Bad experience with exchanges

[jseverson]

I am new and I saw few people commenting they had a bad experience with certain exchanges, wanted to hear if this happens regularly or just by chance.

Lol people complain regularly about exchanges, legit or not. Even the most reputable "too big to scam you" ones like Coinbase get reports of account closures and such, and what this should tell you is that you can't and shouldn't fully trust any of them. If you want to save yourself the headache of encountering problems yourself, all you have to do is avoid using them to store more money than you're willing to lose.

[Lucius]

Please don't make a thread that will attract spammers.
You can find the answer to your question with Google. It's easy, and it will save some time for you.

Considering that almost every question can be answered with the help of Google, it turns out that almost 90% of open threads on this forum have no purpose other than to attract spammers. Everyone is completely free to ask what they want, and also everyone is completely free to use "Report to moderator" button or to just ignore the whole thread.

[Polina_21]

I'm wondering if you ever had a bad experience with crypto exchange, what was it and which exchange?

I am curious to know, why do you want to know about the bad experience with the crypto exchange? Why not good experience? Because if we know the good experience about the exchange, then you will get to know the good things about that exchange. You can make a list of Good exchanges and review about that. Later you can use those exchange as a trading option.

[Alluro]

You have to be careful with the newest exchanges. If you want to trade you can go with top exchanges. The next thing is don't use exchange for hodl your coins. Because the exchange wallets, private keys are won by the exchange. That means if someone hacks that exchange, your coins will be lost. You can buy a hardware wallet to store your coins. If you can't buy a hardware wallet, you can go with desktop wallets.

[Kakmakr]

I lost a small amount of coins on a local exchange that got hacked, but it was a insignificant amount.    The lesson I learnt from that, was not to store coins on an exchange as if you want to use it as a wallet.

I also had my one account locked, because I changed my cellphone number linked to the "security" features on the site and they did not want me to replace the old number with the new number, until I could verify that I owned the previous number that was used for the site.

I accepted the strict security requirements, because I would want them to implement that, if someone wanted to hack my account. 

[desticy]

If you want to know reviews on a specific exchange, then I would advise you to use the search.
Personally, I had my first negative experience with the Idex exchange, but not through the fault of the exchange, but because of my ignorance.
On the index there is a minimum amount for order execution, I did not have enough. I decided to buy a coin that was not liquid and as a result I was able to sell it at a much lower price than I bought.

[whtchocla7e]

I used to use the poor Yobit exchange. They detained my 0.1 BTC and never returned it! I contacted the support team many times but they did nothing! After much effort to recover the money, I gave up! Stay away from Yobit trading platform.

[Pmalek]

I had an open sell order on Cryptopia for a relatively unknown coin that was trading there. It wasn't a lot. After that they closed down and everyone knows the rest. I though about using HitBTC a few years ago but I decided against doing that. I am glad I did since I have been reading different types of stories where users claim that their funds got locked away and they never managed to withdraw them.

[vlasrodz]

Every single user can get a bad experience without any exchange
But im happy that for now i do not have this
Only successful transactions 

[FlamingFingers]

Hello

I'm wondering if you ever had a bad experience with crypto exchange, what was it and which exchange?

Feel free to share all kind of stories.

Not really much just that there was a day I intend to buy a coin on etherdelta and site was really lagging that particular day and i was in a haste to buy a specific coin, not knowing that I had input wrong parameters in the place of price per coin and the quantity I want to buy, I was so angry because that was not the first time of using etherdelta

[evgenia_volkova]

If you want to know peoples experience on different exchanges then please check the reviews of the exchanges on platforms like trustpilot, bittrust etc., There are specific platform for the same also, in bitcointalk there is a separate session for discussing about exchanges.

[SheriffEl]

I'm wondering if you ever had a bad experience with crypto exchange, what was it and which exchange?

I am curious to know, why do you want to know about the bad experience with the crypto exchange? Why not good experience? Because if we know the good experience about the exchange, then you will get to know the good things about that exchange. You can make a list of Good exchanges and review about that. Later you can use those exchange as a trading option.

The point is that all exchanges should give you a good experience, i'm asking for bad experiences so i know which ones to avoid.

[barnes13]

I will try to mention some of the bad experiences I have had on several exchanges. But I will not mention the exchange because it can tarnish the good name of the company. The first is the problem of deposit, in some cases I have experienced deposit problems which have caused my funds to be delayed for more than 3 days, this is probably the most experienced thing for some new and unstable exchanges, as well as withdrawal problems, My funds have been delayed for more than 2 days. I think for cases like this the exchange should prioritize it because it has a very bad impact on the user's assets. I got a lot of losses because of that. And for the problem of losing assets I have never experienced it. I think lately some exchanges have increased security for the safety of users.

