,000,000 USD or more. but this will cause of another fake volume. If exchanges will have to pay their taxes i think the volume will be reduce as tax will depend on that but we dont want that. 

[hexwin 4931]

22 minutes ago, xBDT Script said:

If we go to coinmartketcape we can see there are over 3000 exchanges and when we will do the calculation of the volumes then we will see infinite number volume LOL

These fake volumes are causing misleading to the space. By the way, I think they provide API. A small application of can prove us right. Just need to get the total usd of the exchanges they have in the list 😁

I agree 100%  and I think that whole marketcap is also fake.
Nobod is trading millions of dollars of altcoins all the time, so they don't have value that is shown on cmc

18 minutes ago, cryptokram said:

Coinmarketcap should list only those exchange with a 1,000,000 USD or more. but this will cause of another fake volume. If exchanges will have to pay their taxes i think the volume will be reduce as tax will depend on that but we dont want that. 

That is not fair again, as they can manipulate it.
Anyone can pay them to be listed and advertised

[iloveyobit 6599]

and i think arbitrage is very risky  cause you can lose your money in the transaction , put a wrong wallet or somthing and say bye bye to your bitcoin , take care 

[xBDT Script 4371]

@hexwin aka hexy,

You are telling millions of dollars? I would say it's nearly to few trillion lol. I mean just check he total volume from first 10 exchanges. If one can count then it will be few trillions. Not sure how much is the word's total wealth actually LOL

Talking about fair and unfair? No one actually care and this is why in everything one really needs to do their own due diligence.

@SarapCrypto

Yeah, absolutely! This is why we see lot's of people are losing their hard earned money when they are trading just because they do not focus on the game. I once was victim of fake volume. I could not sell my tokens there at all. It was in Livecoin.

@iloveyobit

Well if you send it to wrong wallet then it's your own fault, you can not just blame anyone.
 

[lakhlomoha 485]

I think if you use the arbitrage from binance to bittrex or bittrex to huobi you can't have this problem with fake volume,they can't play with his reputation like that.

[cryptokram 102]

8 minutes ago, Awaremooner said:

If exchanges are bending to government rules on KYC, why can't these exchanges pay tax after milking most traders on their platform, encouraged pump for fake volumes. I believe if they will pay tax, the issues of pumps going on in exchanges will be fought by these exchanges

That is true but most traders dont want regulations. But that is the only way that government will regulate tax and be legal. in that case the transactions will all be recorded and paid. Which Fake volumes will be gone in this way.

[dhemasm 219]

Actually it is very easy to see fake Exchange, just look at the large volume but with the same order (Only the market history is running), Anyway arbitrage is indeed profitable but I think it requires large capital and a long time for every profit obtained, we must calculate the withdrawal fee, fee to send and choose coins / tokens from both exchanges to get a profitable 2-way arbitrage cycle (this is my opinion), let's say we buy 1 BTC on exchange A for $ 9000 and sell it on exchange B for $ 9100, we have to calculate the withdrawal fee, time used and of course the fee trade, after arriving at exchange B we sell 1 BTC at a price of $ 9100 and of course get a profit of $ 100 (less various fees, etc) So my calculations we only get $ 50, not bad but need to do very deep research.

Edited November 4, 2019 by dhemasm

[ajizz 195]

fake exchange?
to be honest i have never seen a fake exchange that took my money, but if the exchange was deceptive i never found it.
Bitker.com was a very bad exchange that I found, they took away my coins. shit exchanger 😞

[FlatterCar 696]

The most stupid exchange in my opinion is the Chinese Bitsdaq, as they cheated exactly at every turn. The first divorce was that they said that the price of one of their token would 20 cents, and when i left, I saw quite another.

[Emma 611]

On 10/30/2019 at 4:04 PM, xBDT Script said:

Before doing that, don't forget to dig a little about the exchange you are going to deposit because they may use fake volume to attract arbitrage traders.

really helpful. i was in a fond of these type of exchanges and found also many. when i checked reviews about hese sites, it was just negative and i was in a confushion. thanks for removing it.

[aika 286]

On 10/30/2019 at 6:28 AM, cryptokram said:

If exchanges will have to pay their taxes i think the volume will be reduce as tax will depend on that but we dont want that. 

It won't happen because most of these echanges are moving their bases to tax-friendly countries or countries that don't have laws respecting with crypto -yet-, so they can do makeup to these numbers to show a more successful business to their potential customers.

I saw somewhere that in 2018 someone did a research that showed that 80% of the exchanges had altered their volume numbers, that cound atract the owners from new ICO's too and the exchange could profit from there too.

