Be cautious with new exchanges

[Franz McDinglehofmeisterb]

Add, THIS MAY WELL BE A LEGITIMATE EXCHANGE


Saw that the highest price for btc is on topbtc.com https://coinmarketcap.com/exchanges/topbtc/

https://mobile.twitter.com/topbtc_com

Homepage is translated from Chinese using Google translate.

Somebody will think they are smart and send some coins there to arbitrage but might not end well.

Not an accusation, but people should be careful

[13abyknight]

There are lots of fake exchanges on the rise recently and the community needs to be informed to save individuals from sending coins to the exchanges. It is very easy to fall for these as look genuine at first look.None the less, thanks for providing us with a heads up and saving people from falling prey to one of those counterfeit scums.

[thesmallgod]

it is traders work to make alot of research about a particular exchange website before entrusted them with his/her coin. exchange platform are on increase as market for crypto continue to grow. however despite the fact that there are still some good exchange platform. some new exchange site are really scamy. i have read so many news on telegram on how buy order of some customer are inflated with consent of the customer. imagine i place a buy order to buy 500 token and after making transaction you discover that you bought 1000 tokens.

[passwordnow]

That's right everybody should be careful of those new exchanges out there and thanks for the heads up. I know that there are too many greedy traders out there but we had to be cautious with it. Just trust those exchanges that are operating and also think of those phishing links and be aware that because of the high price of bitcoin now and other alts too, hackers are active too.

[rommelzkie]

Saw that the highest price for btc is on topbtc.com https://coinmarketcap.com/exchanges/topbtc/

https://mobile.twitter.com/topbtc_com

Homepage is translated from Chinese using Google translate.

Somebody will think they are smart and send some coins there to arbitrage but might not end well.

Not an accusation, but people should be careful

For more security just stick with the proven exchanges like:

Bittrex
Bitfinex
Binance
Poloniex

However if your a long term holder. it is much better to store your crypto in a hardware wallet. dont leave it on exchanges.

[wowanstrong]

Saw that the highest price for btc is on topbtc.com https://coinmarketcap.com/exchanges/topbtc/

https://mobile.twitter.com/topbtc_com

Homepage is translated from Chinese using Google translate.

Somebody will think they are smart and send some coins there to arbitrage but might not end well.

Not an accusation, but people should be careful

There have always been scammers who, under the guise of a stock exchange, have turned their bargains and laundered money. You need to be careful and accurate and use only proven sources.

[Herbert2020]

Saw that the highest price for btc is on topbtc.com https://coinmarketcap.com/exchanges/topbtc/

this link from coinmarketcap.com doesn't show any fiat market. it is only showing a couple of altcoins which are being traded with bitcoin and the prices look normal to me. i didn't  check every single one but the tip ones like ETH and LTC seem normal.

checking the website of it also shows the same thing. they also have some fiat market which coinmarketcap doesn't list. i couldn't figure out what currency it is because it was called "QQC" and i can not find what it stands for. and the price was 81,000 QQC which doesn't match anything like CNY, JPY or RUR.

[Franz McDinglehofmeisterb]

Saw that the highest price for btc is on topbtc.com https://coinmarketcap.com/exchanges/topbtc/

this link from coinmarketcap.com doesn't show any fiat market. it is only showing a couple of altcoins which are being traded with bitcoin and the prices look normal to me. i didn't  check every single one but the tip ones like ETH and LTC seem normal.

checking the website of it also shows the same thing. they also have some fiat market which coinmarketcap doesn't list. i couldn't figure out what currency it is because it was called "QQC" and i can not find what it stands for. and the price was 81,000 QQC which doesn't match anything like CNY, JPY or RUR.

Going to the exchange tab of coinmarketcap Bitcoin, then clicking on Price to sort by price, it does show a lot of prices in terms of altcoins rather than Fiat, I guess it is mostly accurate though. If it lists for example a high USD value for btc in a btc\ltc market, ltc is large and liquid enough that it should be close, but odd small coins I guess not.

Qqcoin

https://bitcointalk.org/index.php?topic=389238.0

https://coinmarketcap.com/currencies/qqcoin/#charts

Seems to be an old deadish coin. Maybe that exchange is going to revive it the way cryptopia did dotcoin.

[Uses]

It looks like they have a small volume with trades right now, but doesn't really look like a scam exchange. Does anyone here trade on topbtc? I doubt the exchange will be listed on coinmarketcap if it's a fake one, but the price does seem a little fishy.. They also claim to have free exchanges. I wonder how they make money

[CryptoWir]

At least they put out a warning at the bottom of the page.

