Reminder for crypto newbies, traders. Be cautious with new exchanges

[ven7net]

Over the past few years, I have faced the emergence of a number of new crypto exchanges and, unfortunately, most of them turned out to be inoperable in the end. There may be many reasons for this, but you cannot certainly trust each new exchange. As the saying goes, everything is learned by comparison. You need to spend more time studying and testing new crypto exchanges. However, this does not mean that all new crypto exchanges are bad. No, it’s not like that. There are those who were able to prove their efficiency and now delight their traders. At the same time, I want to note that crypto exchanges with experience also periodically suffer from the appearance of a number of unpleasant problems, and this shows us that any crypto exchange cannot be 100% reliable.

[EclaireWithLove]

Just like what others mentioned, most new exchanges are not usable. There are many issues with them that you don't want to use them. There are also other new exchanges to launch that has promise, but you guys still have to check and research about them first.

[geegaw]

Over the past few years, I have faced the emergence of a number of new crypto exchanges and, unfortunately, most of them turned out to be inoperable in the end. There may be many reasons for this, but you cannot certainly trust each new exchange. As the saying goes, everything is learned by comparison. You need to spend more time studying and testing new crypto exchanges. However, this does not mean that all new crypto exchanges are bad. No, it’s not like that. There are those who were able to prove their efficiency and now delight their traders. At the same time, I want to note that crypto exchanges with experience also periodically suffer from the appearance of a number of unpleasant problems, and this shows us that any crypto exchange cannot be 100% reliable.

Testing new exchanges is probably not necessary when the competitive chances of new offerings are relatively low, the exchange seems to have confirmed its owners as major exchanges such as Binance, Bittrex, Okex and several others. Priority and satisfaction always lie on these big exchanges, with new exchanges, what we can see is a little special feature and airdrop they create, UNI is a prime example of the benefits of observing the advent of new exchanges but as you say, new exchanges have too many fraud risks, pay attention to events and rewards, do not put money into participation

[sana54210]

Testing new exchanges is probably not necessary when the competitive chances of new offerings are relatively low, the exchange seems to have confirmed its owners as major exchanges such as Binance, Bittrex, Okex and several others. Priority and satisfaction always lie on these big exchanges, with new exchanges, what we can see is a little special feature and airdrop they create, UNI is a prime example of the benefits of observing the advent of new exchanges but as you say, new exchanges have too many fraud risks, pay attention to events and rewards, do not put money into participation

I think if you are not going to do something major, you could just stick with the big names and keep trading there, but if you are not going to do something like that and if you are going to end up trading on a place like a very low level exchange because they have that coin you own and you want to sell it and that's it, it's going to be hard.

I once used one exchange to claim idena, idena wasn't on many exchanges (haven't checked if they are listed in good places now) and in that horrible horrible exchange, there wasn't many coins, since I cashed out like 50 bucks worth of idena, I didn't want to use bitcoin or ethereum since it would be super high, I was asked to pay like 40 bucks just on cost, so I didn't do that.

The only coin I have ever heard of was dogecoin, seriously aside from bitcoin, ethereum and doge there was all coins with under 5k dollar volume per day, it was horrible and they charged terrible withdraw costs as well even for doge. In the end I got my money out of it. There are those type of situations where people do end up using those exchanges.

[xSkylarx]

If it is a new exchange that you are using, be very careful with your funds there. If possible store them in non-custodial wallets or transfer them to a reputable exchange where it is also listed. It is even more safe to just store it in a non-custodial wallet if it is your long-term investment. You have no control on your cryptos if it is on a particular centralized exchange no matter how they are reputable. No one knows if that platform will be hacked anytime soon and you can't just blame them for your loss.

[tranthidung]

If it is a new exchange that you are using, be very careful with your funds there. If possible store them in non-custodial wallets or transfer them to a reputable exchange where it is also listed. It is even more safe to just store it in a non-custodial wallet if it is your long-term investment. You have no control on your cryptos if it is on a particular centralized exchange no matter how they are reputable. No one knows if that platform will be hacked anytime soon and you can't just blame them for your loss.

Exactly but sadly newbies don't care about safety and non-custodial wallets. Exchanges usually the first choices of newbies.

NotYourKeys.org is a very educational website about this. It is my invitation for newbies or senior investors if they are still using centralized exchange wallets for their crypto.

