Bitcoin Forum

Add, THIS MAY WELL BE A LEGITIMATE EXCHANGE


Saw that the highest price for btc is on topbtc.com https://coinmarketcap.com/exchanges/topbtc/

https://mobile.twitter.com/topbtc_com

Homepage is translated from Chinese using Google translate.

Somebody will think they are smart and send some coins there to arbitrage but might not end well.

Not an accusation, but people should be careful

There are lots of fake exchanges on the rise recently and the community needs to be informed to save individuals from sending coins to the exchanges. It is very easy to fall for these as look genuine at first look.None the less, thanks for providing us with a heads up and saving people from falling prey to one of those counterfeit scums.

it is traders work to make alot of research about a particular exchange website before entrusted them with his/her coin. exchange platform are on increase as market for crypto continue to grow. however despite the fact that there are still some good exchange platform. some new exchange site are really scamy. i have read so many news on telegram on how buy order of some customer are inflated with consent of the customer. imagine i place a buy order to buy 500 token and after making transaction you discover that you bought 1000 tokens.

That's right everybody should be careful of those new exchanges out there and thanks for the heads up. I know that there are too many greedy traders out there but we had to be cautious with it. Just trust those exchanges that are operating and also think of those phishing links and be aware that because of the high price of bitcoin now and other alts too, hackers are active too.

For more security just stick with the proven exchanges like:

Bittrex
Bitfinex
Binance
Poloniex

However if your a long term holder. it is much better to store your crypto in a hardware wallet. dont leave it on exchanges.

There have always been scammers who, under the guise of a stock exchange, have turned their bargains and laundered money. You need to be careful and accurate and use only proven sources.

this link from coinmarketcap.com doesn't show any fiat market. it is only showing a couple of altcoins which are being traded with bitcoin and the prices look normal to me. i didn't  check every single one but the tip ones like ETH and LTC seem normal.

checking the website of it also shows the same thing. they also have some fiat market which coinmarketcap doesn't list. i couldn't figure out what currency it is because it was called "QQC" and i can not find what it stands for. and the price was 81,000 QQC which doesn't match anything like CNY, JPY or RUR.

Going to the exchange tab of coinmarketcap Bitcoin, then clicking on Price to sort by price, it does show a lot of prices in terms of altcoins rather than Fiat, I guess it is mostly accurate though. If it lists for example a high USD value for btc in a btc\ltc market, ltc is large and liquid enough that it should be close, but odd small coins I guess not.

Qqcoin

https://bitcointalk.org/index.php?topic=389238.0

https://coinmarketcap.com/currencies/qqcoin/#charts

Seems to be an old deadish coin. Maybe that exchange is going to revive it the way cryptopia did dotcoin.

It looks like they have a small volume with trades right now, but doesn't really look like a scam exchange. Does anyone here trade on topbtc? I doubt the exchange will be listed on coinmarketcap if it's a fake one, but the price does seem a little fishy.. They also claim to have free exchanges. I wonder how they make money

At least they put out a warning at the bottom of the page.

"Risk Prompt
The risk of digital currency transactions with high (pre dug, spike, makers manipulation, team disbanded, technical defects), TOPBTC only for digital currency enthusiasts to provide a free online exchange platform, the investment value of the currency does not undertake any review guarantee, the liability for compensation, if you can not accept, please don't deal! Thank you! Report Mailbox illegal jubao@topbtc.com
TOPBTC tips: Please control the risk, do not invest more than your risk bearing capacity, do not invest in digital money you do not understand."


....and remember, always"Report Mailbox illegal" ???   ;D

I truly believe that could happen.
Maybe some of the users that comments here are already looking at it.
It is still a risk so hold your horses.  ;D

Just go to the legitimate ones which names are already known for trust ratings and they are tried and tested.
Better to just profit a little than lose it all.

As the CryptoWorld bis getting more advanced and gaining new entrants, exchanges have also been popping up everywhere.
It's always very good to make a very close study before using any exchange, this even applies to older exchanges too.
Most new exchanges have Very low trading volumes and transactions/orders take long to complete/fill.

There should be system to verify exchanges' trade volumes. One can claim they have 100M dollars trade volume in BTC/USDT but how to verifty this? Maybe there is no actual trade volume.

Yeah, no one should be making decisions without even doing research in the first place to know if they are on the right track or not. This is an internet age and only those who are too lazy to research or just do not know how to search for information will always end up being a victim of fake sites like this.

