Gate.io RBTC withdrawal issues [Case solved]

[Arrrvin]

I wanted to trade 0.15 of my RBTC for other coins. My Gate.io account was still open and at the deposits I found RBTC listed, so I sent my RBTC presuming that it would be traded at Gate.io as well. When my RBTC arrived and I hit the 'Trade' button I found out that RBTC was not traded at all. So far no harm. I just had to withdraw my funds again. However when I tried to withdraw my 0.15 RBTC I found out that Gate.io had set the minimum withdrawal to 8.1 RBTC with a fee of 8 RBTC. Now 1 RBTC = 1 BTC! After opening a support ticket they messaged after three days:

RBTC may be listed on gate.io soon, and at that moment you can withdraw or trade it.

So they simply leave my RBTC stuck in my wallet while they keep it uncertain if I will ever be able to trade or withdraw my funds?! They write "may" be listed  and not "will" be listed!

Is this lawful? Have I been scammed by Gate.io? What should I do to resolve this problem? Does anybody have contact details of higher placed Gate.io officials?

I seek advice.

[bL4nkcode]

Gate.io had set the minimum withdrawal to 8.1 RBTC with a fee of 8 RBTC. Now 1 RBTC = 1 BTC!

Are they serious about this? Are they already struggling to demand this fee.

Can't say that you were scammed yet, but you can keep them updated about your issue since they're the only one who can resolve your issue.

[Arrrvin]

Gate.io had set the minimum withdrawal to 8.1 RBTC with a fee of 8 RBTC. Now 1 RBTC = 1 BTC!

Are they serious about this? Are they already struggling to demand this fee.

Can't say that you were scammed yet, but you can keep them updated about your issue since they're the only one who can resolve your issue.

I think they are serious about not enabling depositors of RBTC to withdraw their funds.

And they are as updated as can be. At least the support team. But their reply was not very satisfactory as you can read above. Actually unacceptable. And perhaps even unlawful? Because at what point does this mode of conduct become a scam? I'm not very knowledgable in South-Korean law.

[AB de Royse777]

Gate.io had set the minimum withdrawal to 8.1 RBTC with a fee of 8 RBTC. Now 1 RBTC = 1 BTC!

Are they serious about this? Are they already struggling to demand this fee.

Can't say that you were scammed yet, but you can keep them updated about your issue since they're the only one who can resolve your issue.

What I understand is that they are doing this so that people can not request any withdrawal but this is very unethical business conduct. At this point I am in doubt if this is a scam attempt or buying time.

But in common judgement I will say if anyone (in this case the OP) do not agree with a new term that was not agreed before, but they want you to accept that new term while they are blackmailing you. It's pretty much blackmailing because they know that this is a good amount, and you can do nothing about it. I do not like this type of approch.


Anyway, do they have (gate.io) has a representative here?

[Arrrvin]

What I understand is that they are doing this so that people can not request any withdrawal but this is very unethical business conduct. At this point I am in doubt if this is a scam attempt or buying time.

But in common judgement I will say if anyone (in this case the OP) do not agree with a new term that was not agreed before, but they want you to accept that new term while they are blackmailing you. It's pretty much blackmailing because they know that this is a good amount, and you can do nothing about it. I do not like this type of approch.

Actually the withdrawal terms were already set when I deposited. But who would expect such ridiculous, impossible, terms? Besides that I expected to be able to trade RBTC to BTC to another coin (as with other exchanges that listed RBTC for deposits), so I didn't look at the withdrawal settings. However in laws in my country reasonable expectations also play an important role in law interpretation. I can imagine this will be similar in other countries. And a minimum of 8.1 RBTC withdrawal with an 8 RBTC fee is not a reasonable expectation.

Anyway, do they have (gate.io) has a representative here?

i shall invite them to explain themselves here. I doubt whether they will come and do that. I had to wait three days for a reply and had to push admins in Telegram hard to push the support team.

P.s. I also found another guy on Telegram with the same problem and the same Gate.io answer. He deposited 0.26 RBTC. He's more patient, but perhaps his portfolio is a 'bit' bigger than mine.

[bL4nkcode]

What I understand is that they are doing this so that people can not request any withdrawal but this is very unethical business conduct. At this point I am in doubt if this is a scam attempt or buying time.

