Be careful with low-volume exchanges

[sturec22]

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.

[Malam90]

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.

[WhoTookMyCrypto.com]

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/ [nofollow]

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 [nofollow]

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.

[maro101]

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.

[tonymillions84]

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.

[masterrex]

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.

[gurunanakji777]

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.

[ZionRTZ]

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.

[Anzal RK]

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.

[Bolasodok86]

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.

[abdmuiz]

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

[ryap12]

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?

[Dodo]

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.

[Rofiastuti]

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.

[Xtinah]

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.