Asides that, it is imperative to always be security conscious as some exchanges may be real, but scammers may clone them to steal people's funds.

well,not only we need to be cautious person with a new exchange,
we also need to be a cautious person with an international exchanges or to put it bluntly we should not trust them.
just look at your around at this moment,
you can see that there are a lot of people get scammed by a well known exchange.
they were not doing it openly but they were selectively choose their victim based on their residence and etc.
that mean no matter what exchange it is,all that we need to do is to be a cautious person.
do not put all of your money to your account on their exchanges and always spare some of it on your offline wallet.
bear it in your mind that we are talking about money,
even friend of yours can do a shit about it.
only you and yourself can protect what you have and nobody else.

many things we must care
- new exchange
- new wallet
- new coin
- new miner software...
we need some skill to protect our fund

Thanks for the fair warning dude. There might be a scam site, however its not proven yet. But I have to agree that with the current surge of bitcoin and crypto, everyone is really getting into it and its hard to separate a trust site from a possible scam. How many times we hear people lost their bitcoin because they decided to put money on a site that they think are fairly secure, but unfortunately they aren't. Trading platforms, wallets, tumbler services are all being copied and clone. It's a wild wild west out there. Just be careful and vigilant and be safe everyone.

I have some bad experiences with new exchange, especially when doing arbitration. sometimes the coin that I send can not be till or take a very long time.

Agree with you, we should be careful with new exchanges. Until now, I use local exchange and hitbtc to support my trading. I never use another exchange because I have bad experience with poloniex and bittrex, when I got problem their support only say " wait ". Thank you for your information and good luck to you.

It looks like bitcoin popularity is being used more.
First is investment scam and hyips and now this? An exchange? Wow.
That is a lot of capital that is needed before they can even do it and yet, they still did it.
I dont know about this man, maybe they knoe there is a larger profit that will come than what they invested. Hell, they also took the risk.  ;D

Well i understand this totally and i must say the best exchange for me is binance, its like the easiest exchange to trade on, very easy , fast transactions and low transaction fees, I am definitely sticking with it no matter what new exchange might come.. Thanks for this tip

Yes.Better to go with the older legit exchanges like poloniex,bittrex,kracken,coinbase.

Usually many new investors get attracted with the low fee or zero fee trading offered by new exchanges and deposit their bitcoins there.

They even have a chance of getting scammed and lose their bitcoins.

Well, i am lucky to use top exchanger for arbitrage so not just new exchange.  I really never heard notice like this before, now i notice and must be carefull. Thanks mate.

It's very alarming to know that bad people found a new way of scamming other than HYIPs and it is surprising that they saw an opportunity through exchanges. It seems that scammers nowadays become more creative and intelligent for them to continue their bad deeds, everyone should be very careful.

I think the least we can do to avoid being scammed is to trust only to the legit exchanges who already proved their credibility in this kind of business. I only trust to Poloniex, Bittrex, Bitfinex and Coinbase.

Bitcoin's increasing popularity is giving birth to many scams . This is turning out to be a demerit for bitcoin . Phishing attact stories are heard on daily basis these days . I am very old school in these matters ,i try to stick with the traditional exchanges for my safety and to be on the safer side .
But it is not easy for new traders to discover which exchange is better . I would suggest to do your homework before you enter into the world of exchanges and dont get caught by the greedy offers of some spam exchanges . Look out for the security of web pages . Secure web pages are generally not spams .

The headsup is needed and the onus is just on one to be careful at this time but at there should be some responsibility on coinmarketcap to owe people relying on information from their end about the importance of the truthfulness of the sites listed on their platforms. I guess its boils down to no one owes anybody the responsibility of being safe other than yourself. As we have decent people coming in so also people with moral.deficiency finding it easy to scam people of their hard earned resources.

Thank you for this information, It will help especially the newbie in trading who will get attracted to the higher price at this exchange and then rush there only to get burnt.

I probably should not have mentioned a specific exchange, since the one I mentioned is still chugging along and may well be legitimate. Apologies to them if they are a serious exchange.

There are always some risks involved in entering the crypto market and you often have to accept and try to minimize the risk that may occur by studying it carefully before making an investment decision.

I agree with your perception that with new projects people should be cautious in investing but you can get pretty much if you take risks.

I agree with you, better trading in a well-tested and trusted exchange, do not easily tempted low cost, it could be the scam way to attract the victims.

I dont exactly know if topbtc is scam exchanger or fake exchanger. But one thing that i have to remember and remind everybody, please be aware to new exchanger since sometime it is fake or scam.

Good advice, thanks :) Of course, there are so many scam bitcoin-related sites, bitcoin mining sites and exchanges. people should be very careful to where they put their coins nowadays. 

