Bad experience with exchanges

[iamaruf]

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.

I have bad experience with mercatox and cryptopia.In 2017 made a withdrawal from mercatox and they sent my btc but the trx fee was too low.that trx was pending for 7 days and after that trx was canceled.then contacted with their support and then they paid my btc again. Last year I deposit 50$ ETH in cryptopia but balance was not added.then I opened a support ticket then they told me that my sending address is wrong and closed that ticket. but sending address was right.

[1714620673]

1714620673

[1714620673]

1714620673

[erickastella]

I have a bitter experience in one of the market exchanges, where I deposited a number of altcoins, which totaled around 150USD, because there was an deposite event there, but for almost 4 hours I was waiting for it to not enter, I tried to email it and didn't reply until 2 days, after that I panicked, I thought maybe depositing / withdrawing was being maintained, so I waited for almost 1 week but suddenly the web closed / could not be opened, I was angry, sad, disappointed to be one, but let it be an experience teacher me, don't easily trust the new web.

[Saint-loup]

I have a bitter experience in one of the market exchanges, where I deposited a number of altcoins, which totaled around 150USD, because there was an deposite event there, but for almost 4 hours I was waiting for it to not enter, I tried to email it and didn't reply until 2 days, after that I panicked, I thought maybe depositing / withdrawing was being maintained, so I waited for almost 1 week but suddenly the web closed / could not be opened, I was angry, sad, disappointed to be one, but let it be an experience teacher me, don't easily trust the new web.

"one of the market exchanges"? Why don't you name it? Please tell us which exchange it was, it's important to denounce the scammy exchanges.

[Velkro]

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

Delays of KYC mostly. Other than that didn't have much bad experience.
Was lucky enough to always cash out from exchange before it collapsed.
Never keep funds on exchange, its like keeping money in bank but much much much much less secure.

[SheriffEl]

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

Delays of KYC mostly. Other than that didn't have much bad experience.
Was lucky enough to always cash out from exchange before it collapsed.
Never keep funds on exchange, its like keeping money in bank but much much much much less secure.

This also goes for big exchanges like Binance etc.? You should not keep money there?

[DdmrDdmr]

<…>

At least nothing significant. Anything can happen to an exchange, ranging from being hacked to being seized as an exchange, or your account in particular. Since the Exchange acts (normally) as a custodial of your assets, you are not really in full control of them. If worst comes to worst, you could end up losing all that you’ve got there. Not that is not necessarily going to happen, but it’s a risk, and as such, one that you need to ponder. (*)

I personally have some (small) assets on an exchange. Basically because in order to withdraw them the fee is too high in relation to the token amount, or the minimum amount to withdraw surpasses what I’ve got there (so I cannot withdraw it without purchasing more). It adds up to a small amount, so there is barely anything at risk. In addition, if you do frequent trades, you’ll probably consider having an operational amount on the exchange for readiness.

On the other hand, taking it off the exchange, whilst we all talk about it as a need to do thing, does require you to be able to be your own banker and manage your assets properly in terms of security (wallet, keys, etc.). That is not that simple for everybody, so many likely result to leaving their assets on the exchange. It’s a question of risked amount vs commodity, and each one on un needs to know where to draw the line.

(*) Binance was hacked a few months ago (see https://www.bloomberg.com/news/articles/2019-05-08/crypto-exchange-giant-binance-reports-a-hack-of-7-000-bitcoin), but the amount was not a substantial dent and they covered the loss. Now if the amount hacked is large, then we’ll be talking abount Mt.Gox ++.

[ice18]

One of the worst exchange I have used so far was at Hitbtc , I deposited my tokens last year at this exchange wayback June 2018 if Im not mistaken because its the only exchange listed this token at that time thats why I decided to sell but bear market comes and price of this token fall hard like -80% from ICO price so I decided to withdraw and hold but the problem I cant withdraw because  fees are terrible, 90% of my tokens will be taken as withdrawal fees until now Im holding this token at hitbtc. 

[nutella_11]

BitBay, I'm really disappointed with its latest steps. Constant problems with deposits or withdrawals... I need to move to CoinDeal and I'm satisfied now. Everything works fine there so I can recommend it more than BitBay.

[mersal]

I guess its exrates where I wanted to exchange an coin but later realized that the price reported on coinmarket cap is just for trapping people,in reality the exchange orders for buying and selling with reported price will be in single figure of that coin but other coins were ordered for hundred times less than the actual market price,where I lost few hundred buck but sadly there is the only place I can convert it so just accepted it as loss and never wanted to use it anymore.

[GideonGono]

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.

I forget what I've use before because of the security of the site I can't open my acc because of Google authenticator which you need KYC to open it but the requirements was I can't send because I don't have any requirements they need so the money was there been locked.

