Bitcoin Forum

I am not sure Beginners & Help or Trading discussion is a best board for this topic. I leave it here. If it belongs to Beginners & Help, please move it.


In bull market, projects are created daily and exchanges are created to list new coins or tokens. You never know which teams are behind exchangers. Are they scammers and own some scam projects? What are purposes of those people when they create exchangers?

Years ago, in 2018, I lost my money with my stupid ignorance on advice from senior members. "Never store your cryptocurrency on exchanges. Store them in your non-custodial wallets."

Story

• Altex ^[1] is the exchanger that very friendly to list Cryptonight coins.
• Cryptonight coins were created abundantly in that year. Easy to mine with GPUs.
• The exchanger listed new coins without listing fees (as I recalled).
• They quickly accept any listing request -- that I believe you will see more in this current bullish market.
• Early signal of scam exit ^[2]
• Less than one month later, they made that annoucement ^[3] and exit.

Advice

• Don't blindly accept new exchangers because you are greed and want to get rich fastly
• Don't blindly make big deposit just to claim deposit bonus
• Pay your attention on early signals of scam exit
• and more. Generally, be cautious with new exchangers in the bull market

Resources

• https://twitter.com/altex_exchanger
• https://twitter.com/Altex_exchangeR/status/1015052661605924864
• https://www.twitlonger.com/show/n_1sqk2fh
• Beware of "Pay original fine" - a scam method (https://bitcointalk.org/index.php?topic=5279288.0). It is a template scam exchanger. I am not sure you still see this scam template around. If you see it, beware of this scam and protect your money.

It will be good to move this to beginners and help, or scam accusation, but for beginners to gain from it, will be good to move it to beginners and help. There are exchanges like that, it is called scam exit. Before using an exchange, it is good to make detailed research about them because some are scam while some projects are just scam, either scam exit or pump and dump. Also after researches, it is also good to focus on the coins listed, new coins are often risky to dump while many are just scam that will lead to classic scam exit. There is nothing better than to invest in bitcoin or invest in strong ones that you know are not scam, altcoins like ethereum, polkadot, litecoin, cardona and of the category.

The problem is why do newbies want to go for the new exchanges when there are established ones that are far more reliable and are guaranteed to not run away with your money. Going in with big money as a newbie I think is the biggest mistake that anyone can do especially as the topic says, you are in a new exchange.

I can only think of one reason, perhaps that token that they want to trade is listed on that exchange. But perhaps the token devs and exchange themselves has been colluding to dupe crypto traders, specially newbies. And then after they ran their scam, the crypto exchanges will suddenly disappear and newbies are going to complain in this community and it's gonna be too late.

Indeed, there are now many cryptocurrency exchanges that have been operating for quite some time and already have a positive image. Among the long list, you can choose several exchanges that will fully meet your trading needs. But as a rule, beginners are looking for such exchanges, for registering on which they receive a certain bonus, which is fundamental for them.

As far as this internet space is concern, you will keep getting and hearing people scammed. This is unfortunate that no matter the preaching and warning, people get scammed especially newbies. These are part of the experience. When you like to go for cheaper products and what free gift you get, then you keep losing the substance. Experience teach us something if we learn from it.

As I remember in that year (2018) there are too many exchanger platforms that arrive and most of them running a bounty campaign here in the forum.  And yes, they promoting their exchange platforms altogether with the token/coin that based on the name of the exchange.  But as I noticed them, they dont survive and they don't make it to grow at least operated for how months. 

It's really hard to trust a new exchanger that newly arise, even though it has offered great promos but still, you need to be careful on depositing a huge amount, it might they exit scam will happen.  Though this is very common that happened and we dont know what is the sole purpose of the owner who runs an exchanger.  Failure of exit scam is a very common thing that happens in most crypto projects back then.

Withdraw your fund after making a profit on the exchanger, don't let sleep your fund on the exchanger, that's not a good practice.

Not only newbies can fall for this even regular users can be a victim especially if the promotions is irresistible.

New market exchange seems to be a quite a trick now. What can scammer get from feeding a known method. Their trying to gear up a real project with a slow rug liked that will happened somewhere in the future as they can make their platform trustable. Too bad, services can be knee if working properly or have signs of an exit scam.

