Tradesatoshi is closing down.

[ScamViruS]

Finally Tradesatoshi is going to close. There are huge scam reports against them. There are reports of scam coins token listings against them. And refusing to return the costomers money. Scam and fraudulent activity do not work very long. Many traders may have funds on their exchange. If anyone has funds, withdraw quickly. It may even be a scam. Do not make any deposit on this exchange. This is why good exchanges should be selected. Many do not understand and to go to trade on such exchanges which is very risky

Tradesatoshi is closing down.
Read the announcement for details.
https://t.co/GjSwwllxhT
Please make sure all withdrawals are completed before March 1 2020 00:00 UTC.
Please do not deposit! Deposits will no longer be processed. https://t.co/4xxt2ZOa9P

Source: https://twitter.com/TradeSatoshi/status/1230509341142220800

[20kevin20]

~
This is why good exchanges should be selected.
~

This is why decentralized exchanges should be selected. The higher the number of people using them is, the better they become and the more volume they get.

We need to stop using and promoting centralized exchanges imo. I haven't used one in a very long time. Decentralized is the key to getting rid of these scams..

[Saint-loup]

Finally Tradesatoshi is going to close. There are huge scam reports against them. There are reports of scam coins token listings against them. And refusing to return the costomers money. Scam and fraudulent activity do not work very long. Many traders may have funds on their exchange. If anyone has funds, withdraw quickly. It may even be a scam. Do not make any deposit on this exchange. This is why good exchanges should be selected. Many do not understand and to go to trade on such exchanges which is very risky

Tradesatoshi is closing down.
Read the announcement for details.
https://t.co/GjSwwllxhT
Please make sure all withdrawals are completed before March 1 2020 00:00 UTC.
Please do not deposit! Deposits will no longer be processed. https://t.co/4xxt2ZOa9P

Source: https://twitter.com/TradeSatoshi/status/1230509341142220800

I don't understand how we can withdraw anything from them if they're under maintenance.  
We can't even read the announcement of your link as for now  
Fortunately someone has saved their announcement on archive.is earlier.

Tradesatoshi Is Closing Down
 
Dear users,
We must inform that the board of directors of Tradesatoshi.com has decided to close the exchange.
 
Unfortunately it is no longer economically feasible for us to continue provide the required level of security, support and technology.
 
Please do not deposit! Deposits will no longer be processed.
 
We highly recommend that those users pending verification start the process as early as possible.
 
Tradesatoshi.com will terminate all services on March 1 2020 00:00 UTC.
 
Kind regards,
Tradesatoshi.com

http://archive.is/nzl8C

[sheenshane]

Another crypto exchange down this year. It's so sad to know there are few of them slowly giving up in the crypto business.

The reason probably because of the user's satisfaction on this exchange, due to a large number of people being scammed others' who aware did not this exchange. So now, it's a wise decision to shut down their website and I hope everyone will withdraw their fund safe.

Even though there is quite a lot of negative feedback against them, the CEO of Binance crypto exchange(CZ) react and tweeted regarding Tradesatoshi's shutdown.

"Exchange is probably one of the hardest businesses to run. One of the toughest parts of it is the economy of scale. Without scale, you cannot invest on security and many other essentials. And it won’t make sense to continue. I hope everyone’s funds are SAFU in this case".

source:

Let's do hope the funds are safe for those who wanted to withdraw their funds.

[michellee]

I am not too surprised to see Tradesatoshi finally closing down because I see that this exchange doesn't have a big volume, but we don't know what the real reason behind that is. We need to wait for the next announcement from the owner if they want to tell us about what is happening with their exchange. We can guess for what it happens, but we hope that people can withdraw their coins in that exchange so they can still have the coins.

[The Sceptical Chymist]

Another crypto exchange down this year. It's so sad to know there are few of them slowly giving up in the crypto business.

I'm not saddened by this news, especially given the number of scam accusations leveled against them during their time in business.  Good riddance I say.

Nor is it really surprising that a poorly-run exchange (at best, for Tradesatoshi) is going bust.  There's too much competition, and why would anyone really want to use a shady exchange when there are much better options?  You'd have to be completely silly in the noggin to do that, which makes me wonder how Yobit is still around. 

Anyway, I've never used Tradesatoshi but I do thank OP for posting this.  Hopefully their customers can recover their funds before Tradesatoshi finally closes its doors.

