Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: ayatoslaw on April 30, 2019, 03:35:09 AM
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a few weeks ago my friend tried to trade in one of the low-volume exchanges,
but not long after the funds are entered in the exchange, suddenly my friend gets a Withdraw notification in his email,
because my friend didn't feel like withdrawing, he tried clicking the cancel link but it failed, and soon the withdrawal was successful and my friend lost the funds,
I tell stories not to mean low volume exchanges with many hackers, but I only urge caution if trading in low-volume exchanges, especially centralized exchanges rather than decentralization.
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I am also concerned about what your friend has experienced. Does your friend not activate the google authenticator / 2FA feature?
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Yes, that's right. In my opinion, low-volume exchanges are prone to problems. It's better to avoid trading with exchanges with low values. Avoiding is better than a problem.
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Trading at small volumes will be very detrimental, because we will get long profits, it is better to trade on large volumes
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Never trad in the low volume exchanges. If the coin/token isn't at the better exchange (I mean the exchange with good volume) wait few weeks or months. Maybe this coin/token will appear at the better exchange.
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Because new tokens-coins are listed only at those exchanges we all have to use them. But 2FA or trade password etc. may solve such problems. We should always be careful when we use such exchanges.
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Strangely, of course this can happen to everyone and on any cryptocurrency exchange, so it is best to use proven exchanges for trading or if you want just to sell or buy any token, at least you need to check the reviews about any new exchange before you want to trade on new exchanges.
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First thing we need to be careful with Internet money is safety. Exchanges are the places that we store our money so they must be very secured and reliable ones. I never even trade coins/tokens with low volume on a well-known exchange, not to mention trading on a low volume exchange. Even on huge exchanges, we should withdraw a majority of money and only leave am appropriate amount for trading.
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Yes, you are right, I have seen fraudulent exchanges and my friends have also suffered losses, such as Extoke and Bitpaction that I know are fraudulent projects.
in 2018 I saw many new exchange projects that provided a lot of comforts when trading, but in the end, developers easily spent the funds saved on the exchange. we must be careful not to make a deposit on an exchange that has a low trading level and make sure not to save crypto assets on any exchange.
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Very good observation, low-volume exchanges are very risky. Many low volume exchanges nowadays are scamming people with exit scams. be very careful with them.
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a few weeks ago my friend tried to trade in one of the low-volume exchanges,
but not long after the funds are entered in the exchange, suddenly my friend gets a Withdraw notification in his email,
because my friend didn't feel like withdrawing, he tried clicking the cancel link but it failed, and soon the withdrawal was successful and my friend lost the funds,
I tell stories not to mean low volume exchanges with many hackers, but I only urge caution if trading in low-volume exchanges, especially centralized exchanges rather than decentralization.
Maybe you should tell us about this exchange so we don't go to it. This will be useful. I have traded on many exchanges, Always everything was fair. Before you trade it is necessary to study the reviews of the exchange.
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This is how cryptocurrency being destroyed by bad people, and misguiding the people who want to enter in the crypto-world. They are the reason why people keeps telling that its not worth in crypto-world. They keep complaining that the market sucks and cryptocurrency will not return from what happened on 2017 but it is all because of them.
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Avoid exchanges with low volumes. Because you will only get into trouble if you are forced to trade in a low volume exchange.
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I am always careful in trading in low volumes, besides that I always confirm before withdrawal to avoid unwanted things.
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I'm also careful with low-volume exchanges for the same reasons. When I first got into crypto I thought cryptopia was awesome as it had hundreds of trading pairs (and listed a lot of coins that weren't listed elsewhere). I soon after learnt why it was a bad idea using these exchange ;). Now I'm very careful to research smaller exchanges before using them, and never leave funds on them.
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I'm also careful with low-volume exchanges for the same reasons. When I first got into crypto I thought cryptopia was awesome as it had hundreds of trading pairs (and listed a lot of coins that weren't listed elsewhere). I soon after learnt why it was a bad idea using these exchange ;). Now I'm very careful to research smaller exchanges before using them, and never leave funds on them.
yes bro, i also experienced the same thing,
I think cryptopia is a good exchange,
After the cryptopia got a hacker attack yesterday, I was even more careful,
because some of my funds are also in the cryptopia and I have not had the chance to withdraw.
hope it's still safe.
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It is always worth reading reviews about the stock exchange before deposit funds there. I rarely trade on low-volume exchanges
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Never traded on questionable exchanges with small volumes and questionable coins.
I will say even more-some of the top exchanges sometimes created problems for me,not to mention others that are more likely to become a Scam .
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It is very interesting to hear the name of the exchange to warn other users about this exchange. in fact, I can not say that the danger is precisely because it is a stock exchange with low volumes. it is possible for your friend to crash into some kind of new, unverified stock exchange that has decided to fool its customers.
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I have experienced loss of assets at low volume exchanges, it made me traumatized and made me more careful in choosing to invest in certain exchanges because there was no 100% safe exchange.