I think it's wise to take everything with skepticism. It's not that I don't trust anything but it's way too obvious to fall for scams without anything to hold on to. I'm quite curious about how exchanges like the scams out there get the victims. Are they that common or is it like a pyramid scheme that you get your payout if you invite people etc. I'm saddened by people who get scammed like this.

I have recently known someone that is in talks with people in a certain exchange and I'm not sure if it's legitimate or not. He only deposited a small amount but he gave his information and ID for them. The KYC method so I'm quite worried about his experience.

Unfortunately, many people fall victim to such scams, especially beginners, the worst is that many of these fraudulent platforms are listed on Coin Market Cap, some people think that the mere presence of the platform or coin on Coin Market Cap, this means that it is reliable, and this of course is not true so you find many They fall victim to fraud.

I want to remind something to the traders especially to newbies, "don't beleive google when searching crypto related services", because mostly you will end up choosing a scam or clone website.

I wonder why a newbie would choose a new crypto exchange,rather than some established platform.
Is it because of the lack of KYC and ID verification,or it's because of the lower trading fees and other perks?
Don't they realize that they are putting their coins at risk,when depositing into unregulated exchanges,that have no positive feedback around the internet.
I've used only one small and relatively new exchange(it was new back in 2018) just to sell some tokens that I got back in 2018.I didn't have problems,but the amount of was small(200USD),so I wasn't risking that much.
I'm never going to use a brand new and unregulated crypto exchange platform again.

To be honest, I don’t think we need new exchanges anymore because it’s already saturated and may get very low trading volume and liquidity or supporters. Why would I need new exchanges to be in the game, where there are already existing ones like Binance, OKEx, KuCoin, Bityard, Huobi Global, etc. Just saying.

These days you don't need a centralized exchange anymore so that's the good thing. Go p2p if you want, safer with escrow, or if it's those alttokens you're interested in there are so many AMMs out there that'll take your btc too.

I can't ever consider using a new exchange now. If I really need a CEX Binance and Bittrex are enough for me.

I’m tired of seeking for new exchanges since most of them failed to operate even after making so many updates and most of them turned into a scam.

This is why newbies have to deal with the best exchanges, to avoid problems in the future and of course, they offer good services as well. If in doubt, always go for the best options and for me, Binance makes things possible for a trader.

P2P is not really an alternative for centralized exchanges because you are going to trade with random person which means the source of the money is unknown for you but what if it comes from someone who involved in illegal activities so you also will be on the wanted list now.

Maybe we often see projects about exchanges that will be launched with a lot of promos that they spread, but that all can be a danger if we are careful scamers with a lot of funds are taken away by him.

All you have to avoid is for beginners who don't know don't be consumed by promotions so that beginners deposit more money to get a meager $$ even though it's a trap for you.

There are many exchanges available, maybe all the best altcoins are there so use an exchange with a good reputation.

It's true that the OP saves assets more on hardware than on the exchange with full of risk.

Exchanges are definitely one of the riskiest places to lose all your money, after all they could take millions of dollars easily and run with it, it is easier than any other place on earth. I believe there is no reason to get away from big places, using binance, coinbase, kucoin and so forth would yield no problem, or at least it would be harder for those places to face any problems compared to these small level places.

I am not talking about this example but normally small exchanges could be easier to hack as well and that is why even if they are decent places with no scamming intention, they could still end up losing all their coins from one hack and they would have to close, that is the saddest part because they are still legit and they made no money but because of some hackers they are seen as scammers, that does happen time to time to some people.

If the funds are illegal, so far you use a legit p2p exchange, you have nothing to be worried about, it is not black market but I am speaking about the ones on centralized exchanges, most p2p are centralized, only few are not centralized. But if decentralized one is used, I do not know what could happen in this case.

With lots of exchanges in the market and still continue to grow in numbers as a the year passed by then its really not surprising about these scammy exchangers existence.

Even though not all of them are scam though, imagining wayback on how Binance and other famous exchange atm did start where it did really came from scratch.

You can eventually tell if a certain platform is serious on giving out their service from UI/UX until to service that they do gave into its users.

It's unusual in this day and age for exchanges to just simply pop in to the scene and generously list coins without any fees. Even if an exchange is new, they would have asked for some listing fees no matter how small if they want to profit.

Their first moves already scream scam. Probably even collaborating with some coin creators too. Best to avoid the exchange for the mean time unless they are able to prove their legitimacy.