Then they should disable the deposits of that particular altcoin instead like what other exchanges do, they even announced such update. I really think that this is one of their way to take their users funds and telling that its your fault to send amount when blabla.

[2double0]

What I understand is that they are doing this so that people can not request any withdrawal but this is very unethical business conduct. At this point I am in doubt if this is a scam attempt or buying time.

Then they should disable the deposits of that particular altcoin instead like what other exchanges do, they even announced such update. I really think that this is one of their way to take their users funds and telling that its your fault to send amount when blabla.

On the other hand, Op must have checked from their end if gate.io has a particular RBTC pair available for trading or what. Try to be in talks with them Op, don't leave the issue as it is because exchanges will not update you often about it, it is you now who should knock them once every few days to get to know when they will allow the withdrawal.

[cabron]

it's stupid to set the minimum withdrawal to 8.1 rBTC. Who are the traders in this exchange?  

What I understand is that they are doing this so that people can not request any withdrawal but this is very unethical business conduct. At this point I am in doubt if this is a scam attempt or buying time.

Then they should disable the deposits of that particular altcoin instead like what other exchanges do, they even announced such update. I really think that this is one of their way to take their users funds and telling that its your fault to send amount when blabla.

On the other hand, Op must have checked from their end if gate.io has a particular RBTC pair available for trading or what. Try to be in talks with them Op, don't leave the issue as it is because exchanges will not update you often about it, it is you now who should knock them once every few days to get to know when they will allow the withdrawal.

It could already be assumed that there is a pair listed because gate.io allowed deposits and he knew this because he checked it. Found out later its market isn't yet open. The only option is to wait.

[AB de Royse777]

i shall invite them to explain themselves here. I doubt whether they will come and do that. I had to wait three days for a reply and had to push admins in Telegram hard to push the support team.

If they have a profile here then add the profile link in your main thread, PM them to respond here so that we know their side of story. As a community we can not do much but at-least can create some pressure to get you paid if every evidence goes in your favour.

[Joel_Jantsen]

I could sound dumb but what the fuck is an RBTC and how does it have the same value as BTC?  Is it not like any other Altcoin but just forked off bitcoin's network?

Anyway, you seem to have become a victim of their unsupported feature. Technically, they're not processing withdrawals of that coin so I'd assume that fee is probably auto-calculated. You should rather ask when they plan to support that coin and if they're not supporting it anytime soon you should ask them to refund your deposits.

[tvplus006]

I don't understand the OP's choice when he decided to list his RBTC coins on the exchange Gate.io when they didn't have a listing there. Why did he not use the Kucoin exchange, where this coin is traded in a pair to BTC since last year, or the Bitfinex exchange? Obviously, those who can't find a normal exchange for the coin will have problems similar to the OP.

[logfiles]

I wanted to trade 0.15 of my RBTC for other coins.

I have always advised people to avoid such shit tokenized coins pretending to be Bitcoin. I guess this is one of the examples how someone can easily lose their money using tokenized bitcoin instead of the real BTCitcoin

Where did you get the RBTC from? That where you should have traded it off from.

[owlcatz]

Why the fuck would you put that kinda money on that shitcrap-exchange anyways, seriously dude?

[aioc]

I could sound dumb but what the fuck is an RBTC and how does it have the same value as BTC?  Is it not like any other Altcoin but just forked off bitcoin's network?

Anyway, you seem to have become a victim of their unsupported feature. Technically, they're not processing withdrawals of that coin so I'd assume that fee is probably auto-calculated. You should rather ask when they plan to support that coin and if they're not supporting it anytime soon you should ask them to refund your deposits.

I'm also surprised on that value there's no news on this token how come they almost have the same value as Bitcoin, this is huge money and it's something to be a concern about, Gate.io terms are unreasonable 8 RBTC for withdrawal is a joke, this is a trap if they could do this to coins/token with huge value what more on other coins, stay away from Gate.io find other good exchange for your coin/token.

[Arrrvin]

Info on RBTC (I saw a question about that) can be found at https://blog.rsk.co/smart-bitcoin-rbtc/

Why I was using RBTC instead of BTC and why Gate instead of another exchange? The questions are sidetracking the subject, but for the complete overview I can answer them.