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Indeed, we must be careful when trading in exchanges that are not too popular, or exchanges with low volume we must first look for the exchange. Unfortunately you did not specify where your friend lost funds, so we could be more careful when entering the exchange.
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Of course, I also think so. One o the considerations when going to trade or invest in some certain coins, we should know the volume of the coins in the market. It is valuable to make certain careful analysis, because the low volume may lead a coin to be nonsense and not worthy for investment.
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I am not interested to buy coins in most low-volume exchanges. But I think it is no problem if it is proven exchanges. Not all exchanges with low-volume are bad, some can be good choices. Even there are many bad exchanges with low-volume, there is some that can be trusted.
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It is always worth reading reviews about the stock exchange before deposit funds there. I rarely trade on low-volume exchanges
I almost never trade at low volumes, because of the long movement. At low volumes I only sell bounty tokens, then I send the results to large volume exchanges to trade every day
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Never use low - volume exchange for trading because almost are scam. So be careful before joining read term and conditions properly.
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really bad news, but it's true that a little volume of exchange is very vulnerable to fraud,
can you give me what exchange info you are using?
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Until now I am still waiting for the right time to sell my crypto assets, I have never used an exchange that does not have a high trading volume, but if there is no registered exchange of coins that I hold, I will see the transaction history of the exchange and start trading. make sure the coins we deposit can be safely withdrawn using 2FA and other security.
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Exchange with low volume ??
I thought I would use it if there were no more exchanges of tokens that I had, I would rather hold coins for a long period of time and I would save them for up to 1 year, it was a long time, but to trade, it's better to use crypto exchanges famous.
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Of a truth there are so many new low exchanging that are scam exchange,it is really very important to checkout on this low value exchange.
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a few weeks ago my friend tried to trade in one of the low-volume exchanges,
but not long after the funds are entered in the exchange, suddenly my friend gets a Withdraw notification in his email,
because my friend didn't feel like withdrawing, he tried clicking the cancel link but it failed, and soon the withdrawal was successful and my friend lost the funds,
I tell stories not to mean low volume exchanges with many hackers, but I only urge caution if trading in low-volume exchanges, especially centralized exchanges rather than decentralization.
totally agree with you regarding many of the new money coming into the crypto market. A lot of that money is fueled by greedy desires that want to replicate the success of Bitcoin without looking at these investments through an investment perspective. The best strategy in my opinion is to do your research, find a coin whose philosophy is well aligned with yours, accumulate, and HODL! Awesome post mate..
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low volume exchanges was one of my worst experiences when I was a newbie. Some people of course win from those exchanges but most of them are shillers etc. It is really hard to find volume to sell the coin you purchase. The pumps are totally based on luck and the shillers, I think it is not right to use those exchanges to earn more money fast.
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a few weeks ago my friend tried to trade in one of the low-volume exchanges,
but not long after the funds are entered in the exchange, suddenly my friend gets a Withdraw notification in his email,
because my friend didn't feel like withdrawing, he tried clicking the cancel link but it failed, and soon the withdrawal was successful and my friend lost the funds,
I tell stories not to mean low volume exchanges with many hackers, but I only urge caution if trading in low-volume exchanges, especially centralized exchanges rather than decentralization.
There are a lot of so-called exchanges growing regularly where there is no sufficient trader, no high volume of trades. I have already faced few problems in low volume centralized exchanges where i have deposited. The tokens are still not sold, not able to withdraw again from there because of their high volume of fees. Hence decentralized exchanges are still safe where withdraw fees are low compared to that so-called centralized exchanges. Thank for your pre-cautionary post for the general members like us.
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Just a word of caution on choosing your exchanges. It is not sufficient to avoid exchanges with low volume since many exchanges try to inflate their trading volume. Here are some good resources to find reliable exchanges:
1) https://www.blockchaintransparency.org/
Allows you to see which exchanges are guilty of wash trading.
2) Bitwise presentation to the SEC.
Link: https://www.sec.gov/comments/sr-nysearca-2019-01/srnysearca201901-5164833-183434.pdf
Refer to pg 60. There it is stated that "only Ten Exchanges Have Actual Volume". They are:
1. Binance
2. Bitfinex
3. Kraken
4. Bitstamp
5. Coinbase
6. BitFlyer
7. Gemini
8. itBit
9. Bittrex
10. Poloniex
And even then some in the list are problematic eg. Bitfinex.
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This is a sad story, but others will be able to protect themselves from such problems when they read it. Unfortunately, there are many such cases, and before transferring cryptocurrency to such exchanges you need to understand that there is a possibility that you will lose your coins.
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the rate at which new exchanges sprown out these days are outrageous. people should be careful on the exchanges they tends to join and also where they send there money to. it is quite awful that your friend lost his money like that.