Sometimes, this doesn't only happen on newbies but also some people, in the crypto also expected this, getting into the new exchanges that are low trust, reputation, and also probably scam.
This will depend on how we see the new exchange. Sometimes, they offer very interesting and also promising rewards, very low transaction fees, or event various events or programs. And sometimes, many people are trapped to be interested in this kind of promotions.
Well, it depends on each individual.

If theya're newbies, I think that they don't know much about what to differentiate among the exchanges. Or, they only follow others to get into certain exchanges because of certain promotions. Or even they're interested in the rewards that they will get

As traders, I am very grateful for the opening post to remind all of us as traders, especially newbies, about the new exchanges. Because if we
weren't careful with the lucrative offers from new exchanges, we could all fall victim to scams. Therefore, choose exchanges that really have
a good reputation, so that it can prevent us from becoming a victim of scams. If you are really curious to try using new exchanges that don't
have a reputation, you can deposit a small amount first. After 6 months of using the exchanges never having a problem, it is very likely that
the exchanges are reliable. Then you can increase the amount of deposits even bigger.

Centralized p2p like LBC or Pax never going to help you legally if you traded with someone who is having illegal source of income. I am personally trading on LBC for more than year I know lot of people got penalty from the government because they traded with hacked bank accounts and LBC may not even share the KYC details of the user who traded with you so beware of p2p trades no matter it is either LBC or Localcryptos.

That's a really crappy way to make a comparison. How do you know that centralized services aren't sending you money from random people whose source of income is unkown? Or that the money you get on a daily basis is also from unknown sources? Do you even know who pays your signature campaign and where their income comes from?:)

If we already have our own favorite exchange, we do not have to try to use the new exchange before we know if that exchange is real and good for trade because we must avoid the scam exchange, as @OP says. If the new coin or new token is listed on the new exchange, we may need to wait for a while and see how it progresses. If the progress is good, maybe you can try to trade for a small amount to see if that exchange is fitted for you. Otherwise, you need to stay away from using that exchanges.

New exchanges attract me if they have bonus without any requirements to make deposits or volume of trading to claim bonuses. Some exchanges give you free money for registration and they give you more if you make deposit, trade.

Beware of risks for deposit first if they require huge amount. There might be different tier of deposit to claim bonus and please don't fall into top tier, with big required deposit. If I join such bonus, I choose small one, just for fun and I don't stay on new exchanges for long. I will join them back if later they prove that they are legit exchanges.

That is it. Sometimes, for shit coins or tokens, you have to make deposit to a strange exchange, to cash out. Mostly, they are not scam at beginning so when you cash out, withdraw your fund immediatly. Don't stay and trade on new exchange, if they are keen on listing newborn coins or tokens.

I know. Legit exchange will do start with big and old altcoins. They will expand to new coins/ tokens later together with promotions. If one new exchange tend to focus only on new coins / tokens, it is not a good signal. They might scam you.

I think you need to calm a bit and analyze what I am saying, centralized exchanges are registered companies making payments from their bank accounts but while doing p2p we are receiving funds from random people we found using the platform, even though they submitted their KYC we can't actually trust that we are dealing with the verified person.

And about signature campaign payouts or basically gambling site payouts are not coming from unknown sources, those sites also regulated and we are receiving funds from their hot wallet not directly from other person's deposit means we are having someone in the middle between the transaction and gambling site will take responsibility if some illegal source funds are coming to their site.

I am not even surprised with these types of exchange anymore. From the gazillion number of exchange that are popping up quite often, why do some people chose those that don't even built their reputations just yet and then complain in the end that they've been, as you mentioned, exit scammed.

I particularly only traded in Binance, EtherDelta, and had a bit of peek in Bittrex but they were still closed for new registrants back then so I didn't manage to do my trading there.

That is why I do not pay too much attention to the new coin or token, especially if that coin or token is listed on the new exchange. But that will be different if that coin or token is listed on the big exchange such as Binance, Bittrex, Poloniex, KuCoin, or others. If that so, maybe I will try to search for the information, but I do not buy in a large amount. I agree with you to withdraw our funds immediately after we can sell the new coin or token.

Newbies are definitely going to fall for this but I think other traders falling for it is highly unlikely because of the reason why would you go for a new exchange when the old one is working just fine, I mean have they heard of the saying, "If it ain't broke don't fix it."? Because that is the case when they are going to switch to a new exchange with some questionable add-ons that as @dothebeats say, scream scam.