 

[cuterthing 261]

On 11/2/2019 at 10:29 AM, lakhlomoha said:

I think if you use the arbitrage from binance to bittrex or bittrex to huobi you can't have this problem with fake volume,they can't play with his reputation like that.

But a lot of exchanges do this unfortunately.Once I had deposited my money to an exchange.I was doing %5 profits but everytime I tried to do it they didn't let me to do it.

[CryptoChief 76]

19 hours ago, aika said:

It won't happen because most of these echanges are moving their bases to tax-friendly countries or countries that don't have laws respecting with crypto -yet-, so they can do makeup to these numbers to show a more successful business to their potential customers.

I saw somewhere that in 2018 someone did a research that showed that 80% of the exchanges had altered their volume numbers, that cound atract the owners from new ICO's too and the exchange could profit from there too.

 

Yes taxes are easy to escape specially in crypto environment. Its common practice for new exchanges to pump prices and volume just to attract large traders and blind them with good privileges.

[yifnt 666]

Fake exchanges are easier to know than ICO / IEO projects, they are very bad in appearance, coin amount, volume is odd and very foreign. There have been many large exchanges available so it doesn't seem to be too much with fake exchanges because it's likely that many people won't touch it

[lakhlomoha 485]

15 hours ago, cuterthing said:

But a lot of exchanges do this unfortunately.Once I had deposited my money to an exchange.I was doing %5 profits but everytime I tried to do it they didn't let me to do it.

why they can't let you do that,there is other issue not the volume i think 

[Bitxalt 452]

someone who is an expert in the field of IT and network graphics will certainly easily copy the interface from another exchange, I used to be almost stuck with an exchange that is almost similar to bitfinex, so we have to be careful with that

[cuterthing 261]

11 hours ago, lakhlomoha said:

why they can't let you do that,there is other issue not the volume i think 

No it was about volume.They say they have a lot of traders.(they do fake trades too! Because they are ranked at coinmarketcap too) for example lets say you want to trade ltc.And it is right now 60 USD.At their website buy order is 55 USD and sell order is 60 USD.But when you put your order at higher prices none sells from that price.But when you cancel your order and watch them.They put their order at that price and their other traders sell it from cheap price to his friend

[lakhlomoha 485]

21 hours ago, cuterthing said:

No it was about volume.They say they have a lot of traders.(they do fake trades too! Because they are ranked at coinmarketcap too) for example lets say you want to trade ltc.And it is right now 60 USD.At their website buy order is 55 USD and sell order is 60 USD.But when you put your order at higher prices none sells from that price.But when you cancel your order and watch them.They put their order at that price and their other traders sell it from cheap price to his friend

OK i see that it's not really fair,i think they use some bot to automatic trade or something like that it's not normal in my opinion 

[lakhlomoha 485]

12 hours ago, Nuraini said:

You mean this exchangers have fake volume in and out?

No I mean that those exchange don't have a fake volume,they can't play with her reputation 

[Keith700 1885]

On 10/30/2019 at 6:04 AM, xBDT Script said:

Let us have discussion about fake exchanges and how they fake it and all stuffs in this topic.

Very often we see people talk about arbitrage trade. It's true that arbitrage trade is a very good option to make money. For your info, arbitrage trade refers buying a cryptocurrency from an exchange where price is low and selling it in another where price is high. It may happen very often because of the supply and demand available in various exchanges.

But, scammers are everywhere. You may see significant price on a particular exchange and decide to buy bitcoin from other exchange and sell into that particular exchange. Before doing that, don't forget to dig a little about the exchange you are going to deposit because they may use fake volume to attract arbitrage traders.

Always use reputed exchanges only.

This phenomenon of which we are considering has been in the industry for years, an exchange with false volume only makes traders waste their time and money, they are a kind of garbage that is approved by the same ambitious traders of crypto space.
Anyway, more are the people who use exchanges with real volume than false.

[on1k3n 470]

I've never bought crypto from one site, and sell it on another. I'm not going to be mad if the person makes money. That is the point in selling crypto. If you go to a store, you would shop around for the best deal. This really is no different, and as long as it's within the exchanges rules, then I don't see the problem. 

[Agios 1763]

The exchange is not registered, there is a greater chance of a lot of fraud. Counterfeit exchanges also issue worthless ICOs. Arbitrage trading is hype, there are large costs in withdrawing if we trade crypto with flat money (USD, YEN, EURO, etc.), usually the process takes too long so that it eliminates the opportunity to make a profit from arbritase trading, even we often lose. Fake Exchanges, usually with a sentence on the home page of the site, or with an ad Here Bitcoin Prices Are 10% Lower than Market Prices. This we must avoid.