Be cautious with new exchanges

[parobber]

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

I think this is just common sense with your money, also when something seems too good to be true it normally is. Before sending money to anywhere new, exchange or person or anything else it is always wise to take your time to do your due diligence. I guess though for many this is a lesson they have to learn on their own by getting burned and then they'll never do it again.

[cryptobull3]

I'm agree with you , they are a lot of new exchanges growing every day like mushrooms!
and some of them are so abandoned that you need to wait ages to have your order done!coz no body is in there , that is why i rathereto use crowded exchanges coz my order goes fast and i don't need to wait for a long time , and some of the new exchanges have a very low security , we all need to be very careful!

[ihaveaquestion]

This is what i have been trying to say since a long time.. it is plenty of weirdo exchanges all over the internet, they are working for sometime, but they they stop working and they kept all users money just saying that they got "hacked"...

[AtlantaFive]

There are many new exchange now and we need to be vigilant on where to put our money or else it might go in the wrong place and we lose our hard earn money here in crypto. Whenever i make trade i always research on the exchanges before i make my deposit there.

[richcorner100]

Before i use any exchange, I always try to make small deposit first and then withdraw it. After that continue to make bigger deposit. But to be more safe I used multiple exchange because all exchange not guaranted 100% safe because mayor exchange now is centralisasi exchange which they has control with the private key.

[xuan87]

In crypto world every one need extra caution and popularity is very important, exchanges has been one of the sites that get low trust from the users, as we can see so many exchanges that went on scam, so don't get trick by the big arbitrage and being cheated by scammer, always look for the trusted exchanges and don't put too many coins in the exchanges

[Maestro75]

The idea in any online business engagement is to treat everyone with the eye of a suspect until they prove otherwise to you. Cryptocurrency is not exempted from such. And this is why intense research is necessary before sending money to any exchange at all. Many scammers out there seeking whom to devour.

[Geurangsang]

I so agree with this. Now is very much fake exchange that offer above average price. We has ware to use new exchange for any reason to our security because if we have lost our coin, we can't back it anymore. It is advisable to keep using the exchange that has been trusted and recommended by many people. Do not even think about "just trying".

[BillyTalent]

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

Now any stock exchange is prone to failure, even some of the known ones have already experienced problems with this, and new unfamiliar ones even more so. Yes, and a very large number of fraud in this area, so you need to be careful.

[1BTC EQUALS 1CAR]

Getting cautious in everything you do in this crypto market should be a requirement. I do that in everything and I study and hear other experiences first before trying anything like exchanges.

[Distinctin]

I don't actually trust new exchanges, I prefer those who are existing a long period of time already because they are more trustworthy.
It's money that we are talking here so we should be careful all the time, I do traded in bittrex, binance, okex, poloniex, and etc, those are good exchanges and with good volume.

[Dontme]

I don't actually trust new exchanges, I prefer those who are existing a long period of time already because they are more trustworthy.
It's money that we are talking here so we should be careful all the time, I do traded in bittrex, binance, okex, poloniex, and etc, those are good exchanges and with good volume.

Yeah you are right because their longness in the industry makes people prove their legitimacy and loyalty. I am much more prefered to those exchangers that are already existed long period than those new now.

[Bitinity]

I don't actually trust new exchanges, I prefer those who are existing a long period of time already because they are more trustworthy.
It's money that we are talking here so we should be careful all the time, I do traded in bittrex, binance, okex, poloniex, and etc, those are good exchanges and with good volume.

Yeah you are right because their longness in the industry makes people prove their legitimacy and loyalty. I am much more prefered to those exchangers that are already existed long period than those new now.

Long period of existency should not be the main reason why we should use the services. These days there are many issues on old exchanges such as bittrex and poloniex. So we should be cautious for new exchanges only but all exchanges. Dont store too much money on an exchange is the safest way.

[rickadone]

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.

Yeah, I noticed that too. Moreover it looks like a Chinese exchange and there are so many exchanges that are restricted to a certain area which makes it unusable for an outsider from that region anyway. However, for someone who is looking for the best place to trade, there are so many reviews and resources online to be sure one is on the right track so as not to end up dashing out funds to scammers.

[cornfedpig]

Yeah, thanks for your advise. I will be careful with new exchanger for now.

[olubams]

Yeah, thanks for your advise. I will be careful with new exchanger for now.

The moment the price a particular exchange site is quoting is not within the range of the other reputable exchange sites, even if its not a new site, its a red flag and an indication to be very weary about. The end of it should now be that its a new site with no basis at all and no source of the price being quoted, registering on such site alone, is an invitation to trouble because you might then be tempted to try and do margin trading or arbitrage which is your coins leaving you without the option of coming back.

[carodupuis]

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.

There is lots of information on the web to inform the community of any fake exchange and it is left for them to be able to use that information for their own benefit. Anyone who falls for a crappy exchange without at least browsing about them to be sure they are really what they say they are, will definitely have themselves to blame for sure.

[Lanatsa]

I don't actually trust new exchanges, I prefer those who are existing a long period of time already because they are more trustworthy.
It's money that we are talking here so we should be careful all the time, I do traded in bittrex, binance, okex, poloniex, and etc, those are good exchanges and with good volume.

Yeah you are right because their longness in the industry makes people prove their legitimacy and loyalty. I am much more prefered to those exchangers that are already existed long period than those new now.

Long period of existency should not be the main reason why we should use the services. These days there are many issues on old exchanges such as bittrex and poloniex. So we should be cautious for new exchanges only but all exchanges. Dont store too much money on an exchange is the safest way.

True,even those reputable or long running exchanges as of now is experiencing problems as of now and as a user we would really hesitate already regarding on their legitimacy because seeing such situations would really give negative impressions and assumptions and later on we would really avoid such thing. If we do feel about that way then its normal we would feel the same thing too when we do see new exchanges.

[hynext]

There's a lot of exchanges, the problem are we could not sure if they are true or fake. We must vigilant all the time. It's not easy to trust new exchanges. Be aware to our actions everyday so we haven't regret in our entire life.

[bigvito19]

Be cautious with every exchanges, stay with the older ones if you can