[coupable]

~
This is why good exchanges should be selected.
~

This is why decentralized exchanges should be selected. The higher the number of people using them is, the better they become and the more volume they get.

We need to stop using and promoting centralized exchanges imo. I haven't used one in a very long time. Decentralized is the key to getting rid of these scams..

In my opinion, decentralised exchanges are not the right alternatives to centralised ones from the view point of risking to be an exit scam. During the last few years, we saw a lot of "called" decentralised exchanges do silly things to steal from its users; some forced KYC verification and some others set a withdraw limit for non verfied users while some others froze users balances based on their locations. I can mention cryptobridge for instance and IDEX...the list is long.
However, the most resistant exchanges are centralised ones like binance and coinbase. We can't get rid of them as there is no real good options instead.
The key point here, is none of those exchanges can be fully trusted and any one should use them with extreme caution.

[bullrun2024bro]

I'm not saddened by this news, especially given the number of scam accusations leveled against them during their time in business.  Good riddance I say.

Nor is it really surprising that a poorly-run exchange (at best, for Tradesatoshi) is going bust.  

You are absolutely right. Well deserved shut down after all the scam accusations in the past (locked users, funds frozen, etc.). Poorly managed and way to much competition that clearly does better in terms of customer service, variety of different coins, security etc.. I personally used the exchange once a long time ago, but wasn't satisfied at all and was happy when I go my coins back from the exchange.

There's too much competition, and why would anyone really want to use a shady exchange when there are much better options?  You'd have to be completely silly in the noggin to do that, which makes me wonder how Yobit is still around.  

I am pretty sure there are still many people falling for exchanges like YoBit. We all have seen their huge marketing campaigns in the past, espcially the signature campaign here in the forum. Inexperienced users get lured in when they hear about high returns in the investbox and new coins gaining high percentages in a very short time. Unfortunately, most of these users will lose their money and will curse the whole crypto space after that experience. That is why it is up to us to educate inexperienced users and make them aware of possible dangers. So they don't fall for such scams.

[Exolix]

Another crypto exchange down this year. It's so sad to know there are few of them slowly giving up in the crypto business.

I'm not saddened by this news, especially given the number of scam accusations leveled against them during their time in business.  Good riddance I say.

Nor is it really surprising that a poorly-run exchange (at best, for Tradesatoshi) is going bust.  There's too much competition, and why would anyone really want to use a shady exchange when there are much better options?  You'd have to be completely silly in the noggin to do that, which makes me wonder how Yobit is still around. 

Anyway, I've never used Tradesatoshi but I do thank OP for posting this.  Hopefully their customers can recover their funds before Tradesatoshi finally closes its doors.

What exchangers do you use? It is possible without names. Let's just say what characteristics a resource must have so that you select it?

[bullrun2024bro]

What exchangers do you use? It is possible without names. Let's just say what characteristics a resource must have so that you select it?

I would say these are the most important factors for the average user: Security (IMHO the most important factor -> How safe are my funds?), volume and low fees.

Other important factors for some users are: anonymity, availability/uptime, fiat currencies (fiat-pairs), customer service, handling/interface of the website, KYC (some people prefer KYC).

It usually also depends on what kind of trader you are. If you are a day-trader you are looking for other benefits/trading tools than the average hodl-user. If you want to hear a suggestion, I would go with Binance, which seems to currently be the leading exchange not only for inexperienced users but also for traders.

[stomachgrowls]

Another crypto exchange down this year. It's so sad to know there are few of them slowly giving up in the crypto business.

I'm not saddened by this news, especially given the number of scam accusations leveled against them during their time in business.  Good riddance I say.

Nor is it really surprising that a poorly-run exchange (at best, for Tradesatoshi) is going bust.  There's too much competition, and why would anyone really want to use a shady exchange when there are much better options?  You'd have to be completely silly in the noggin to do that, which makes me wonder how Yobit is still around. 

Anyway, I've never used Tradesatoshi but I do thank OP for posting this.  Hopefully their customers can recover their funds before Tradesatoshi finally closes its doors.

True!

Everytime an exchange closed its doors specially the non-popular ones will really give out that kind of impression which it isnt really that surprising for these platforms to close.
Im aware on Tradesatoshis existence but i do hear up some accusations and issues against them.Also the same as you said where exchange market does really have fierce competition and
if you dont offer something which is better compared to others then expect for these kind of outcomes sooner or later.