"Risk Prompt
The risk of digital currency transactions with high (pre dug, spike, makers manipulation, team disbanded, technical defects), TOPBTC only for digital currency enthusiasts to provide a free online exchange platform, the investment value of the currency does not undertake any review guarantee, the liability for compensation, if you can not accept, please don't deal! Thank you! Report Mailbox illegal jubao@topbtc.com
TOPBTC tips: Please control the risk, do not invest more than your risk bearing capacity, do not invest in digital money you do not understand."


....and remember, always"Report Mailbox illegal"    

[danherbias07]

I truly believe that could happen.
Maybe some of the users that comments here are already looking at it.
It is still a risk so hold your horses. 

Just go to the legitimate ones which names are already known for trust ratings and they are tried and tested.
Better to just profit a little than lose it all.

[Willitivity]

As the CryptoWorld bis getting more advanced and gaining new entrants, exchanges have also been popping up everywhere.
It's always very good to make a very close study before using any exchange, this even applies to older exchanges too.
Most new exchanges have Very low trading volumes and transactions/orders take long to complete/fill.

[DjTremor]

I truly believe that could happen.
Maybe some of the users that comments here are already looking at it.
It is still a risk so hold your horses. 

Just go to the legitimate ones which names are already known for trust ratings and they are tried and tested.
Better to just profit a little than lose it all.

There should be system to verify exchanges' trade volumes. One can claim they have 100M dollars trade volume in BTC/USDT but how to verifty this? Maybe there is no actual trade volume.

[Supercrypt]

There are lots of fake exchanges on the rise recently and the community needs to be informed to save individuals from sending coins to the exchanges. It is very easy to fall for these as look genuine at first look.None the less, thanks for providing us with a heads up and saving people from falling prey to one of those counterfeit scums.

Yeah, no one should be making decisions without even doing research in the first place to know if they are on the right track or not. This is an internet age and only those who are too lazy to research or just do not know how to search for information will always end up being a victim of fake sites like this.

Asides that, it is imperative to always be security conscious as some exchanges may be real, but scammers may clone them to steal people's funds.

[DaMut]

well,not only we need to be cautious person with a new exchange,
we also need to be a cautious person with an international exchanges or to put it bluntly we should not trust them.
just look at your around at this moment,
you can see that there are a lot of people get scammed by a well known exchange.
they were not doing it openly but they were selectively choose their victim based on their residence and etc.
that mean no matter what exchange it is,all that we need to do is to be a cautious person.
do not put all of your money to your account on their exchanges and always spare some of it on your offline wallet.
bear it in your mind that we are talking about money,
even friend of yours can do a shit about it.
only you and yourself can protect what you have and nobody else.

[krayzie32]

many things we must care
- new exchange
- new wallet
- new coin
- new miner software...
we need some skill to protect our fund

[Kemarit]

Saw that the highest price for btc is on topbtc.com https://coinmarketcap.com/exchanges/topbtc/

https://mobile.twitter.com/topbtc_com

Homepage is translated from Chinese using Google translate.

Somebody will think they are smart and send some coins there to arbitrage but might not end well.

Not an accusation, but people should be careful

Thanks for the fair warning dude. There might be a scam site, however its not proven yet. But I have to agree that with the current surge of bitcoin and crypto, everyone is really getting into it and its hard to separate a trust site from a possible scam. How many times we hear people lost their bitcoin because they decided to put money on a site that they think are fairly secure, but unfortunately they aren't. Trading platforms, wallets, tumbler services are all being copied and clone. It's a wild wild west out there. Just be careful and vigilant and be safe everyone.

[rysea2]

I have some bad experiences with new exchange, especially when doing arbitration. sometimes the coin that I send can not be till or take a very long time.

[nicolas1979]

Saw that the highest price for btc is on topbtc.com https://coinmarketcap.com/exchanges/topbtc/

https://mobile.twitter.com/topbtc_com

Homepage is translated from Chinese using Google translate.

Somebody will think they are smart and send some coins there to arbitrage but might not end well.

Not an accusation, but people should be careful

Agree with you, we should be careful with new exchanges. Until now, I use local exchange and hitbtc to support my trading. I never use another exchange because I have bad experience with poloniex and bittrex, when I got problem their support only say " wait ". Thank you for your information and good luck to you.

[Dart18]

It looks like bitcoin popularity is being used more.
First is investment scam and hyips and now this? An exchange? Wow.
That is a lot of capital that is needed before they can even do it and yet, they still did it.
I dont know about this man, maybe they knoe there is a larger profit that will come than what they invested. Hell, they also took the risk.