I wanted to buy SOV [Sovryn] at their own DEX listing. For that I needed RBTC. However the SOV price rose so much that I considered it might be more profitable at that time to buy eXRD [Radix] with their upcoming betanet and first mainnet. So I had RBTC and wanted to trade that for eXRD. I just finished trading some small tokens for eXRD at Gate and noticed it was possible to deposit RBTC as well. So to keep all eXRD in one exchange and then transferring it to my wallet in one transaction I thought I might as well do the trade on Gate (otherwise my choice would have been BitFinex). Gate is a tier 2 exchange and lists today #5 at CoinGecko. I've been trading small coins there for years, now and then, without any problems. I thought Gate would be as trustable as BitFinex and KuCoin. I never suspected they would put such a trap where you can get in but not out.

[janggernaut]

I also never heard about RBTC before, if anyone curious, here is you can find what is RBTC as well https://coinmarketcap.com/currencies/rsk-smart-bitcoin/

I do believe any kind of coin which using bitcoin name or similar like that is either scam or just shitcoin. There is bitcoin only, and there is no any copy of that coin.

What makes me curious, why the min WD for RBTC is too high? It's 8.1 RBTC, while seeing RBTC price now it's almost same with BTC.

[Rikafip]

Few of my friends are regularly using Gate to buy some shitcoins and I don't remember them having any kind of issues  so far, but what they did is very sneaky and shady. I mean, to enable deposit of the currency that you can't trade for anything and then set ridiculously high minimum withdrawal is basically an entrapment. And then when you add 8!! RBTC fee...It's something that not even shitty exchanges like Yobit and HitBTC would do I think.

One can argue that it's your own fault for not checking for what you can use RBTC for before depositing, but still, I wouldn't expect this from any exchange that cares about their reputation.

@Arrrvin I am curious now, what are the RBTC withdrawal fees for RBTC on Bitfinex/Kucoin?

[Coin_trader]

AFAIK, RBTC is not tradeable on the exchange nor officially listed there. Gate.io has some bug on adding token on there exchange even though its not tradeable there.

@OP, Do you check first the trading volume or is there any trading activity for that coin before you deposit? What exchange you are using to determine the rate of 1RBTC=1BTC?

[Rikafip]

AFAIK, RBTC is not tradeable on the exchange nor officially listed there. Gate.io has some bug on adding token on there exchange even though its not tradeable there.

Yep, that's the big mistake that OP did as according to both CMC and Coingecko, RBTC is not tradable on Gate at all. That still doesn't explain why minimum withdrawal  and withdrawal fees are so high. It doesn't make any sense to me, other than to entrap those who don't pay attention and don't check properly before depositing.

What exchange you are using to determine the rate of 1RBTC=1BTC?

Both Kucoin and Bitfinex have very similar RBTC/BTC ratio. On Kucoin its 0.99 and on Bitfonex 0.98, so almost 1:1

[Arrrvin]

Few of my friends are regularly using Gate to buy some shitcoins and I don't remember them having any kind of issues  so far, but what they did is very sneaky and shady. I mean, to enable deposit of the currency that you can't trade for anything and then set ridiculously high minimum withdrawal is basically an entrapment. And then when you add 8!! RBTC fee...It's something that not even shitty exchanges like Yobit and HitBTC would do I think.

One can argue that it's your own fault for not checking for what you can use RBTC for before depositing, but still, I wouldn't expect this from any exchange that cares about their reputation.

Contract law in my country is not only about what the letter says but also about what can be reasonably expected in a deal. This outcome after depositing was not a reasonable expectation I think.

@Arrrvin I am curious now, what are the RBTC withdrawal fees for RBTC on Bitfinex/Kucoin?

KuCoin fee: 0.00015 RBTC.
BitFinex fee: 0.001 RBTC.

I'm actually surprised to see so much difference between the two. Nothing compared to an 8 RBTC fee of course.

Yep, that's the big mistake that OP did as according to both CMC and Coingecko, RBTC is not tradable on Gate at all. That still doesn't explain why minimum withdrawal  and withdrawal fees are so high. It doesn't make any sense to me, other than to entrap those who don't pay attention and don't check properly before depositing.

I lost my first crypto money when, rookie as I was, made a copy-paste mistake with the address. I double / triple check ever since. This mistake of not checking trading pairs or withdrawal fees (escape routes) I will not make again in the future.

In the meantime I am getting some support from the Gate.io social media admins on Telegram and Twitter. They agree that this is not reasonable and consented to let the support team know about this. Fingers crossed.