Bitcoin Forum

I was buying in some coins n wanted to trade or sell my coins but the exchange decided to do maintenance. I felt the exchange was poorly handled. I lost a few hundreds that I couldn't trade. This is a small exchange that was selling a new coin. Entering crypto is surely the wild wild west. It was hotbit.io
Everyone was selling while I was holding. Did the exchange decided to cash out on a different exchange? Probably never know what there doing.

Yes, it's so usual nowadays. If there are something important news, exchanges go under 'tehnical works'. Also I had the sam situation while one coin was extremly growing, withdraw was unavailable.

that's why i never try or avoid such a bad exchange site, and not only this site so many crap exchange sites are doing the same thing with it. They did but you will never know that since the exchange site can used another address. hotbit is such a crap exchange site like coinbene

You can't blame those shitty exchanges, they are there to take advantage of you & of such situations.
HotBit i one of those low life shitty exchanges.

One advice for you or any other crypto newbie is to stick with the famous ones, at least if anything goes wrong you can still contact their support unlike these shitty ones which they won't respond to your ticket even after months.

That's how exchanges work nowadays.
Some won't let a lot of money come out of the exchange.
They are forcing you to re-trade it again so that it will be added to their volume.

Maybe they know if they will take out a lot of money if pump come. And they not want people to do that. But, who knows? only they who know what their reason even we can free to make opinions.

exchanges are really weak spots of crypto. either they are hacked or try to trick their customers. there really only seems to be few good exchanges to exist. this really needs to change in the future so that crypto can spread.

Never heard of that exchanges before, it could be they really doing some maintenance however, the timing is just worst on your end.

So I would consider those practice by shit exchanges as shady as hell maybe they know what you guys are doing that's why they pull excuses after excuses so that you can't withdraw your money on time and book large profits, just my speculation.

I have used HotBit and there are no problems, everything is just as smooth as other exchanges even now HotBit has entered the 39th largest exchange according to the coinmarketcap, maybe indeed because there is a technical error so you don't need to worry

Exchange can be make manipulation if that coin only tradeable in that exchange, but will be more difficult to manipulate it if that token tradeable in many different exchange. If that maintenance hasbeen any announcement afew days before , i think they did not manipulate it.

That is a bad way. I have experience also that, I invested on a coin and I want to sell it because they have a maintenance on the coin trading, but unfortunately, I cant withdraw it. I can now withdraw but already lost 100 percent of price.

I never heard about that site. Why don't you use another exchange which was recommended by many members here? You can choose binance, bittrex, or poloniex as a start. You don't have to choose the new coins if you don't have any information about the coins. I don't know if the exchange decides to cash out but if that is true, then I think soon, they will disappear with all of their member's money. I suggest if your coins have another exchange to trade, better you send it into another exchange.

Is there news from the support team with the news. If you are really doing maintenance, you might be able to calm down. Look for the latest information about it. If the team really lost everything, then you must have been fooled. So lucky in the future, keep up the spirit. :)

Yes you have been using them and didn't have issue, but what the OP describes is that he losses money big time because of the sudden (I assumed) maintenance of the said exchanges.

So it makes you wonder why it is unannounced, what's the motive behind? We would understand if the exchange is hacked or something, I guess the exchange owes the OP some explanation and an apology.

such moments often occur and I have experienced similar events like you but I will only say to myself maybe I am not lucky so I sold it and did not trade the coin at the exchange and maybe I will move to another exchange place that can make a withdrawal when pump occurs.

Here is rating popular exchanges, can be use to anyone https://www.coingecko.com/en/exchanges?view=social And if you are new to the world of cryptocurrencies, then first read the reviews about the exchanges.

It was firstly noticed by me when I have seen GRIN coin was trading there. I suspected that exchange. I am not sure if they are legit or not but it was looking suspected when suddenly it comes up with a good volume for trading grin. You should do some analysis and only then you should use this exchange.

This is very shady to me, it looks like they are preventing a dump here, in my opinion. Exchanges are not new though, there are reports that even top exchanges are doing this practice, however, just like some posters have said, it's the timing though that looks very suspicious to me. Did they smell something is coming that's why they suddenly hold everything up. For those who's interested to read the report that I'm saying, here is the link, https://www.blockchaintransparency.org/. This report is just recent, last December 2018.