It is understandable for a newbie to look for low level places and low level coins because we have made so much profit from just keeping bitcoin, not even on exchange, just buy it and put it on your wallet and we made 10x from last year, and they know that in order to make 10x they can't buy bitcoin, that would be 550k+ bitcoin price, which may eventually happen but we all know it is not going to happen anytime soon.

So those newbies, thinking they are too late for bitcoin or any other major coin, end up buying the low level coins from low level exchanges with the hopes of making 10x as well, and soon realize that most of the times that is as bad as it gets, it is a loss making move, making profit with bitcoin is possible, maybe you are late, but it still doesn't mean that you should risk all of your money to make a profit like bitcoin holders did, bitcoin is legit and binance level places are legit, looking for that kind of profit in small places for small coins could hurt you.

It is indeed a very fatal mistake when trusting a new coin or exchange platform whose price is still very cheap and will conduct a public sale or something like that. Some of them created phishing web portals to trick some trusted users. The hope of getting 10x the initial price certainly makes them very interested. Currently there are many fraudulent practices like this. and what's becoming popular is the BSC platform and lots of new coins listed, some of which make cloning coins popular so people get stuck and Rugpull will happen.
Trading on the Binance exchange is the safest and don't trust any new exchange or coin whose origins are still unclear.

Frankly, I fell into that step. Made deposits, took profit but I hesitate or just was lazy to withdraw my money. I let my capital on potential scam exchanges and lost it eventually. Not all, but some newbies will step in my shoes again.  :-\

It is the basics for investments. Choose the leaders in each aspect for your investments. In crypto market, it is bitcoin.

You are correct but I warned in OP about the risk of let your money in new exchanges. After you deposit, cash it out, withdraw it instantly into reputable exchanges. Don't stay on new exchanges more than what you need. There are many older and more reputable exchanges for you to use and make profit.

Even Binance don't give you a guarantee that they can protect you from new coins or tokens are listed on their platform.

Their warning at bottom of every announcement.

Completely agree there with you, picking an exchange is like choosing a bank account because we are sometimes going to deposit all our crypto there to trade and more than 10 exchanges I can easily recall that turned into scam. Some are selective scammers while others just shut down.

Never heard of a deposit bonus at an exchange but if anyone offers such things, I would rather avoid and be even more cautious.

I think the early signs are blocking other user's withdrawals while allowing deposits, right?

I actually never use new exchanges because I don't find a reason to fix something that isn't broken. I trade at Binance and they are more than trusted for a small trader like me and even then, I withdraw my profits into my wallet rather than keeping them on the exchange itself. I was shocked when cryptopia was hacked or they scammed, whatever. I stopped using new exchanges since then.

I have even noticed that there are people who just register on exchanges because they are giving registration and first deposit bonuses, they don’t even care to check out these sites most of the times to know how legit they are, which is totally wrong.

People shouldn’t be letting these traps that are being laid by scammers to catch them, the main focus should always be on how good an exchange really is and not their offers, that’s just a tactics that’s being used by scammers to distract people from focusing on the main issues , it’s just like cheese on a mouse trap.

New crypto traders are always waiting for some kind of bonus. It is often seen that new exchanges give users a bonus for registering on their exchange or giving a bonus on the first deposit. As a result, new traders are interested in registering and depositing in those exchanges without any research. And because of their haste, they often fall prey to various scams. There are people with bad intentions who are always waiting, looking for ways to fool inexperienced people and scam their money.

So new traders should refrain from depositing their funds in any unknown exchange to get any kind of bonus.

There are lucrative offers thrown at the potential traders by giving them features like 0% trading fees for the first month or things like that which lures the traders into making an account and start trading on these new exchanges.

Some exchanges are actually making a living by doing this, they take money list a coin and don't care if the project is a scam because they get their listing fees and that is how they run their website.

Bittrex is not very good, is all I can say. I have heard a lot of bad things about them and some even call them scam but because I haven't seen any accusation with proofs, I am not going to accuse them of scamming but staying away for sure.

I have that experience before, and I feel regret about that. Many times we do not want to take profit when we see the price increase higher. The truth is we want to make a bigger profit but we do not see the conditions that the exchange is good or not, so we delay to take profit. Once that exchange turns into become a scam and run away with the member's money, that will make us feel sad.

