Bitcoin Forum

Hi guys. I am new trader here. I had previously sold LTC/USDT at $70 at market price but when the transaction went through it show $47 a coin. I double check and triple check the price stay around $70+ the whole day never drop until $47 which is ridiculous. I wanna ask is there a actual reason why this might happen or it just a scam trading app?

Well, first of all, I advise you to study the interest rates on the platform on which you trade. The commission is sometimes monstrous. Up to 0.1 ETH per order. Before asking the question whether you are being deceived. Are you deceiving yourself?

You may not have sold all the coins. Perhaps you were wrong with the price. Look at the history everything is written there. If you used a decentralized swap there the price is average for the market.

Why don't you tell us what trading app you have used so that we can have an idea.

At this point we can really tell, perhaps it was the trading or other fees incurred doing the transaction. So let's not jump into conclusion right away here, but present us the trading app first.

The app I used was ingotsex.vip . The commission are 0.00300000 for all cryptocurrency. I had about 18k usd before the trade and after the trade was done I was left with 6k usd . Thankfully I already made profit before this occurred. I just wonder if there is anything reason for this or its just a scam. I was told it had something to do with volume but I wasn't sure.

https://ibb.co/4Wx98Fc

Honestly if you fall for such trick it's your fault, you are deceiving yourself on the inside and still trying to think and act as if you are smart, the exchange is a scam you don't need to tell us the name, I'm guessing you are trying to buy at 45$ thinking it's way cheaper but instead you get 70$ rate, if I'm wrong you would have tell us the name of such app

Never heard of such exchange before, as a newbie you should have learn to do research first, why must you use this type of exchange? The link to the website is not even safe, it's a unsecured HTTP link, the LTC on the website shows 82$ per LTC though, newbies should stop using unpopular exchanges

 I was introduced to this app by friend and I was new to trading. Didn't know much about it. I already stop using the app now and used binance instead but I just want to confirm it was scam and not other reasons why this might happen.

There might be two answers for your question, transaction Fee's and Exchange lets break it down but this is just my opinion

The fee's when we do trade there is always fee's attached to every trade, even a small amount gets fee's sometimes higher than the value of your coin,
but it would be an insane high transaction fee's so this is might not the answer for sure.
The second one is the exchange or the application you are using, this might be the culprit of why that takes so much from the amount of your coin, so it might be the transaction fee, and the amount the application your using is getting an extra commission, from the value of your coin, so before trading or using an application make sure you have read their terms and condition because it will cost you a lot, like what happened to you.

Where did you make that trade? because now there are so many trading platforms that can be used by everyone, I also think this is very strange, but there must be a problem that occurs in the application you are using.

Which platform you have used? you said you have executed your trade-in market price. I saw in some exchange their sell order match with the market price movements but their pending buy order will always be much lower than the actual price. Those are some low-quality exchange and use bot trading to show high volume. Maybe you have done your trade-in in that scenario.

What APP are you using by the way? I think you should only trade on reputable and trusted exchange sites to avoid such scam it looks like a scam to me because even if there were trading fee I don't think it would deduct you huge amount.

Probably yes , but you should also provide link here so we can check and review it, where did you get the application link? Did anyone contact you to deposit in that website or application ?
Can you also give us images from your trade and try to widraw the balance to your own wallet if it's true exchange you will receive it if not then that fully scam app.

Scams in the crypto market are easy. How many people and exchanges are exposed to fraud. We can be deceived immediately. We have to be very careful. Money is not easy to earn.

Please tell me, what attracted you to this resource? After all, the fact is that there are quite a lot of other opportunities to find more reputable and generally recognized exchangers for trading, which have better interest rates and more understandable functionality for beginners.

I am not even familiar with that app you have used. Check it out on coinmarketcap and how much the average price of LTC for each exchanges.
You have been scammed by that app and tell it to your friend that introduced you to that app. If it is too low within the average price of the market then they are misleading their traders.

OP should name the application so members will avoid that application it's pretty obvious that he has a bad deal based on his experience, like all the other's opinion it is a scam and you should create a thread on this application on the scam section, so those who will read will avoid this application and only trade on reputable exchange, it will save you time and money.

That's right, now trading on a new platform or exchange is definitely very risky, because the scammers are already very clever in building all kinds of things to deceive the many people who are in crypto, including making exchanges that look easy and promising at first, but are just nonsense.

Those who are new to cryptocurrency do not have a detailed idea of ​​many things.
I also don't know the details about the scam.
Please tell, whats the story of them big puppys .....