[Strongkored]

Make a deposit but not carefully see that the wallet is in a block far behind the current block, so it has to wait a long time untill the exchange is finished downloading all block from the wallet
Funds are held for months on an exchage because they are slow in handling KYC, thats my bad experience with exchange.

[evgenia_volkova]

The point is that all exchanges should give you a good experience, i'm asking for bad experiences so i know which ones to avoid.

Even if you check the good experience you know which is the best and which one should you adopt. A exchange gets top reviews only when the users are satisfied. No exchange or service is 100% perfect there are both positive and negative experience.

Most importantly the experiences are dependent on both your knowledge and the exchange service.

Why I mentioned both was:

• If you do not known that there are certain set of confirmations required for a transaction to complete and just contact the exchange support and say, "I sent funds and your exchange/wallet is not showing it up", it does not mean that the exchange is bad, it reflects that the users knowledge is low.
• Other instance can be you miss the tag of double and blame exchange or wallet that it is not reflecting your funds and writing a review on the same is a clear stupidity and it does not mean that you should shop using that exchange or wallet.

I did not mean that all users do such stupidity. Let me explain with a instance

Check the bad reviews of binance :
https://www.trustpilot.com/review/binance.com?languages=en&stars=1

Almost all the reviews are spam. Top users of this community might have 99.99% used Binance at-least once in life time do they speak the same? No. Ask for your self why do not they because they have enough knowledge in the domain and they know what is going on.

On the other hand when you see the Excellent reviews of Binance, they have mentioned what mistake they did and how the support helped or what they feel about the exchange:
https://www.trustpilot.com/review/binance.com?languages=en&stars=5

Such statistical data speaks that the bad review givers are either the one with lack of knowledge or are spammers. This is why I also support going with good reviews but, read all reviews is the best and I do thank all platforms that help users to know the users experience so that, we know, where are we and what are we up to.

[Febo]

Hello

I'm wondering if you ever had a bad experience with crypto exchange, what was it and which exchange?

Feel free to share all kind of stories.

@SheriffEl I had bad experience with Cryptopia as it suddenly shut down, and I lost access to my coins worth $1500 back then and now their worth is only $31. Normally I have always advocated people to stay away from exchanges as they keep getting hacked, but it was my sheer bad luck that I forgot about my coins till it was too late. If you were looking to store your coin in exchanges, then I hope my post will help you understand why you should stay away from exchanges.

Details here: https://www.cryptopia.co.nz/

Sorry to hear that. If the exchange shuts down and you have coins on that particular exchange do you loose them or..?

Of course you lose them. If they shut down from any reason ( they could be robbed, or them self rob and run away), who will send you coins you have there? Some other exchange? Some other guy? Who?


Things gets way more simple if you use exchange as an exchange and not as your wallet. You send coins to exchange, exchange it and withdraw.  It is that simple. Doing that you must be really unlucky to do that at times of a hack or any other troubles.

[tsaroz]

Stick to the popular exchanges. I've sometimes ventured for less popular exchanges to exchange my less popular coins and though I was not scammed, I had an unpleasant experience dealing with them.
Plan what are you doing with the coins beforehand. If you intend to exchange one coin to other and store in your wallet, use instant exchanges like shapeshift and fixedfloat. Traditional exchanges would cost you more as they have withdrawal fees.

[peter0425]

Hello

I'm wondering if you ever had a bad experience with crypto exchange, what was it and which exchange?

Feel free to share all kind of stories.

Though it wasn’t that big and not really serious I may consider it bad when my funds was delayed upon conversion for at least almost 18 hours things that mean had to me because I need that money the very moment I withdraw,I don’t want to ruin the reputation sine it was our local exchange and what really happen is system failure to inform me about the availability of the said fund

Anyway it was settled the next morning so wasn’t that big deal though it was a experience with bad memory

[Saint-loup]

Hello

I'm wondering if you ever had a bad experience with crypto exchange, what was it and which exchange?

Feel free to share all kind of stories.

Wow I think a more interesting question should be with which exchanges you have got a good experience...
Some have been hacked and closed like Cryptopia, some as run out of business like Liqui and Coin Exchange. Some instored KYC without warning like Poloniex, Kraken, Bittrex or 2FA like COSS. Some never gave airdrop as they promised like Hitbtc or only partially like Bitfinex... Some don't update wallets like Yobit. Most of them delist cryptos without warning or very short prior notice. In fact I don't know blameless exchanges.

[Rmcdermott927]

I use coinbase for USD /BTC transactions and I use yobit to swap coins.  I’ve never had a bad experience with either.