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Author Topic: Latoken will charge you 5USD monthly, if you are not active.  (Read 414 times)
timmmers
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May 27, 2020, 10:41:24 AM
Merited by Lakai01 (1)
 #1

Be careful guys, those who hold funds on Latoken exchange and not trading, you will be charged 5USD monthly.
Look they officially send it through email and confirmed on Telegram.





I think that they officially bury themselves.

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.ONE AFRICA. ONE KOIN..

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May 27, 2020, 11:16:38 AM
 #2

I think this is not a good way to support their maintenance cost of their platform. How come they will ask users dor payment due to none active? This is not fair, thanks for sharing this, another reason why users should avoid using this exchange. This should not implement on users cause.  Its like they imposing some ground for not being actively trading there, so by any chance that you not logged in to do some trade, they will automatically deduct $5 fee every 6months? Wth, its like they even have bigger fee to credit cards that have annual fee.

Im seeing their platform will go down soon or will close eventually due to this move.

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May 27, 2020, 11:25:59 AM
 #3

I think that they officially bury themselves.

Im seeing their platform will go down soon or will close eventually due to this move.

Why do you guys think so?
Who are they going to lose, clients that are not making a trade/deposit/withdraw fro 6 months? How can you even call them clients?
From the start, why would you leave money there for more than 6 months and do nothing, why leave coins on an exchange for that long?

Its like they imposing some ground for not being actively trading there, so by any chance that you not logged in to do some trade, they will automatically deduct $5 fee every 6months?

It's 5$ per month, every month after the 6 inactivity months. And only if you have a balance.





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May 27, 2020, 11:47:23 AM
 #4

~snip~
It's 5$ per month, every month after the 6 inactivity months. And only if you have a balance.
^ So, it is quite clear here that why you are leaving your fund there in Latoken exchange in that quite long. Remember that don't leave funds in any exchange, after trading you may withdraw them all. I think that is good if their clients know what is going on in that platform, they should not leave fund and that is not the fault of Latoken exchange if they were deducted after 6 months inactive. That is why we should read first the "TERMS OF USE AGREEMENT" in every exchange platform. Nevertheless, in my own opinion. This exchange is not recommended to use.

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timmmers
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May 27, 2020, 11:56:13 AM
 #5

I think that they officially bury themselves.

Im seeing their platform will go down soon or will close eventually due to this move.

Why do you guys think so?
Who are they going to lose, clients that are not making a trade/deposit/withdraw fro 6 months? How can you even call them clients?
From the start, why would you leave money there for more than 6 months and do nothing, why leave coins on an exchange for that long?

Its like they imposing some ground for not being actively trading there, so by any chance that you not logged in to do some trade, they will automatically deduct $5 fee every 6months?

It's 5$ per month, every month after the 6 inactivity months. And only if you have a balance.





I do not see any reason why I should start using Latoken exchange. I do not trust them at all, look how they behave, fake IEOs, fake volume and now charge for nothing? Binance is the biggest and most safest exchange and its free!

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.Akoin













.ONE AFRICA. ONE KOIN..

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May 27, 2020, 12:13:17 PM
 #6

I do not see any reason why I should start using Latoken exchange. I do not trust them at all, look how they behave, fake IEOs, fake volume and now charge for nothing?

Neither do I but you're the one receiving emails from them.

Binance is the biggest and most safest exchange and its free!

There is no such thing as most "safest", and I wouldn't trust Biannace with a satoshi, especially after their flight from Japan and then from Malta when they couldn't abide the laws, nor will I trust any exchange with anything, I go by the principle "not your keys not your coins".

That is why we should read first the "TERMS OF USE AGREEMENT" in every exchange platform.

Funny thing is that the fee is not mentioned anywhere in their Terms or in the Fee panel.
https://cdn-new.latoken.com/common/files/terms-of-use-v2.pdf
https://latoken.com/fees

But let's be serious, who read the terms before signing up? 0.0001%?

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May 27, 2020, 12:19:28 PM
 #7

I do not see any reason why I should start using Latoken exchange. I do not trust them at all, look how they behave, fake IEOs, fake volume and now charge for nothing?

Neither do I but you're the one receiving emails from them.

Binance is the biggest and most safest exchange and its free!

