Bitcoin Forum

Damn, I have been scammed, indirectly.

I have purchased RNDR token when I heard Kucoin will list RNDR token. I used bilaxy exchange for buying RNDR. I was able to buy @$0.69 per RNDR. RNDR had a pump when Kucoin listed them but I didn’t sell them. Today, RNDR pumped to $1.02 and I was trying to sell my RNDR at bilaxy but bad luck for me, I had to sell $0.72 per RNDR as there was very low liquidity. As RNDR withdraw fee was 46 RNDR which was more than $46, I didn’t dare to.

So, basically it was a loss for me as I had to pay fee, I had to pay withdrawal fee. At the end, I got what I had deposited.

We must avoid using such low quality or low liquidity exchanges. Most of the times, you will be ripped.

It's always a good idea to check minimum trading limits and withdrawal fees before depositing your coins to an exchange. Isn't Render token an ERC-20 token? I wonder why the fees for it are so ridiculously high?

We have all been there at least once during our crypto careers. The price reaches a certain point we are comfortable to sell at, but there are no matching buy orders. The price at Bilaxy is noticeably lower compared to Kucoin and some other exchanges. According to CMC its $0.69 compared to $0.90 - $0.96 on other exchanges. The exchange you used has the lowest liquidity of them all.       

Ha ha. Weird withdrawal fee. For why trader always should check all things (deposit,kyc,withdrawal etc) before using a unknown exchange. But the truth Reality is sometime we become more greedy and don't try to think twice. And this is the result of that greediness.

You are too lucky that you have now atleast the deposited money. So be happy with that and learn from here :)

It depends on exchange. That's where the bilaxy trick is. Charges high withdrawal fee so that no one can withdraw. I wonder if they are the person doing the shit job, buying the coin at low price behind the scene and selling them on high price on other exchange.
Fee depends on exchanges. For example, FTX charges me $5 worth of token few days ago when I have withdrawn while they paid a $25 worth of fee on that tx. I don’t know how it was even possible. I checked the tx link and found they paid huge fee.

That was ridiculous and I have learnt the lesson. Not going to use this shit exchange and will only be with Binance, Kucoin and FTX.

You tried to play the arbitrage game but it didn't pay off. You are still lucky that you got something out of it. Is it your first time using Bilaxy? I think their 46 RNDR withdrawal fee is outdated. It was set when the price just a few cents. They probably have a small team so they can't monitor price surges and make necessary adjustments on time.

I didn’t try arbitrage. I bought RNDR exactly when Kucoin announced the listing, was it arbitrage? I don't think so. I used bilaxy a few more times but that was the time when PBR had the only exchange bilaxy and as a result there was enough liquidity for PBR.
I don’t think it’s because of their small team. Such small exchanges use the withdraw option as their best earning opportunity. And the spread, right what I mentioned above. They are the person buying RNDR with low price and selling on Kucoin or other exchange with higher price.

You are lucky because you get your capital back. What you lost is time and potential rounds of capital flow and they are acceptable. Worse cases will be when you get lost all capital if exchange does a scam exit or the coin you bought ends as a dead coin.

I warned newbies about such risks. Frankly said, it is my own lesson too.

• Reminder for crypto newbies, traders. Be cautious with new exchanges (https://bitcointalk.org/index.php?topic=5322578.0)

Everything really has to be checked and calculated. Your fatal mistake is not checking the volume and liquidity that is on bilaxy, and not calculating the costs needed to send it.

I prefer Gate.io as the starting place to buy RNDR when it will be listed on kucoin. Gate.io has the largest volume and the most liquidity.
https://i.postimg.cc/pV4RJzSx/Screenshot-69.jpg

Gate.io is a good exchange as following reasons

• a 8-years old exchange
• Keen on USDT trading pairs
• a trusted exchange
• It is ranked at 19th position on coinmarketcap (https://coinmarketcap.com/rankings/exchanges/)
• fast support for airdrop distributions. It is one of very first exchanges that allocate airdropped Symbol (XYM) and list trading pairs for that coin

That is one thing about shitcoins, this coin only still worth around $150 million and the marketcap was lower before, in such case for low value coins like this, you can check sites like Coinmarketcap to know the exchange trading volume information about this coin, you should have gone for the exchange that has its highest trading volume, this could be what you need for such coin, you make use of an exchange that have low trading volume of a coin that is not strong but yet shitcoin.

Also, another thing is that, if you have a goal before that if the coin increased in price and reach $1 that you will sell it, it will be better to have a pre-order at $1, in this case, you will have high priority to be included among one of the people that will sell the coin at $1, but the coin getting to that price already before making order will make it difficult to achieve, many people would have automatically sold at the time if they have pre-ordered for sell at such certain price which the coin reached, while being a shitcoin, it will remain people to reduce the price to be able to sell it.

I have experienced the same thing when im trying out to sell some shitcoins that had gained some value for sometime and made out deposits on a less known exchange

and ending up on not to make any withdrawals due to high fees which it isnt really worth to do so.This isnt literally a scam but still these kind of factors will really
affect you to do so and make us for them to be called as a shady one.

I do never trust up those low liquidity platforms out there.

You can still lessen the withdrawal fees by converting it to other alts like LTC, XRP or DOGE. And then just send it to exchange with high liquidity. Usually, the problem with small exchanges is the liquidity of the coin that you want to exchange with. So before sending your coins to them, check the performance of its market as compared to others. Don't be attracted by its high value, because the movement of their coins make take long time and you don't want waiting in vain. It is better to really trade in high liquidity platforms like binance, because you don't have to wait to execute your order.

At least you Op got a valuable lesson from this case and luckily you still get your capital back. What I experienced when I was going to sell coins on an exchange with low liquidity turned out that the volume was lower than the amount of coins I deposited and the bad thing was that I didn't pay attention to the withdrawal fees was very high. It Could be low liquidity exchanges apply high fees that can act as a trap so that traders cannot withdraw their funds or even if they are withdrawn, traders will actually experience losses, because in this crypto world, there are many tricks used to get profit, including what exchanges do to their users

Tough luck for you sorry to hear but this is not really a problem of low liquidity it is a problem of just low quality both for the token and the exchange. Withdraw fees you should check first before even depositing,,, and anyway erc20 tokens now you are better off just checking on liquidity pools like on uniswap and sushiswap:)

Bilaxy was a fully manipulated exchange site. Aerys as the former of bilaxy bounty manager already scammed caused by his bitcoin was not able to be withdrawn from there.
The problem of low liquidity is you will be so hard to sold your coin as soon as the pump is happening.
I have a very bad experience with this exchange site and that's why i were putting bilaxy into my banned list of exchange site.

At least that was a Good faith of scamming because your Funds comes back to your pocket when that is almost a scam situation, but reasonable not to trust stupid exchange than those who are existing with high liquidity as traders will come in and out for trading .

Anyway  Know nothing about that exchange and thanks for the advance notice so i will perfectly avoid even checking that exchange and will avoid buying coins that only listed on that same site.

I know that man, before listing in Kucoin, bilaxy was the only good option for me as I don’t like the UI of gate.io and for other exchanges, there's problem with laws and regulation.
Anyway, this was a great learning. I sold with 0% ROI but I used that to buy RNDR in kucoin again which turned into a great profit.
Locking the thread.