Yes because just recently, some exchanging sites got hacked and there are several victims of this happening. A lot of people loss their money upon entering this site so to be extra careful, try not to risk your money by not accessing this sites just yet.

Just use secure exchanges like bittrex and bitfinex

To be more safe use only mayor exchange to trade before know about review of that new exchange, use mayor exchange like Bittrex, Bitfinex, Binance, Poloniex, Kraken, Bitstamp is more safe than new exchange. All centralized exchange should be has any regulation to protect trader from any fraud include new exchange.

An exchange means the transfer of one char to another or with money. The ancient Dizaman exchange of goods with other goods is called barter. This kind of economy has lasted long ago as money has not been discovered. At that time every item can be exchanged with other goods.
In terms of exchange objects can be identified three types of exchange are:

Real asset exchange (Ayn) with real asset (Ayn)
Real assets account (Ayn) with financial assets (Dayn)
Financial asset exchange (Dayn) with financial assets (Dayn)
Exchange Times.
In the network there are quite a lot of platforms for cryptocurrency exchange, which beginners can cause serious problems with siting ... Be careful when choosing exchange bonus or with crane.

ithink you should watch exscudo exchange they will lauch in 2018 its a good project also they have a coin eon coin like binance and kucoin you should buy  this coins if you want to make some good profit.

Good check mate, I appreciate your work to aware others about what you feel fishy, although whether it is a scam or not(because not proven yet) but you have done your job. Everyone should be careful if they are going to link with it.

Yeah qqcoin is dead now and they should need to update whether they are going to revive or remove.

Because the majority of the big exchange sites already applied the strict rules to the users. As you can see how many people are complaining about that. Some of my friends get a lot of problem to enhanched their account to the next level, binance becomes the favourite exchange right now.

I think this is just common sense with your money, also when something seems too good to be true it normally is. Before sending money to anywhere new, exchange or person or anything else it is always wise to take your time to do your due diligence. I guess though for many this is a lesson they have to learn on their own by getting burned and then they'll never do it again.

I'm agree with you , they are a lot of new exchanges growing every day like mushrooms!
and some of them are so abandoned that you need to wait ages to have your order done!coz no body is in there , that is why i rathereto use crowded exchanges coz my order goes fast and i don't need to wait for a long time , and some of the new exchanges have a very low security , we all need to be very careful!

This is what i have been trying to say since a long time.. it is plenty of weirdo exchanges all over the internet, they are working for sometime, but they they stop working and they kept all users money just saying that they got "hacked"...

There are many new exchange now and we need to be vigilant on where to put our money or else it might go in the wrong place and we lose our hard earn money here in crypto. Whenever i make trade i always research on the exchanges before i make my deposit there.

Before i use any exchange, I always try to make small deposit first and then withdraw it. After that continue to make bigger deposit. But to be more safe I used multiple exchange because all exchange not guaranted 100% safe because mayor exchange now is centralisasi exchange which they has control with the private key.

In crypto world every one need extra caution and popularity is very important, exchanges has been one of the sites that get low trust from the users, as we can see so many exchanges that went on scam, so don't get trick by the big arbitrage and being cheated by scammer, always look for the trusted exchanges and don't put too many coins in the exchanges

The idea in any online business engagement is to treat everyone with the eye of a suspect until they prove otherwise to you. Cryptocurrency is not exempted from such. And this is why intense research is necessary before sending money to any exchange at all. Many scammers out there seeking whom to devour.

I so agree with this. Now is very much fake exchange that offer above average price. We has ware to use new exchange for any reason to our security because if we have lost our coin, we can't back it anymore. It is advisable to keep using the exchange that has been trusted and recommended by many people. Do not even think about "just trying".

Now any stock exchange is prone to failure, even some of the known ones have already experienced problems with this, and new unfamiliar ones even more so. Yes, and a very large number of fraud in this area, so you need to be careful.

Getting cautious in everything you do in this crypto market should be a requirement. I do that in everything and I study and hear other experiences first before trying anything like exchanges.

I don't actually trust new exchanges, I prefer those who are existing a long period of time already because they are more trustworthy.
It's money that we are talking here so we should be careful all the time, I do traded in bittrex, binance, okex, poloniex, and etc, those are good exchanges and with good volume.

Yeah you are right because their longness in the industry makes people prove their legitimacy and loyalty. I am much more prefered to those exchangers that are already existed long period than those new now.

Long period of existency should not be the main reason why we should use the services. These days there are many issues on old exchanges such as bittrex and poloniex. So we should be cautious for new exchanges only but all exchanges. Dont store too much money on an exchange is the safest way.