There is no such thing as most "safest", and I wouldn't trust Biannace with a satoshi, especially after their flight from Japan and then from Malta when they couldn't abide the laws, nor will I trust any exchange with anything, I go by the principle "not your keys not your coins".

That is why we should read first the "TERMS OF USE AGREEMENT" in every exchange platform.

Funny thing is that the fee is not mentioned anywhere in their Terms or in the Fee panel.
https://cdn-new.latoken.com/common/files/terms-of-use-v2.pdf
https://latoken.com/fees

But let's be serious, who read the terms before signing up? 0.0001%?
I was an early ICO investor, glad to see that my LA tokens worth less than 5USD, so I don't have to do anything.  Grin
And I forgot about their never ending LA airdrop, how they secure free advertisement... Many problems conected with this exchange.

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.Akoin













.ONE AFRICA. ONE KOIN..

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May 27, 2020, 12:27:18 PM
 #8

What will happen if user have balance more than 0, but less than 5$ ? He will have a negative balance then?  

Anyway that is the great way to officially steal funds. Lots of airdropped or small projects altcoins are often traded on Latoken. Sometimes altcoins value is so small, than it is impossible to withdraw them. Now these funds can be officially "taken" from users account. Great.

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May 27, 2020, 12:52:08 PM
 #9

Be careful guys, those who hold funds on Latoken exchange and not trading, you will be charged 5USD monthly.
Look they officially send it through email and confirmed on Telegram.





I think that they officially bury themselves.
What the Heck,they are just pushing their users to find another good exchange without forcing them to pay while they are away from their keyboards.

I assume that starting this day,La token users are getting their fund inside that platform and putting to Binance or other exchange without this bad style of maintaining their Platform costs


What will happen if user have balance more than 0, but less than 5$ ? He will have a negative balance then? 

Anyway that is the great way to officially steal funds. Lots of airdropped or small projects altcoins are often traded on Latoken. Sometimes altcoins value is so small, than it is impossible to withdraw them. Now these funds can be officially "taken" from users account. Great.

seems like extortion lol,they are forcing people to take their slices from the income of every users,imagine just in 1 month time?what if you need to have something to do in life?for example 1 year then they will take 60$ just for that absence?

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May 27, 2020, 01:01:39 PM
 #10

What will happen if user have balance more than 0, but less than 5$ ? He will have a negative balance then?  
Maybe Latoken will still deduct the rest of it until the balance is 0, and they didn't make your account have a negative balance. You can read in pict 2
Quote
If there are no funds on the user balance then nothing can be or will be deducted


Thanks for @OP to share this information, especially for those who using Latoken exchange. I wonder why many people still leave their funds in exchange, it's not safe to trust the third parties (exchange), just leave it on your wallet (e.g. electrum, trezor, ledger). Even you have using strong password, Two-factor authentication, and secured email on the exchange. If the exchange got hacked, you can't do anything unless they "can" fix the issue.

Just for reminder the trusted MtGox exchange got hacked and collapse Bitcointalk history of MtGox and how a Bitcointalk post caught the MtGox hacker.

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May 27, 2020, 02:34:16 PM
 #11

Why do you guys think so?
Who are they going to lose, clients that are not making a trade/deposit/withdraw fro 6 months? How can you even call them clients?
From the start, why would you leave money there for more than 6 months and do nothing, why leave coins on an exchange for that long?

I see it the same way, and I am frankly surprised that Exchanges did not start covering their running costs through user fees (apart from trading fees) much earlier. In fact, I think it is reasonable to charge fees only to those users who have not been active for a longer period of time.
You also have to be aware that every user who stores his coins at the exchange causes high costs for the exchange - starting with the safekeeping of the coins up to ensuring a constant liquidity, if for whatever reason all users want to withdraw their coins at once.



I wonder why many people still leave their funds in exchange, it's not safe to trust the third parties (exchange), just leave it on your wallet (e.g. electrum, trezor, ledger).

This is simply due to the convenience of the users. It is much easier to leave your coins on an exchange than to take care that they are safe (e.g. to take care of a safe storage of the ledger seed). But you shouldn't be surprised if you become a victim of your own convenience and the coins get lost by whatever circumstance.

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May 27, 2020, 02:57:17 PM
 #12

What will happen if user have balance more than 0, but less than 5$ ? He will have a negative balance then?  