This is a very strange situation, most likely you still made a mistake in the price or the exchange on which you were selling faded for a second, by the way, I had it once. You can try to write in support of the exchange or application on which you were selling.

Don't compare the price of your trading pair based on the prices from cointracking websites like coinmarketcap and Coingecko, just go to the exchange where you are going to trade and check what are the prices for your coins even though it is higher or lower, you are going to set your desired price and wait for the trade to get executed.

Now there are many ways that scammers can exploit crypto, so it will be very difficult to tell in detail, because they play everything and are smart enough to set new traps for everyone.

learn about pickers and makers, so you know how much interest to charge. Are you selling at current market prices or are you in line?
then please provide us the website where you are trading it.
I don't think it's a scam, mate, it's just that you're in a hurry and haven't noticed any interest cuts on the trade.

If you recently traded LTC then it's not the fault of LTC's price, because in the last few days LTC's price hasn't dropped dramatically and is still steady at $ 80.So, the question is where do you trade? It looks like the place you trade with has high interest rates.

Maybe there’s a delay on their price display so I suggest that you use a legit trading site that can allow you to trade on the current price. Don’t call its a scam actually, all you have to do is to inform first the developer about your problem. May I know what trading app you are using so we can also make our own research? Anyway, its good that you see this one before you trade, always do this one.

This is a rather strange case and I have never encountered it. Even if the system fails, it only has a few price differences, it cannot be reduced as much while the price of LTC is around 70 $.
Please tell me more information that you traded at which exchange? and better yet, you should send more pictures of the timing of the transaction and quantity. I can help you if you were trading at VCC exchange, because I have someone I know working there.

How come its happen I think its looks impossible without you give more details like which one exchange do you use and how come your litecoin could sold on $47 and check with ltc price never down above $47. I think you made mistake maybe and we can't fully understand with your question without see your transaction history, maybe could you have pay higher fees with your exchange for selling ltc, but its not true if ltc sold under $47 because ltc still have higher price right now and if sold will get commonly on global ltc down under $47.

^ does these guys even read the whole thread, the bounty manager should remove these users from their campaigns cuz they do not even bother to check what exchange he is using now

based on your picture here, i am not even sure if i want to give detailed post cuz it lacks of everything, just a bunch of trade history. maybe talk to the support regarding this? they know more about that, even though they would put all the blame on you like every exchange does

The only way we can help you is if you show the transaction history, and which platform you traded at.

Did you also fill a spot order immediately or did you set limits, because if it's the former then it's possible you accidentally set something wrong. Show us your transaction/order details.

I never experience this even when I'm newbie in trading. Maybe you just made a mistake at first. That's why before making any steps or transaction, you should learn it first, the value, graph, price movement and the exchange platform also. Trading is risky that's why you need to be careful enough.

I think what you say is true because sometimes the exchange can give a surprise, for example, the price can go up immediately, therefore maybe the way we can do is place a sell order at a high or low price to stop losing, so it won't make us lose .

this is natural because he is someone who just knows about cryptocurrency from his friend. new people have less experience and less good research techniques, but we have to give high appreciation to the OP, who has dared to try to enter the world of cryptocurrency,

a bad start doesn't mean you have a bad ending, don't feel weak with this little problem

This should be a lesson for everyone trading on shady exchanges. You are exposed to a lot of risks already when trading on reputable exchanges because they are not regulated by a financial authority. Trading on platforms with a .vip domain nobody heard about is obviously a trap.

Be careful out there. Even if your profits covered the loss, it was your profit, not theirs.

Also make sure you understand the fee structure of any platform you trade on. These are one of the biggest cost to a trader.

there is no problem with the current price of litecoin, most likely the platform you are trading on is a scam. but by the way, can you mention the platform you are using, so that we all know and can anticipate that something similar does not happen again.

Have you checked the volume on the market you are using? it's actually quite strange. however, this will not be resolved until you show the screenshot or tell the site you are using.

There are a lot of people who are new to this forum who don't understand Is it a scam J. You went to buy a coin but you didn't find any of it. You can win there later in the scam. I could easily understand that. And if there is any such link, you can give.