I am sure traders will attract to come to that exchange and deposit in big money. But if they can research for more information about that exchange, they will know the truth and they will not try to deposit their funds to that exchange. We need to be careful if we get those offers and make sure that we really know that the exchange is legit.

Binance is asking for everyone's KYC if you are trading above a certain limit and if these tokens are making money and accepting investors then why not comply with a full KYC procedure for all the company members to be listed. I am not sure about the policies on listing a coin but they need to do something to avoid the scams that can be avoided by collecting and verifying these information.

It is only mandatory requirements for their Peer-to-peer marketplaces or when you exceed the default 2 BTC withdrawal per day.

I have never known they require a mandatory KYC because of daily trading volume. No KYC for Spot trading.

The longer you stay on an exchange, the safer you will feel about it. Then you will stuck with it and depends on how that exchange goes, you will be scammed or not.

I don't recommend anyone to do so. If they are brave and decide to do so, do it with very small deposit: $50 or $100 just to enjoy the small bonus. That's all they should to be brave and satisfy their greed. Don't make bigger deposit as it is very risky.

If that exchange is binance, I do not mind staying on that exchange because with the good reputations of binance, and I am sure they will take care of their members and the funds. Binance will give their members the best services, and I am sure they will not let their members sad. But if that is the new exchange, I will not try that because the new exchange needs to build reputations before the trader trusts them.

I agree with you. But as we do not know if that bonus is real, we do not have to deposit a small amount. Maybe we can search for the review from another trader who already tried that exchange, so that can be our consideration to try deposit or stick to our favorite exchange.

Thats my question, too. But when I was a newbie before, I didnt choose new exchanges. Ive chosen established exchanges that has a good feedbacks like Binance. When there and new crypto exchanges, it is hard to entrust your fund to those who still didnt prove their length of existence and their security system.

Those people who hunts register bonus usually just try to sign up there and cash out though there's always someone who gonna stay in newly founded exchange, but scamming caused by exchanges happen frequently when the exchange is still in a new phase where they are small enough to be able to get away with the money they scammed. Big exchange won't scam because everyone know their details and they are just too big to scam people and get away with it. Even dapps that supposed to be decentralized often do rugpull.

I am sure this is one golden rule that has to reiterated almost everyday if not everyday. So many people have fallen into scams like this in the past and yet so many people still remain gullible as to still remain clouded in their judgement of an exchange.
It is important to  know that before choosing an exchange, one should take the timeout to make research so as to to determine the authenticity of such exchange.
Another very important rule is that do not leave your funds in an exchange. Always move your funds to a non-custodial wallet. It is safer that way

How is FTX by the way?  Heard few good things about it.

Good thing, I never went more than or equal to that amount actually.
Even by popular exchanges, I still tell myself not to hold too much money in there or if I don't have the reason to trade right now, I would just get out of there and take all my BTCs traded back then.

I would avoid using new exchanges, because they barely offer anything better than reputed exchanges. Why risk loosing everything to save few dollars on a fee being lured by a better exchange rate? There is no free or easy money in crypto. “Free cheese is only in mouse trap”.

The thing is that some new and scammy projects are partly responsible that these new shady exchanges get any customers to begin with, of course no one with a brain would choose to go for these types of exchanges instead of a reputable exchanges that had been in the business for a while if what they're trading is available on known exchanges.

HitBTC is a good example of a shady exchange if you're wondering, HitBTC was founded more than 3 years ago and somehow they still get some customers, just because many new project get listed there, even with all the issue they have/had, from really high withdrawal fees for new tokens/coin to asking KYC randomly from customers that have higher USD balance in their account.

To sum it up if a coin/token is only listed in one exchange and that is a new exchange with zero reputation, then that's an obvious red flag and stay far away from that project.

When you are minding about fees then using up these low-liquidity kind of platforms isn't the smartest thing to be done because there are actually lots of possible ways to do that.

In the question on why there are really some people do make use of these unknown exchangers? because of that selling decision of their shitcoins into their bags.

If we do saw that there are no other places then majority of us will really risk out on making transactions with these places even if we are already aware with the risk.