[Cryptomiles1]

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.

yes I have serious issues with 2 to 3 crypto trading exchange, I made wrong deposit while trying to deposit my token on Hitbtc, and other was forkdelt were I tried to deposit and my gas was consumed without the token being deposited. lastly was p2pb2b I was asked to passed the kyc and it gave a lot worries, though I submitted twice yet was not approved and what I was about to trade drastically depreciate.

[enhu]

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.

yes I have serious issues with 2 to 3 crypto trading exchange, I made wrong deposit while trying to deposit my token on Hitbtc, and other was forkdelt were I tried to deposit and my gas was consumed without the token being deposited. lastly was p2pb2b I was asked to passed the kyc and it gave a lot worries, though I submitted twice yet was not approved and what I was about to trade drastically depreciate.

It was your fault when you deposit in HitBTC so that isn't counted. For forkdelta I'm not sure what happen to that but probably the fees were too low, it usually happen when using MEW when setting to lower fees. It will try to send the tokens but only take the gas while the transfer of funds is unsuccessful.

I wonder why you tend to submit KYC to p2pb2b, there are more exchanges out there better than that. But I can understand if your got an airdrop and the tokens are only listed to this exchange.

[Adriano2010]

I not had any problem with exchange fortunately, only some small issue because of problems that occured from forks for that coin at that time but was solved after, but now i use only coinbase and Binance.

[Wysi]

I not had any problem with exchange fortunately, only some small issue because of problems that occured from forks for that coin at that time but was solved after, but now i use only coinbase and Binance.

When it comes to coinbase and Binance it's a smooth transition, even I use these exchanges mostly Binance as it has more options. I had a bad experience with shapeshift wherein I missed out to enter destination tag the the transaction was struck in the gateway as I was doing it in hurry in order to cash out I forgot to enter it and after a lengthy chat I got it back and by the time it was back market the value got changed drastically. It's one of my mistake which I still regret.

[Drai]

My own experience was with COSS exchange, I made a deposit of a coin and that deposit never arrived, when I made a complaint, the customer care agent didn't do anything about it and when I replied, it was ignored outrightly, it was eventually replied but it was already a year over when the deposit was made and the token was now worth less than nothing, I am just thankful that it's a  small token worth just $97 at the time, imagine if it had been my whole cryptocurrency portfolio, never trust these little exchanges, many of them are criminals. This happened in mid 2018, up till today, my deposit didnt show and it was never reversed.

[LbtalkL]

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.

So far I don't encounter a major problem on exchanges, just minor like withdrawal has not been process on time but it was fixed in a week.
Just a bit of advise if you dont plan to KYC on an exchange don't ever put your funds there, any exchange can change their terms and force everyone to KYC.

[Coyster]

I had a really terrible experience with an exchange, I would rather like to withhold the exchange name for some reasons, firstly they made me go through hell just to fulfil their KYC requirements, I had to give up personal documents I ordinarily wouldn't have loved to do, that was during my first few years as a bitcoiner, I managed to successfully open the exchange and stored some of my coins there

After quite a long time, I hadn't logged in or followed up with the exchange, I then decided to login and check my coins only to find out that my account has been disabled due to maintenance and upgrade of their site(well that's what they claim), I tried contacting them, but it proved abortive, I lost quite some coins there, but it taught me a good lesson, as I have only operated with reputable exchanges since then, and I haven't had any issues, as I hardly leave my coins on exchanges anymore for more than necessary.

[d3nz]

One of the worst exchange I have used so far was at Hitbtc , I deposited my tokens last year at this exchange wayback June 2018 if Im not mistaken because its the only exchange listed this token at that time thats why I decided to sell but bear market comes and price of this token fall hard like -80% from ICO price so I decided to withdraw and hold but the problem I cant withdraw because  fees are terrible, 90% of my tokens will be taken as withdrawal fees until now Im holding this token at hitbtc. 

I have never experience this kind of issue with hitbtc but they have a huge delay when making a withdrawal but so far trading is really good and realtime.

And i think some of you here are still having problem with cryptopia and i still have my funds on my account and unable to withdraw it since they need to manually check or recover our account if they were able to do it and hopefullly.

[Pamadar]

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.

So far I don't encounter a major problem on exchanges, just minor like withdrawal has not been process on time but it was fixed in a week.
Just a bit of advise if you dont plan to KYC on an exchange don't ever put your funds there, any exchange can change their terms and force everyone to KYC.

Most common disappointment of a trader is when they think that exchange would not ask for KYC since they are not exceeding to what the exchange allowed limits. But once exchange feel or see some activities that they've think suspicious, they will ask for KYC and there's no question about it. Due to some reasons the rules might be change as the exchange will do investigations and they will freeze your account. Required KYC will be ask to provide for you to withdraw your money.

[fourpiece]

My worst experience in a exchange is when my depost of token and ithdrawal  of btc took 1 week before they process, if my token process on the day that i deposit i would make 1 btc  of it, but after a week i only got 0.4btc so disappointing.