Maybe is just technical error.
Have you ever talk to the Customer Service at their telegram group about your problem?

https://t.me/Hotbit_English

Their CS is responsive enough to handle the user problem, I have an experience issue with login error but their CS on telegram help me to solve this.
Anyway beware the scammer using telegram admin name, I still remember some scammer want to scam me but they fail because I know they are just fake admin  ;D

That's how important to read things first about exchange that we will going to use before sending our assets/money, as those exchange have the capability to hold our assets without our control, I really feel sorry about you OP as you just desire to make a good trade and take some advantage of the trend but ending up doing nothing as the exchange holds everything due to its maintenance.

This could be a good place for new aspiring traders, read those shared reviews before choosing trading exchanges to trust, well known exchange
established their reputations by caring with their customers/traders.

A good exchange, is to always provide the best service for users, because he knows he will be trusted to store valuable assets of users. Be sure to find their reputation information before sending funds, still update the news on social media, telegram groups.

That's why we need a real working DEX to avoid such manipulations. I hope NEX or Binance DEX will works fine.

i think its natural, and its all was playing by developers itself.

better ask them why they do maintenance or it is just a coincidence that it happen when the coins are pumping.

Wow I never know exchanges are into manipulations but since its a new exchange I think it might even be from the coin dev himself ,I've heard something like this from a developer

During time of great volatility you will have problems on pretty much every exchange with spreads and withdrawals. Even the major exchanges like Coinbase and Binance. This is not so much a manipulation issue, but rather simple dynamics of demand and traffic.

so that's the reason why we have to trade in an exchange that does have a good reputation.
Usually an exchange that does not have a good reputation will often experience unexpected problems.
Trading in the best exchange is a top choice. We must be able to choose the best because we risk the security of assets that we have.

This is sad.Hope that the situation of market doesn’t make the hotbit a shitty exchange since before hotbit used to be a better site. Hope the other exchanges wont imitate hotbit. Since this will really somehow tempt the other devs of exchanges to do the same by how down the market really is.

Exchanges always do manipulation they trade your holdings to arbitrate on another exchange to make more more by excuses of maintenance. Same problem I faced with BiteBTC exchange few months ago & the funny thing was last month they lost data of a lot of traders registered on their platform, they were giving excuses like their data lost due to fire incident.

I had a similar experience. Wallet maintenance whether you want to withdraw or deposit is quite annoying really especially if you want to cash out immediately. I remember hitbtc used to do it. It's one of the downside of centralized exchanges.

Maintenance particular coins while pumping is pretty weird to me but i wonder why not stick to popular exchange because use them can ensure you to avoid this issue and at this forum people were plenty warning to us not to used small exchange to trade because possibly those exchange will manipulate particular coins and before use exchange i think you should ask to the people their reputation whether it good or bad

Now there are so many exchanges coming in, at the very moment when bright news appears that favorably affects the market, an inscription appears - technical works!

I had to experience a similar experience on a fairly "good exchange". Correctly above it was said that this is a wild west. We will not be able to earn so easily on pumps. The best way is to wait for a global pump that may not occur.

This is also not a solution. Here is what was in my experience:
Some token was listed on a some large exchange, but the smart token contract has been blocked.
Thus, I could not make a deposit to sell this token.
When the smart contract was unlocked, the price of the token fell several times.
Agree, it looks suspicious.

that has always been the biggest problem with these smaller exchanges. they don't have that many users and they can do whatever they want sometimes without any consequences. if the maintenance was an unscheduled one and they had no other reason to perform it either then it was a clear scam and you should stay away from them. but it might have been scheduled already and you missed it, in which case there is nothing wrong with it.
in any case we have no choice but to accept these problems if we want to continue trading on centralized exchanges and if we don't like that then we have to accept the shortcomings of decentralized exchanges and switch to using them instead.

This can only happen on centralized exchanges, which is not possible of any decentralized exchange.
Sometimes, an exchange might intentionally pump a coin, in order for them to cash out on investors and it might be an agreement between the exchange the the team of the project.
It can sometimes be funny, but you just have to take it as it is, since it is centralized. Only those who have been able to place sell orders of higher price will benefit from it, which is why you do not need to always limit yourself by selling low.

This kind of situation happen from time to time. It remind me of Poloniex years back, the website go down whenever a coin start to dump. Many margin traders got liquidated. It is better to trade in reputable exchange such as Binance.

Actually mostly  new exchanges nowadays always end up like that wherein always  showing "maintenance " even without any message or notifications for all users to become aware. That is why i don't want to trade anymore in some trading  that not yet popular and have low ratings because it's very scary. Much better to find legitimate trading site to assure everything is fine and no worries.