Yeah, I noticed that too. Moreover it looks like a Chinese exchange and there are so many exchanges that are restricted to a certain area which makes it unusable for an outsider from that region anyway. However, for someone who is looking for the best place to trade, there are so many reviews and resources online to be sure one is on the right track so as not to end up dashing out funds to scammers.

Yeah, thanks for your advise. I will be careful with new exchanger for now.

The moment the price a particular exchange site is quoting is not within the range of the other reputable exchange sites, even if its not a new site, its a red flag and an indication to be very weary about. The end of it should now be that its a new site with no basis at all and no source of the price being quoted, registering on such site alone, is an invitation to trouble because you might then be tempted to try and do margin trading or arbitrage which is your coins leaving you without the option of coming back.

There is lots of information on the web to inform the community of any fake exchange and it is left for them to be able to use that information for their own benefit. Anyone who falls for a crappy exchange without at least browsing about them to be sure they are really what they say they are, will definitely have themselves to blame for sure.

True,even those reputable or long running exchanges as of now is experiencing problems as of now and as a user we would really hesitate already regarding on their legitimacy because seeing such situations would really give negative impressions and assumptions and later on we would really avoid such thing. If we do feel about that way then its normal we would feel the same thing too when we do see new exchanges.

There's a lot of exchanges, the problem are we could not sure if they are true or fake. We must vigilant all the time. It's not easy to trust new exchanges. Be aware to our actions everyday so we haven't regret in our entire life.

Be cautious with every exchanges, stay with the older ones if you can

Now you need to be neat with all the stock exchanges, not to mention the new little-known ones. At the current moment on the top stock exchanges even closed the registration. Many complain about problems with long verification, withdrawal, can wait a week for a response from technical support. The future behind the decentralized exchanges, it's a pity they are not yet ripe to the desired level, so while we wait .. For now, we follow the rules of exchanges, as an option for an interesting exchange at the current moment, take a closer look at the binance.com..

It does not at all and it is not a scam exchange compared to what the OP must have thought. At least they are trading, the volume is low and it must be a local exchange somehow. Nevertheless, why would anyone want to do arbitrage without being sure of the website they want to transfer funds too? That would be an extremely absurd thing to do.

Every other exchanges that are know today have started from trading small and look at where they are right now. I'm haven't done any trading on the a mentioned platform though, so I can't say if they are scam or not. My point being, they maybe small that why it arouses suspicions but let us give them sometime. Because if there are really a scam site they can easily be flag by a lot of traders who is member of our community.

See, not anyone knows topbtc and unless someone really experience to trade with that site and claims that it's really a scam or trusted site, we can really know for sure. Yes, its really hard to trust new exchanges, but if the intention is to really create another opportunity to trade and earn, why not?

We should be an extra cautious in many aspects especially in all the exchange sites. WE should not allow giving or donating coins in any exchanges because some of them are fraud.

i recommend to use better known exchanges, unless you have to deposit small unknown coins and no other exchanges has that option

yes you are right, now this is a lot of new market which in launch me to be afraid if market there will be problem, so you should play in market which you trust long time to prevent unwanted thing.

Other than topBTC, there is also a new Exchange called UpCoin Exchange wherein you will receive a 500 USD upon registering that will cover all the transaction fees in trading.
I think the betatesting is in next month but Im in doubt because I feel like it is a scam and can eat up your deposited funds.

Good advice, there are many new sites claiming to be cryptocurrency exchanges on the internet these days. You guys should be very careful with the new popping exchanges or something else would happen you someday. I always prefer using the popular exchanges such as HitBTC, and BitFinex.

I think everyone already knows about it. I myself never use a new exchange but use only one exchange that has been trusted since I first jumped into the online business. I think you should ask first before using a new exchange. Ask the local facebook group and online forums in your country. There will be many people who will answer and give useful information. There will be many people who advise you on a reliable exchange. Usually there are only a few exchangers who are trusted and very coveted. Maybe because the exchangers have the best price, friendly, and have good service. In my own country, there is even a local exchanger site for us.

Yes we should be cautious with new exchanges. There are at least 1 per day exchange are popping out.

Make sure you know the legal of the exchange.

I agree and every move that we do is all our liabilities. If you think that exchange is quite shady then don't use it. Simple as that and trade at your own risk. We have many exchanges to choose from then why use it if you have other option?

I mostly try to use already proven exchanges, I really do not like to take risks and trust unverified sources. Unfortunately, often even well-known exchanges cease to exist with all user facilities.

I agree with this, and yes, it is full of scammy exchanges at the moment. Just take a look at KuCoin, this was a newbie exchange, they raised a lot of money on their ICO.
And they are just now having a lot of troubles about withdrawals and deposits.