Exactly my thinking... As a newbie you should at least try to go for traditional exchanges, if that's the least research you do. There's no point in investing (and even making profit) if the exchange you're using is not legit. You'd still end up losing in the end.

Picking the right exchange is one of the 1st steps you take towards investment, be it in crypto or otherwise. Always best to keep to places that have already been proved many times before. No point in risking it with newer exchanges...

Many traders are finding it difficult to rise because they listen to social media than their own personal research before investing in a particular project. There are many scammers on social media looking for who to scam in the area of crypto exchange.

FTX is OK, though I wouldn't rate it as Binance, but it's a solid exchange than you can trust unlike pure scam exchanges like p2pb2b, bitforex etc

Most Newbies get trapped into using brand new or scam exchanges due to airdrops, ICOs and shitcoins that are not listed on trustworthy exchanges. I have been there when I was a newbie. Thou I was lucky not to make any financial losses

because mostly these giveaway coins are being listed to small to unfamiliar exchanges. so no choice for these hunters but to try the exchange. however, most of them are just a trap. lucky for you if you can get out your coins. and usually their fees are lower than regular exchanges, to attract users. but the usual prob is the liquidity, it would take 'years' for you to complete the order. and the gap of sell vs buy order is quite wide. better stick to reputable ones if you are just trading the top coins.

What then could be my criteria for choosing an exchanger. Because as  newbies to Crypto trading proper knowledge of reliable exchangers will always and still remains a problem. So helping one choose from the wider range of exchangers would save us from dooms. Is it also adviceable  to leave your coin with an exchanger?

Stick with the basics of high trading volume. You can also use trust ratings given my market data aggregators like Coingecko (https://www.coingecko.com/en/exchanges) as reference.

You can leave funds strictly for trading. Do not use the exchange for long term storage.

If the coin/token you are holding is listed on smaller exchanges, you can send a small amount to test their platform and make sure their order book is legit. Check if withdrawals are working and how much do they charge.

As a newbie it better to opt in for reputable exchange like Binance other ones, it had been well reviewed from forum members personally I am a user of the exchange no issue so far.
Some of the so-called exchanges do fake trading volume of some coins in a bid to scam unsuspecting traders or investors.
Some of my coins are in my exchange although I wouldn't leave a bulk or hude amount of my coin with them I trade and withdraw profits to be the safer side.

This topic also fitted here in my opinion so that it could be notice instantly. A lot of exchanges are popping out of nowhere and "listing" coins (mostly big coins) and they are hyping it out to attract customers in my opinion, and when you deposit your coin on them, you can't withdraw it anymore nor trade it in their platform which is pretty useless and a waste of money.

The majority of victims are always newbie since they have no idea about Trading that's why they are just carelessly accepting any exchanges to exchange their coins.

That's basically a business model. Exchanges are a great way to make money if you know what you are doing. I am not talking about marketing and all that, that part could go up slowly and gradually, what I am talking about is the technological part of building an exchange, it is really hard and not just building the website itself, that could be done one way or another, I am sure there are even some software allowing you to build that easily.

However the security part is very difficult, it is nearly impossible to build something like that, it is going to be very difficult. This is why if someone can build and exchange that barely gets hacked (even binance got hacked few times) and can secure everyone's money, that means they will do it, there is a ton of money in that business, and I mean more than you can imagine, tens of billions of dollars worth market, so that is why we are seeing so many bad ones as well.

Well, there are too many factors to consider.
First --look at the exchange if how length the service he had run and don't trust with the new exchange platform that newly created, they don't have a credential to trust especially if they are new in the trading business. At least 2-3 years of service would be acceptable but of course, it will depend on their liquidity have. However, it is a good step if you will choose trading sites that already well-known with a high volume and supported with a lot of cryptocurrency and the last one is to have a secured fund offering.

Over the past few years, I have faced the emergence of a number of new crypto exchanges and, unfortunately, most of them turned out to be inoperable in the end. There may be many reasons for this, but you cannot certainly trust each new exchange. As the saying goes, everything is learned by comparison. You need to spend more time studying and testing new crypto exchanges. However, this does not mean that all new crypto exchanges are bad. No, it’s not like that. There are those who were able to prove their efficiency and now delight their traders. At the same time, I want to note that crypto exchanges with experience also periodically suffer from the appearance of a number of unpleasant problems, and this shows us that any crypto exchange cannot be 100% reliable.