Unfortunately it's harsh reality. Exchange owners can make with your money anything they like. And it's usual situation when huge price movement surprisingly appear "tech problems"

The main reason why they decided to maintenance is because the people makes a lot of bandwith to their website which make the website get exploded

Is that you are talking about Cryptopia? If yes then you lost your funds forever because that exchange was hacked few days back.

Or other means you should look for their offical announcement in their social media or just contact the support team to make when they are going to be available online but none of the reputed exchange will be in situation like this so you need to avoid trading on those exchanges again.

So I always recommend keeping your coins in a cold wallet. This ensures that you own your coins. Exchanges should only be used to buy/sell coins and it is preferable to choose large exchangers with large trading volumes.

I think that I also have some experiences about it. It sometimes occurs when we are really in the good market condition. But, not all exchanges do this bad system. They may be in the real maintenance. But, if that is true, it means that they also have the big influence of the dumping price, right?

Sometimes its happen to me. But i think many exchanger we can use when we want to sell our token or coin. If we hold good coin better not store it on exchanger wallet because its very risk.

All that blame but didn't tell name of exchange? Most of new, low volume exchanges tend to do that, my friend was once victim of such on hitbtc, couldn't sell xvg when he wanted to.

That's the reason why we should find those exchange with high ratings from traders. Try to do some research on which exchange has good reputation when it comes to handling their clients.

I think that today many people understand that most of the projects today have strange structures that do not have transparency. How and where funds are distributed is a very strange question.

You will soon know that what you have met is really normal. This situation may appear in a large exchange platform like binance. We can't do anything and just wait for them to return to normal. I recommend selling your coin at a high price to avoid such bad situations.

I have no doubt that many exchanges are involved in pumps&dumps on their bases, but I still believe some of them try to prevent this shit and investigate these cases, so this requires time for so called maintenance))

They are just trying to save their money, because when the pump happens on one exchange, there are a lot of arbitrage opportunities for this coin, but exchanges are pretty smart and shutting down all deposits/withdrawals. Pretty unfair for us, but you can't do something about that.

I know how that feels and it really is frustrating that we are missing such opportunity to sell those altcoin at a higher price to a different exchange. Unfortunately, I had the same issue with LATOKEN which I had dealing with for over 3 weeks now and I am still unable to withdraw my funds. These type of exchanges should be reported as fraud and should be investigated. Using a shitty exchange will always bring you disasters.

Yes, of course it's a wild west. I do not know how much information you need to make a good profit here. I, too, was wrong so many times. I also saw many examples when many listed coins on the stock exchange. And then the project decided to exchange coins for a new token. Really cryptocurrency world is very complicated.

Most of the exchanges are like that you just need to learn and know on where you are gonna exchange the next time you want to. I just find your situation as normal nowadays.

I think the era of centralized exchange will come to an end in 2019 now the right decision at least in my opinion you need to own your keys and use decentralized exchange good luck :)

You would have make your post complete if you include the name of exchange you are trading. It is not new that many exchanges do indulge in market manipulation so I am not surprise that you are experiencing this. Most time during big pump, some exchange platform with low liquidity might wanna control withdrawal rate in order to save the platform from collapsing. This is very popular in new exchange platform. I have personally experienced this in an exchange platform popularly called dakuce. It takes days before the platform finish maintenance.

with the new and small exchanges we can not be sure to trade and withdraw securely that's why i recommend to use only the big exchange like binance or dex

If the price of the coin is good and the withdrawal is under maintenance then why dont you just sell the tokens on that exchange!
Withdraw the BITCOIN or ETHEREUM then, why you need to withdraw the token itself if you want to sell it?

There are tons of better well known exchanges and you decided to use hotbit.io? I never even heard of this exchange. And yeah, they were probably trading against their user funds. Sad you had to fall for it. Better be careful next time and use an exchange that is well reputed, since they won't be risking their reputation through such acts.

Did the exchange pre-notify the user about the maintenance? If no, what is the explanation of this maintenance? It does not sound right if there is no reason for this maintenance.

It happens also with many other exchanges, but some coins pumped and up in price, always getting screen like, cannot trade, on maintenance. It is now becoming second route of fraudsters like ICOs, who scams peoples with token sale. Now there are many exchanges launching every other day. The people behind exchange really take regular advantages of these interval pumps, but real people cannot.

It's probably the people pumping so hard and sending so many buy requests in the trade to the server so the server went down.