Probably you might experience the impact of high transaction fees prevail at the moment. Early days you did not need much gas to perform a transaction but now we see a drastic increase in it. One thing you need to check prior to do any transaction is that what is the rate they are going to charge when you perform the transaction? Sometimes it can be closer to 30-40 dollars.

how do you trade? where do you trade? what type of trading do you use? check sell / buy history, history of balance mutations etc. some basic things like the one above will greatly affect the trading results. so make sure you trade correctly so that you can get profit.

maybe you missed this movement or maybe your internet network is also not good so you experience a case like this, if it's like this then you can get an important lesson that always make sell orders so you don't miss the price movements on the exchange.

yes maybe everything will end up a scam, so you have to be really vigilant, don't be happy to follow ico or IEO, this is only a note if for a project,
for your case, it looks like the order book on the exchange is very minimal, and it makes your estimate decrease a lot, because the one who buys is not worth what you should sell

Its all depend in the exchange better to do is find a legit exchange in coinmarketcap.com or in the coingecko to check a better exchange I advice to you the better exchange like Binance, OkEx, Huobi most of them has have a high volume of traders so the chance of earning will increase if you use a larger exchange just saying!

I don't really know about this exchange, maybe the trading fee there is bigger, but if it's like that you better leave the exchange like that, and switch to the more famous and big Exchange.

Are the prices or charts shown real time? might be for the internet connections as well. if it were a "trusted" app there shouldn't be something like this. You should try to confirm it to support or take a ticket and try to ask them for an explanation

Maybe just half your litecoin sold based on litecoin price right now, you need check on pending order have complicated all your selling order or still have some litecoin still pending maybe you use higher price above buy order. Look impossible if litecoin have lower price above $47 because litecoin price right now almost 84.38 dollar, I sure you miss with your pending sell order and you need to check back still have any litecoin balance there or have completed your selling order.

Looks like you did get a scam from the exchange. Why did you choose an exchange that is not clear, the exchange looks totally unprofessional. There are very many large exchanges and they do not charge users a huge fee. I recommend that you exit the exchange immediately and search for exchange references via https://coinmarketcap.com/rankings/exchanges

Lol man you've been scammed, and the name itself should have been a warning enough.

Ask your friend first, why he referred this app to you. I couldn't find any review or article about this trading platform at any place. And their webpage isn't secure, I'm getting warning from my browser to not enter any sensitive information at the site. Seems like it's a China based trading platform. Probably the website/app is scam. If they are not scam maybe there is bug in their trading app. As a newbie you should research before starting crypto trade. Firstly select top trusted platform for your safety. Binance is one of top and well known trading platform.

Two things are involved here, it's either there was a flash crash in price leading to massive dump and immediate recovery or the app is scam. But even if there was a flash dump/crash, it should have reflected on the chart, not otherwise. By the way, I checked the app you used and its obviously untrusted. Let's be mindful of the trading platforms we use.

I have never heard of such app before, and this is obviously a scam app, I wonder how you came across such app when there are so many reputable apps to trade on, your money went from $18k to $6k and you think it's normal?  :-\, I would advice you to withdraw what's left of your money and stopped trading on that app/exchange, these is the reason why it's always advisable to use reputable trading platforms like binance, kucoin etc, I don't think stuffs like these can happen there.

Hard to believe that someone who had that much money or do claim on making big income with it is most likely giving me the feels that he's just trying to shill it.
Overall where this exchange havent heard of by the masses which means its odd that someone do just came out and tell that theyve been using it but if we do talk
about the truth here then this is what happens to those people who are really fan on using unknown exchange or apps until they had experience problems
later on and will realize when they had lost up their money.Always the best tip to follow is to make use of platforms which had been known by the masses
and dont tend to make use of others which arent unheard of.

It sounds wrong from your entry post.
You are a new trader and yet you are already gambling heavy amounts.
Then your screenshots is just too fishy.
Why not just go directly to a reputable exchange than risking with the unknown?

Could you at least expand the explanation or we will just see more guessing from our sweet members here.
You wont find a good answer without a good elaboration.

How could this happen because you only trade on the same day and hour, it is only a few minutes different and it seems impossible for the price to drop so deeply in just about 2 minutes. But what happened after that incident, did the market price return to normal or did it stay like that? If you come across any real oddities, then it would be best to leave them immediately and there is no need to consider staying, as they are clearly a scam.

Have a close monitor on this coin mate, we don't know yet if that's due to current outbreak of bitcoin. Many coins started to prosper right now, that's why we noticed some price increase on recent updates of trading sites. If scam tends to happen, sudden or unexpected drops will be experienced few hours after it pumped up so there's no evidence it's going to scam us.

It only takes a few seconds to know this was a scam. The website is poorly designed, doesn't have a certificate, they have the word "sex" in their website name, and they use a cheap .vip domain. How many more red flags did you need to see before you determined this was a scam? $12k is a big loss but I can't really feel too sorry because it was such a stupid mistake for you to trust them with any amount of money.

Having that explanation, you lost half of the price of Litecoin in based market's price. Is your friend working for that exchange or he has no idea what happened to you?
Correct. The domain was even suspicious.