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Sometimes you feel bored while doing cryptocurrency trading specially those low volume exchange platforms, thats why i dont used most of them, and sometimes i use DEX for ICO token Bargain hunting. for buy purpose only and not for Trading.
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We should be very careful while depositing and withdrawl from new exchanges. I always activate security features like 2FA when registering on new exchanges because we never know its safe or not. We should always be very careful because our one ignorace can benefit a hacker.
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a few weeks ago my friend tried to trade in one of the low-volume exchanges,
but not long after the funds are entered in the exchange, suddenly my friend gets a Withdraw notification in his email,
because my friend didn't feel like withdrawing, he tried clicking the cancel link but it failed, and soon the withdrawal was successful and my friend lost the funds,
I'm sorry but I think I am the only one here who is missing something here. What exactly is the proof that your friend lost funds because he used a low-volume exchange? Can this instance not happen on exchanges with higher volumes? This is more likely a case of a hack or phishing.
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I have never experienced anything like that, this is very useful information.
as we know a decentralized market is a market that has proven safer in my personal opinion and a centralized market may still be hacked because safe people are an exchange team.
thanks again for the information.
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true what you say, that we actually have to be very careful to invest or trade in a small volume of markets to avoid loss or loss.
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there is a trade that was created to deceive the users of their purpose to raise funds that are not essential and that they harm others and cannot be legally justified
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a few weeks ago my friend tried to trade in one of the low-volume exchanges,
but not long after the funds are entered in the exchange, suddenly my friend gets a Withdraw notification in his email,
because my friend didn't feel like withdrawing, he tried clicking the cancel link but it failed, and soon the withdrawal was successful and my friend lost the funds,
I tell stories not to mean low volume exchanges with many hackers, but I only urge caution if trading in low-volume exchanges, especially centralized exchanges rather than decentralization.
Hi OP! Would you mind mentioning what exchange did your friend trade with? We cannot judge all the low-volume exchanges out there. Because if we do, nobody will ever attempt to trade again on new emerging exchanges. Don't you know that those low-volume exchanges did help the entire market cap grow? Maybe the problem is that your friend got his/her login credentials compromised?
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This is one of the benefits of this forum. We are reminded in an exchange that has a small volume. Here, fraud often occurs. For that, avoid exchanges with small volumes.
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a few weeks ago my friend tried to trade in one of the low-volume exchanges,
but not long after the funds are entered in the exchange, suddenly my friend gets a Withdraw notification in his email,
because my friend didn't feel like withdrawing, he tried clicking the cancel link but it failed, and soon the withdrawal was successful and my friend lost the funds,
I tell stories not to mean low volume exchanges with many hackers, but I only urge caution if trading in low-volume exchanges, especially centralized exchanges rather than decentralization.
thank you for the information provided, hopefully this thread is read a lot by our friends so that they can be more careful in trading. especially myself, this thread reminds me not to be careless and wrong in making decisions in trading.
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Yes, you are right. Low volume exchanges are very risky to trade in. You might want to mention the name of the exchange so we can be more careful.
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Yes, you are right. Low volume exchanges are very risky to trade in. You might want to mention the name of the exchange so we can be more careful.
maybe if you mention any exchanges, I think someone else might have a better reference,
because sometimes everyone has their own exchange standard which has a small volume and not. :)
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a few weeks ago my friend tried to trade in one of the low-volume exchanges,
but not long after the funds are entered in the exchange, suddenly my friend gets a Withdraw notification in his email,
because my friend didn't feel like withdrawing, he tried clicking the cancel link but it failed, and soon the withdrawal was successful and my friend lost the funds,
I tell stories not to mean low volume exchanges with many hackers, but I only urge caution if trading in low-volume exchanges, especially centralized exchanges rather than decentralization.
It is quite risky to send funds on low volume trading platforms especially when the platforms looks really shady,
it is better to practice due diligence before sending funds to an unknown exchange otherwise the funds might be
lost just like what happened to your friend.
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I trade in low-volume exchanges, I think it's really not very good, and we should avoid trading like that.
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yes, I know it all, that low-volume exchanges are sometimes very risky in trading, and to trade in low volumes we must be more patient.
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In my opinion, it is better not to get close to the exchange with a low volume. It is better to find a safe path than a problem and you regret that there is no meaning.
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I rarely invest in low-volume exchanges. I think it is too risky and seems not really worth to invest for short term. Now, I focus on short term investment, I choose coins with high volumes and can easily to increase. Low volume coins are not suitable for it.
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I prefer to choose popular coins with high volumes now. It is better to avoid bad projects or potential projects to fail in the future. Sometimes I put my money in top altcoins that more trusted than new projects.
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Very much effective and important news many people don't know about this news... After hearing the news people should be aware of the low volume fake exchange.
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Yes, now there are a lot of such exchanges with a small volume or a false volume is displayed there.
better not to use little known exchanges
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We have got so many exchanges out there that are not reliable and that is why dev and team should also help us not to list in scam exchanges.