Bitcoin Forum

Hello guys, I recently used Bololex exchange to buy/sell, in this case I bought dogecoins.
The price of dogecoin was 0.05. I've bought dogecoins almost on every (serious) exchange such as RH, crypto.com etc and I've bought it for the price of 0.05 (how it is supposed to be!!!).

I bought dogecoins on Bololex (the price of DOGE was 0.05), but my order was filled when the price was $0.11 (see screen below).

https://i.imgur.com/Xzyp8mi.png

For $40 I've received only 357 coins worth $20 (357 * current price of 0.05 = $20). I was shocked at the beginning because apparently I've just bought dogecoins at the price of $0.11!!!
I was like, it has to be a system mistake because that's impossible, dogecoins NEVER went above $0.07, it has to be an error.
So I e-mailed them and telegram them right away and the answer of the admin was:

https://i.imgur.com/qPSfadW.png

https://i.imgur.com/9bDXrST.png

On every other exchange the price of DOGE is always the same. ALWAYS!!
So Bololex works that you buy at the future price of the coin (in this case dogecoins is 0.11) but your coins are worth at the current price (that was 0.05).


I was very very lucky it just was 20 dollars. I could have lost A LOT of money.

New exchanges tend to cheat potential users by placing fake orders to make them appear liquid. The way to find out is to place an order at market price (remember to use the smallest possible value), then the order price filled will not match the cheapest order price. Luckily you only deposited your $20.

By the way, have you tried to withdraw it too? how long did it take and how much did it cost?

Yes, it toke a while to withdraw because the admin has to manual approve it and it costed regular fees plus their fee (I withdraw 20 and I received 15). But this is ridiculous! No kidding, it is very ridiculous. Those are legit scammers and their platform should be closed immediately!

Don't use exchanges that are not very popular. If those reasons of them are good and validated still, I won't use any new exchanges unless it's an exchange that's being done by a known project that will support their token. You should withdraw your money there already and use exchanges like Binance to avoid further troubles in the future.

Just heard this exchange because of this.
We really need to stick to reputable exchanges as losing funds is really high in these fly-by-night exchanges.
Don't be tempted with good rewards or low fees, as usually, those are baits of these scammers.
Also, if you want to try a new exchange, use very small amount that you can afford to lose.
Maybe, you can also post this in the scam accusations board to notify also other users.

https://bitcointalk.org/index.php?board=83.0

Newbies will never learn, you can't just go online and search for crypto exchange you can use, you will definitely get scammed doing so, you have to use coinmarketcap and use the most rated exchange on there or ask around for safest most popular crypto exchanges, Doge is available on binance, kucoin, huobi, gate, and many others, why use exchange that no one have any idea about? Sigh

That's what we and the newbies has to do if we want to have a safe trading experience. It's not worth it to try the newer ones because something such as this incident can happen very often if being tolerated.
Well, in OPs case, he lost $20 and that's a tolerable amount for him but probably not for the others but that amount is as good as a lesson to learn and avoid them right then.