Anyway that is the great way to officially steal funds. Lots of airdropped or small projects altcoins are often traded on Latoken. Sometimes altcoins value is so small, than it is impossible to withdraw them. Now these funds can be officially "taken" from users account. Great.
For sure, they will not deduct the 5$ if you got less than 5$. They are just making their exchange more shitty because of this feature of their exchange.
They are like making their customer get away from them or will use only their exchange for a short period of time.
This is my first time to see an exchange that has this feature, lol. While some exchanges much prefer to store some funds on their exchange for a long time even there is no trading activity.





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nicecrypto
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May 27, 2020, 05:13:52 PM
 #13

In the first pace why keep your money idle in an exchange without trading with it! I think that's too risky to do,
This is good information @op to alert those have their funds in latoken should be aware of this if it is true, $5 every month from many subscribers who are not active in trading could be a lot.

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May 28, 2020, 05:01:43 AM
 #14

In the first pace why keep your money idle in an exchange without trading with it! I think that's too risky to do,
This is good information @op to alert those have their funds in latoken should be aware of this if it is true, $5 every month from many subscribers who are not active in trading could be a lot.

I think that is because people expect to see some pumps in a short time, so they still hold their coin at the exchanges.

It is not a good idea if latoken do that because that can be a sign for the traders to move their coins to another exchange because some of them don't want to pay that fee, even if the cost is only $5 in a month. We can see that binance, as the biggest exchange, don't use that rule so traders can still hold their coins at that exchange. So how come that is happening with latoken which is not too big compare to binance. Perhaps, they need to do that to pay another expense, and they run out of the money.

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May 28, 2020, 05:43:23 AM
 #15

yep, everyone knows that Latoken is one of the shit exchanges of crypto market. That's why I never use exchanges like this. Ideally, you should only use big exchanges. At Binance we have low fee, high volume and lots of potential alts there. I was just wondering why so many people choose shit exchanges to trade, can you tell me why? Huh

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May 28, 2020, 06:03:04 AM
 #16

I was just wondering why so many people choose shit exchanges to trade, can you tell me why? Huh

There are several reasons:
- They got shitcoins which got listed only on that exchange.
- They're looking for arbitrage opportunities.

People who use an exchange like this don't necessarily means they don't use Binance or something similar. I bet they use them regularly.

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May 28, 2020, 06:15:54 AM
 #17

I was just wondering why so many people choose shit exchanges to trade, can you tell me why? Huh

There are several reasons:
- They got shitcoins which got listed only on that exchange.
- They're looking for arbitrage opportunities.
Those are right and in addition.
  • Probably they know that the coin listed on the shit exchange will have a pump and dump
  • Shit exchange offering low fees in trading and I doubt also having airdrop will lure people to register/use even they are shitty exchange

But I don't see any mistakes here, why you let your money sleep on that kind of exchange instead to pull out after you trade. I heard and read some articles on that Latoken exchange platform doing a shitty activity. If this policy was written to their TOS, there's no problem. It's the client's responsibility to know the Term and Services.





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May 28, 2020, 06:29:32 AM
 #18

I was just wondering why so many people choose shit exchanges to trade, can you tell me why? Huh

There are several reasons:
- They got shitcoins which got listed only on that exchange.
- They're looking for arbitrage opportunities.

People who use an exchange like this don't necessarily means they don't use Binance or something similar. I bet they use them regularly.
I rather throw away the shitcoin than holding it and hope for a pump. For shit coins, they already took a lot of my time. I'm not going to spend any time for them anymore! I never trade on shit exchanges such as Latoken lol.

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May 28, 2020, 07:32:51 AM
 #19

This is why we also need to read the terms and conditions of every exchanges because they might hide some conditions like this since not every user read their conditions. 6 months is too short honestly especially if you're a hodler on that exchange, this is just like a dormant account with the banks well at least with them 2 years of having no transactions at all. Switch for a better exchange guys, and don't hold too long on any exchanges and become inactive to avoid this kind of fees.

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May 28, 2020, 08:13:22 AM
 #20

LAToken's been found many, many times to be a scam/fraudulent operation. You can google it and search for the Cointelligence research which digs up all the dirt about them.

Anyway, accounts charging you "maintenance" fees aren't a new thing. My bank also does it, the bastards. The only way to truly keep things in your control is to hold Bitcoin on your own wallet.

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