The website does not emphasize the important of verification for your download file, before you use it to install and store your crypto.

• How to Safely Download and Verify Electrum
• Guide for Bitcoin Core verification

[iv4n]

Be cautious with everything new... don't rush with everything you have at the first sight! This is for everything, not just for exchanges!

New things are OK! New exchanges are OK! Binance, KuCoin... and many other exchanges were new just a few years ago.. hell, they are still new if you think about it! In crypto, everything is younger than Bitcoin, and Bitcoin exists just a little over 10 years!

People shouldn't be afraid of new things, people should learn how to try new things, how to test them... researching is important, take a look around, learn where to find good info about different services! You will need that if you plan to be here in the long run!

[tygeade]

In my nation there are at least one more new exchange every month, it is like crazy and we are seeing crypto exchange ads everywhere, on the roads on banners, online everywhere, on social media, on television, even in radio shows as well, they are promoting themselves so much that it is now basically everywhere in our lives.

This is a crazy period and very risky because in the end there will be some that will be "hacked" and will be gone, there has been some already that took off with a ton of money and it is bound to happen again, these people are spending all the money they make, hell even money that we deposit in order to grow and when they have a ton of money they will end up with a ton more stuff as well, they will end up with so much money and eventually will say that they got hacked and basically steal everyone's money and leave with it.

[sulendra12]

That is why everytime someone asking for good exchanges to trade, we should not tell them those new fake ass exchanges. You won't get nothing there regardless of the bonus they offer to attract new and innocent people to trade on those new exchanges. We have to make sure to not let those traders fall into this again just because we are in altcoin season.

[henmark]

This is nothing new. It has been happening for a very long time, and right from the time I started investing in cryptocurrency, there has been a lot of these fake exchanges. So, it is very important for newbies to know about it.

Some scammers will always create their own websites and be paroling as if they are legit, only for you to find out that they are not legit. Some of them create a carbon copy of well known exchanges to lure newbies into their trap. So whenever you want to visit any exchange, it’s good to check the URL you’re clicking to be sure that it is accurate, so you don’t make the mistake of losing your money

[Renampun]

...

I've never wanted to use an exchange that just appeared...

This is good news for newbies so as not to get caught up with scammers. scammers appear in various ways and their goal is only to steal users' money. just use an exchange that already has a good reputation and has been operating for a long time to be safe from scammers.

[Hypnosis00]

This is nothing new. It has been happening for a very long time, and right from the time I started investing in cryptocurrency, there has been a lot of these fake exchanges. So, it is very important for newbies to know about it.

Some scammers will always create their own websites and be paroling as if they are legit, only for you to find out that they are not legit. Some of them create a carbon copy of well known exchanges to lure newbies into their trap. So whenever you want to visit any exchange, it’s good to check the URL you’re clicking to be sure that it is accurate, so you don’t make the mistake of losing your money

Apparently, this scenario was not new but for the newcomers, they might become a victim of this. So we never have to stop spreading awareness to the community, the more we are seriously tagging and busting scam sites, the more chances that these scammers will stop and leave from here. It is a need for us to be more vigilant knowing that these people are also smart and they will find a way to scam people no matter what it cost their reputation( sadly they don't have anymore).

[cabron]

Some exchanges that had been around for years are also into this kind of scheme. One example of it was the cryptopia that eventually close, they could just be orchestrating all these legal battles or so but obviously, our tokens are lost. They found a way to keep us waiting by submitting emails and claims, but nothing. The users who have some funds there could just die of Covid but they will not see their tokens again.

[Yamifoud]

Some exchanges that had been around for years are also into this kind of scheme. One example of it was the cryptopia that eventually close, they could just be orchestrating all these legal battles or so but obviously, our tokens are lost. They found a way to keep us waiting by submitting emails and claims, but nothing. The users who have some funds there could just die of Covid but they will not see their tokens again.

It was clearly an exit scam...
And this is mostly happening to the new exchanges who have less support from the traders and as well as from the owner. They'll have nothing to cope with the low demand and closure is their best option rather than to continue their service for loose ends.
This is a reason why we should not ignore the trading volume of a certain exchange as it was the basis that it become sustainable or it only disappears one day.