Just like what others mentioned, most new exchanges are not usable. There are many issues with them that you don't want to use them. There are also other new exchanges (https://www.predictx.market/) to launch that has promise, but you guys still have to check and research about them first.

Testing new exchanges is probably not necessary when the competitive chances of new offerings are relatively low, the exchange seems to have confirmed its owners as major exchanges such as Binance, Bittrex, Okex and several others. Priority and satisfaction always lie on these big exchanges, with new exchanges, what we can see is a little special feature and airdrop they create, UNI is a prime example of the benefits of observing the advent of new exchanges but as you say, new exchanges have too many fraud risks, pay attention to events and rewards, do not put money into participation

I think if you are not going to do something major, you could just stick with the big names and keep trading there, but if you are not going to do something like that and if you are going to end up trading on a place like a very low level exchange because they have that coin you own and you want to sell it and that's it, it's going to be hard.

I once used one exchange to claim idena, idena wasn't on many exchanges (haven't checked if they are listed in good places now) and in that horrible horrible exchange, there wasn't many coins, since I cashed out like 50 bucks worth of idena, I didn't want to use bitcoin or ethereum since it would be super high, I was asked to pay like 40 bucks just on cost, so I didn't do that.

The only coin I have ever heard of was dogecoin, seriously aside from bitcoin, ethereum and doge there was all coins with under 5k dollar volume per day, it was horrible and they charged terrible withdraw costs as well even for doge. In the end I got my money out of it. There are those type of situations where people do end up using those exchanges.

If it is a new exchange that you are using, be very careful with your funds there. If possible store them in non-custodial wallets or transfer them to a reputable exchange where it is also listed. It is even more safe to just store it in a non-custodial wallet if it is your long-term investment. You have no control on your cryptos if it is on a particular centralized exchange no matter how they are reputable. No one knows if that platform will be hacked anytime soon and you can't just blame them for your loss.

Exactly but sadly newbies don't care about safety and non-custodial wallets. Exchanges usually the first choices of newbies.

NotYourKeys.org (https://notyourkeys.org/) is a very educational website about this. It is my invitation for newbies or senior investors if they are still using centralized exchange wallets for their crypto.

The website does not emphasize the important of verification for your download file, before you use it to install and store your crypto.

• How to Safely Download and Verify Electrum (https://bitcointalk.org/index.php?topic=5240594.0)
• Guide for Bitcoin Core verification (https://bitcoincore.org/en/download/)

Be cautious with everything new... don't rush with everything you have at the first sight! This is for everything, not just for exchanges!

New things are OK! New exchanges are OK! Binance, KuCoin... and many other exchanges were new just a few years ago.. hell, they are still new if you think about it! In crypto, everything is younger than Bitcoin, and Bitcoin exists just a little over 10 years!

People shouldn't be afraid of new things, people should learn how to try new things, how to test them... researching is important, take a look around, learn where to find good info about different services! You will need that if you plan to be here in the long run!

In my nation there are at least one more new exchange every month, it is like crazy and we are seeing crypto exchange ads everywhere, on the roads on banners, online everywhere, on social media, on television, even in radio shows as well, they are promoting themselves so much that it is now basically everywhere in our lives.

This is a crazy period and very risky because in the end there will be some that will be "hacked" and will be gone, there has been some already that took off with a ton of money and it is bound to happen again, these people are spending all the money they make, hell even money that we deposit in order to grow and when they have a ton of money they will end up with a ton more stuff as well, they will end up with so much money and eventually will say that they got hacked and basically steal everyone's money and leave with it.

That is why everytime someone asking for good exchanges to trade, we should not tell them those new fake ass exchanges. You won't get nothing there regardless of the bonus they offer to attract new and innocent people to trade on those new exchanges. We have to make sure to not let those traders fall into this again just because we are in altcoin season.

This is nothing new. It has been happening for a very long time, and right from the time I started investing in cryptocurrency, there has been a lot of these fake exchanges. So, it is very important for newbies to know about it.

Some scammers will always create their own websites and be paroling as if they are legit, only for you to find out that they are not legit. Some of them create a carbon copy of well known exchanges to lure newbies into their trap. So whenever you want to visit any exchange, it’s good to check the URL you’re clicking to be sure that it is accurate, so you don’t make the mistake of losing your money

I've never wanted to use an exchange that just appeared...