I don't understand why people think of going to such exchanges which are not even in the top 20 exchanges in the coinmarketcap list. It is obvious that you will have to face some risk when you are using low rated exchanges. I have personally never heard of hotbit.io . Besides that, why do you want to invest in a new coin ? Again, new coins have the highest risk of loosing value.
Investing money without researching and analyzing the market condition is equivalent to gambling. People must start to know the difference between gambling and trading. Only then they can gain profits.

If the server goes down that easily might aswell close down the exchange at all since they will hardly meet the requirements of having proper site with good server so that nothing bad will happen.

I also experience this issue. At that time, I was on hitbtc exchange and they have sponsored airdrop. And Ignis on that time was extremely high. And hitbtc hold our fork in ignis, and they released it only after ignis price was crushed so much. They have the benefit of it and poor are the investors.

This is not unusual for longtime traders. You can see this on big exchanges. They may allow you to withdraw money but it will have to be handled by a private group. They will check your order before accepting your withdrawal. Because at that time there were many transactions happening on the exchange platform, the system could not handle them all and it was delayed for a short time. Maintenance during pumping is an unkind act. You should look to another exchange platform.

The member will leave them, and it will make the exchange getting lose a chance to become bigger. They need to think about renting bigger hosting server so the trade will not get trouble. Besides that, they need to care about the security of the site because that is the most important things they need to concern. And when I get those experience, I will leave the exchange, and I don't want to use their service because I don't want to be a worry with the worst things that might happen in the future.

I don’t really know why you newbies choose to be making use of exchanges that has no reputation.

I don’t even know about this exchange you have mentioned. But anyway, if you were giving information earlier on that the platform is about to undergo some maintenance, why then did you choose to trade during the time for maintenance ?

You should have had patience till they are done. If you’re trading during time to maintenance you’re likely to lose your money, period!

This is a common phenomenon on exchanges that do not want to make a name for themselves, they just want to get rich at the expense of others. Very often faced that when there is a run of prices on different exchanges. Conclusion close and sell their own coins. Also now it is important to put the bot on a certain coin so that it controls the course ! I think the system is rotten !

Unfortunately, these are the realities of using centralized exchanges. In addition to volume manipulations, they can do completely different things, which means that you are not a full-fledged owner of your funds while they are on the exchange.

If you don't use highly reputable exchanges then you may encounter all kinds of issues, but it's best not to assume anything and simply find out why the deposits and withdrawals were disabled as this is routine practice for a lot of exchanges regardless of whether there's volatility or not, so just make sure you assess the risks before using them and never deposit funds that you aren't actively using

I have the same incident before and some exchange they have High minimum for trading.

I guess exchange are doing great cooperation with other exchanges out there, I read different news there pertaining to these scenario, if we still keep the market increase, it would be a good IDEA. So, don't be sad when we can't withdraw, just think of the future when these coins keep increase just the way as before.

There are so many things going on in the crypto space today that at times you find it difficult to believe,so many manipulation, i just hope things will get better.

you should not buy such coins to trade even though its rate increases very high but it is also very risky, you should buy the altcoin in the top 5 of the coinmarket to trade, it will be safer

I have also experienced that, but with other exchanges. They said they'll have a maintenance and will open their website after 2 months. After 2 months, they decided to extend their maintenance. And until now, they don't have an exact date or even a tentative date as to when are they going to open their site. I'm afraid I'll be going to loss my token.

it is important for the coin to avoid a dump when the price goes up and everyone sells. I also felt the same way.

It can be difficult trying to trade new or unknown coins that have not made it onto one of the bigger exchanges, but wallet maintenance on new exchanges is not uncommon and I doubt they are doing it just to inconvenience you. If you were holding whilst most people were selling it sounds like this was when you lost out rather than during the maintenance.

it is usually when the price pump and hard to us to withdraw, may be caused to much transaction and cause server down

I am not using hotbit.io though, but some of my friend also has some issues with this exchange. You can complain on their ANN thread, if they have any thread in this forum. I don't have any experience like you do, but as a trader I know that I will be very upset if I was in your position, you have lost big opportunity. Moreover after a long bear market.


And this is absolutely possible to happen, that's why I think we need to move to decentralize exchange.

unfortunately a good part of the exchange works like this, increasing their daily volume and forcing you to trade again

It is indeed sad, tho face that kind of occurrence.
Even if we are angry with that condition, we can't really do much if they are using that kind of excuse if that were to limit the customers from withdrawing their investment.