[karungbitcoin]

I have seen many centralized exchanges closed and scammed alot of their user, so please very becarefull to use CEX. Even CEX that a couple years been operated can be turn in to scam like Cryptopia. To trade high cap coin, for the better use most popular CEX like Binance and to trade low cap coin, we can use DEX platform. And for holding coins, it's very recommended on personal wallet.

[semobo]

Binance also literally a new exchange in the market but they became the highly traded, reputed exchange because they provided good service for the traders and cheap fee structure and they used their reputation for their further progress like BNB token to a coin now a blockchain for the upcoming project and also started to promote better projects in the name of IEO, while there are some old exchanges like yobit are still scamming the people in someway so age of an exchange doesn't really matter.

[zanezane]

~

I can only think of one reason, perhaps that token that they want to trade is listed on that exchange. But perhaps the token devs and exchange themselves has been colluding to dupe crypto traders, specially newbies. And then after they ran their scam, the crypto exchanges will suddenly disappear and newbies are going to complain in this community and it's gonna be too late.

As a newbie, it shouldn't be said that you should be careful with the tokens that you're investing in because there is a lot of scam coins in the platform and that they should know about it by now because some scams are making headlines.

[Mpamaegbu]

The problem is why do newbies want to go for the new exchanges when there are established ones that are far more reliable and are guaranteed to not run away with your money. Going in with big money as a newbie I think is the biggest mistake that anyone can do especially as the topic says, you are in a new exchange.

Sometimes the newbies (even veteran members too) are pushed to do it when project's they've run bounties for give that as a condition for receiving reward worked for. I found myself in that situation in the recent past. After several weeks of bounty advertisement, the project team asked everyone to open account with an exchange which they controlled. In fact, it was an exchange the project just created once the bounty was drawing to an end. We all did. Rewards were transferred to the exchange to everyone's accounts but locked up. That project never made it. After listing it expectedly died off an an exit scam. I believe this can be one of the reasons for opening accounts with new exchanges.

[taufik123]

Sometimes the newbies (even veteran members too) are pushed to do it when project's they've run bounties for give that as a condition for receiving reward worked for. I found myself in that situation in the recent past. After several weeks of bounty advertisement, the project team asked everyone to open account with an exchange which they controlled. In fact, it was an exchange the project just created once the bounty was drawing to an end. We all did. Rewards were transferred to the exchange to everyone's accounts but locked up. That project never made it. After listing it expectedly died off an an exit scam. I believe this can be one of the reasons for opening accounts with new exchanges.

The bounty that you follow is a bounty that is designed to trap everyone who follows it, in fact apart from having to open an account on the new exchange they created, they also require to make a deposit with a fairly large minimum amount. Those are the traits of an exchange that will fool beginners.
I am also part of a bounty that does the same thing and there are many other bounties.
For now the practice is no longer practiced, new methods have been used, scammers continue to grow.
and last but not least the safest exchanges are popular exchanges like Binance.

[Mahanton]

Sometimes the newbies (even veteran members too) are pushed to do it when project's they've run bounties for give that as a condition for receiving reward worked for. I found myself in that situation in the recent past. After several weeks of bounty advertisement, the project team asked everyone to open account with an exchange which they controlled. In fact, it was an exchange the project just created once the bounty was drawing to an end. We all did. Rewards were transferred to the exchange to everyone's accounts but locked up. That project never made it. After listing it expectedly died off an an exit scam. I believe this can be one of the reasons for opening accounts with new exchanges.

The bounty that you follow is a bounty that is designed to trap everyone who follows it, in fact apart from having to open an account on the new exchange they created, they also require to make a deposit with a fairly large minimum amount. Those are the traits of an exchange that will fool beginners.
I am also part of a bounty that does the same thing and there are many other bounties.
For now the practice is no longer practiced, new methods have been used, scammers continue to grow.
and last but not least the safest exchanges are popular exchanges like Binance.

I havent encountered that kind of modus yet but it isnt surprising that they do really came up with that idea as long they would able to convinced out people to make out some deposits into a scammy exchange and this is why its really important that you should really be always vigilant and be alert on things around you and dont get easily fooled and just avoid when it seems becomes too shady or a bit suspicious because our own common sense
will able to tell us which one should be avoided and which one should be engaged on.