[Exolix]

I would say these are the most important factors for the average user: Security (IMHO the most important factor -> How safe are my funds?), volume and low fees.

Other important factors for some users are: anonymity, availability/uptime, fiat currencies (fiat-pairs), customer service, handling/interface of the website, KYC (some people prefer KYC).

It usually also depends on what kind of trader you are. If you are a day-trader you are looking for other benefits/trading tools than the average hodl-user. If you want to hear a suggestion, I would go with Binance, which seems to currently be the leading exchange not only for inexperienced users but also for traders.

You wrote about security. How do you understand that an exchanger is safe? What are you paying attention to?

[bullrun2024bro]

You wrote about security. How do you understand that an exchanger is safe? What are you paying attention to?

First of all, I do some research and look at what information is available.

But don't you run an exchange yourself? At least that's what I am seeing from your username and the ANN, which you posted recently: [ANN][EXCHANGE] ▲▼ Exolix - Secure & Anonymous Crypto Exchange Service.

What are you guys paying attention to? You guys should know better, I guess. 

[Exolix]

You wrote about security. How do you understand that an exchanger is safe? What are you paying attention to?

First of all, I do some research and look at what information is available.

But don't you run an exchange yourself? At least that's what I am seeing from your username and the ANN, which you posted recently: [ANN][EXCHANGE] ▲▼ Exolix - Secure & Anonymous Crypto Exchange Service.

What are you guys paying attention to? You guys should know better, I guess. 

Yes, that is pretty obvious 
We work a lot on security, but the opinion of the target audience is very important.
Sorry if I'm bothering you with questions. And thanks for answering

[ScamViruS]

I am not too surprised to see Tradesatoshi finally closing down because I see that this exchange doesn't have a big volume, but we don't know what the real reason behind that is. We need to wait for the next announcement from the owner if they want to tell us about what is happening with their exchange. We can guess for what it happens, but we hope that people can withdraw their coins in that exchange so they can still have the coins.

This exchange was never an honest exchange. There are many scam accusations against them at Bitcointalk. They did not solve any scam accusation and said goodbye to Bitcointalk. I think this kind of shady exchange is not good for the crypto community. It’s good news for crypto community because Tradesatoshi finally closing their exchange.They have helped various scammers to scam people. I did a post against them earlier. https://bitcointalk.org/index.php?topic=5188400.

[gentlemand]

Just over one week's notice for an announcement this momentous and on top of that from now on any deposits won't be 'processed' which I guess means keeping anything that arrives from now until then and of course forever after. How many people are that up on crypto news? Plenty won't be.

Such little notice and that will add up to a nice extra dollop of rape for their customers.

[Saint-loup]

WTF did someone notice the huge transfer fees they are applying?  
For BTC for example, it's

Min. Withdraw: 0.00300000 BTC

Fee: 0.00290000 BTC

I think they will leave with a big amount of cryptos they will dump on other exchanges in few weeks  
Be careful of the crash of many shitcoin markets in the coming weeks IMHO...

[Saint-loup]

Did someone have been able to withdraw something today?
Or even since few days?
Which coins?

[bullrun2024bro]

They took the website offline today. I guess everyone who wasn't able to withdraw their coins due KYC issues is screwed now. I highly doubt, there is any chance to get the coins back, if they are still on the exchange. Another chapter of a poorly managed exchange closes. I feel sorry for everyone, who has lost some money here, but it makes one golden rule pretty clear again: Do not leave your coins on an exchange! Store them on your private wallet! Only if you own the private key, the coins are really yours.

[Saint-loup]

They took the website offline today. I guess everyone who wasn't able to withdraw their coins due KYC issues is screwed now. I highly doubt, there is any chance to get the coins back, if they are still on the exchange. Another chapter of a poorly managed exchange closes. I feel sorry for everyone, who has lost some money here, but it makes one golden rule pretty clear again: Do not leave your coins on an exchange! Store them on your private wallet! Only if you own the private key, the coins are really yours.

I'm not sure it was a KYC issue, because when I tried to whitdraw my DOGEs I got a message saying

Currency not found or is currently disabled or is currently withdraw disabled.

It didn't say anything about KYC, so it's weird. Fortunately it was just few hundred DOGE, but I don't like that.

Does anyone know if there is an active thread about Tradesatoshi somewhere in the forum?