This is good news for newbies so as not to get caught up with scammers. scammers appear in various ways and their goal is only to steal users' money. just use an exchange that already has a good reputation and has been operating for a long time to be safe from scammers.

Apparently, this scenario was not new but for the newcomers, they might become a victim of this. So we never have to stop spreading awareness to the community, the more we are seriously tagging and busting scam sites, the more chances that these scammers will stop and leave from here. It is a need for us to be more vigilant knowing that these people are also smart and they will find a way to scam people no matter what it cost their reputation( sadly they don't have anymore).

Some exchanges that had been around for years are also into this kind of scheme. One example of it was the cryptopia that eventually close, they could just be orchestrating all these legal battles or so but obviously, our tokens are lost. They found a way to keep us waiting by submitting emails and claims, but nothing. The users who have some funds there could just die of Covid but they will not see their tokens again.

It was clearly an exit scam...
And this is mostly happening to the new exchanges who have less support from the traders and as well as from the owner. They'll have nothing to cope with the low demand and closure is their best option rather than to continue their service for loose ends.
This is a reason why we should not ignore the trading volume of a certain exchange as it was the basis that it become sustainable or it only disappears one day.

I have seen many centralized exchanges closed and scammed alot of their user, so please very becarefull to use CEX. Even CEX that a couple years been operated can be turn in to scam like Cryptopia. To trade high cap coin, for the better use most popular CEX like Binance and to trade low cap coin, we can use DEX platform. And for holding coins, it's very recommended on personal wallet.

Binance also literally a new exchange in the market but they became the highly traded, reputed exchange because they provided good service for the traders and cheap fee structure and they used their reputation for their further progress like BNB token to a coin now a blockchain for the upcoming project and also started to promote better projects in the name of IEO, while there are some old exchanges like yobit are still scamming the people in someway so age of an exchange doesn't really matter.

As a newbie, it shouldn't be said that you should be careful with the tokens that you're investing in because there is a lot of scam coins in the platform and that they should know about it by now because some scams are making headlines.

Sometimes the newbies (even veteran members too) are pushed to do it when project's they've run bounties for give that as a condition for receiving reward worked for. I found myself in that situation in the recent past. After several weeks of bounty advertisement, the project team asked everyone to open account with an exchange which they controlled. In fact, it was an exchange the project just created once the bounty was drawing to an end. We all did. Rewards were transferred to the exchange to everyone's accounts but locked up. That project never made it. After listing it expectedly died off an an exit scam. I believe this can be one of the reasons for opening accounts with new exchanges.

The bounty that you follow is a bounty that is designed to trap everyone who follows it, in fact apart from having to open an account on the new exchange they created, they also require to make a deposit with a fairly large minimum amount. Those are the traits of an exchange that will fool beginners.
I am also part of a bounty that does the same thing and there are many other bounties.
For now the practice is no longer practiced, new methods have been used, scammers continue to grow.
and last but not least the safest exchanges are popular exchanges like Binance.

I havent encountered that kind of modus yet but it isnt surprising that they do really came up with that idea as long they would able to convinced out people to make out some deposits into a scammy exchange and this is why its really important that you should really be always vigilant and be alert on things around you and dont get easily fooled and just avoid when it seems becomes too shady or a bit suspicious because our own common sense
will able to tell us which one should be avoided and which one should be engaged on.

If they ask to deposit first before we can trade our bounty rewards, that really be suspicious. And you then follow what they said, you are just making yourself a fool. No, no, had to stay away from this kind of exchange.
Ever since, I didn't encounter anything like that, maybe I was lucky that my bounty rewards before weren't listed to scam exchanges. Even we are a newbie, I think we also have common sense and that kind of tactic is very clear as a trap.

Agreed with you about new exchanger. It is because new project can not be listed on old exchanger if they dont have real project development. Thats why these scammer also making new exchanger to make their project look legit. I will trust project which only listed on old exchanger like Kucoin, Binance etc.

If exchange's have the power to use your coins to perform same acts as the bank's, then there is no difference between them , so it's best everyone get responsible for hundred percent custody of them coin's.
Nothing called exchange should be given your hundred percent trust it's one of the biggest flaws have come too realize in a short time now. Rushing into exchange's (newly) will get you in a bad state.
Not your keys,not your coin's, get this into your skull!!