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Author Topic: Beginners, do not choose a no-name exchanges  (Read 241 times)
Ratimov
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July 21, 2021, 12:51:15 PM
Last edit: July 21, 2021, 02:42:23 PM by Ratimov
Merited by NeuroticFish (5), DdmrDdmr (3), bitmover (3), OgNasty (1), ETFbitcoin (1), nakamura12 (1), QueenVera (1), Spontaneous (1)
 #1

All exchange names are provided as examples and not as advertisements.



I would like to share my thoughts on why beginners (I will not say that almost all newbies do this, but there is a large percentage of those who do this) choose any dubious no-name exchanges at the beginning of their trading path.

I never understood this. What, well, what could be attractive in an exchange where the trading volume is less than a million dollars, in the exchange list there are solid shitcoins with zero capitalization and 1-2 dozen already well-known cryptocurrencies, such as ETH, XPR, DOGE, LTC, etc.? Such exchanges do not always even have a stop loss, not to mention other types of orders.

Over the course of several years of observation, I have identified for myself the most common reasons why newbies sit on such semi-dead exchanges.

- The exchange accepts my national currency and withdrawls in it too. I understand that many novice crypto traders do not have large capital and this is a convenient step, but for the sake of this, choosing an exchange ... I don't know, it's like choosing a car to match the color of your shoes. The convenience of converting your profit is immediately overshadowed by the weak liquidity of the exchange itself and, in general, the prospects of trading itself as an occupation. I'll take the Yobit exchange as an example. Many Russian newbies choose this exchange because there is support for the ruble. And then they complain that the exchange takes their money, makes a fool of them with investment boxes, does not answer questions, and so on. But there is support for the ruble. Cheesy

- On the exchange, you can trade those tokens that I was given for an airdrop or bounty. Well, it's okay if you came to the exchange to try to throw off these tokens and convert them into something more worthwhile. But when people stay on such exchanges further to learn how to trade ... and they also bring money there, this is already overkill. If you have shitcoins, then create a special account for this on the exchange where these shitcoins are traded, and for normal trading, choose something better known. Thus, you will also diversify your crypto assets and will not keep everything in one place. I take into account that many exchanges will be scammed, you will not suffer much, since as a result of the scam you will only lose your shitcoins.

- There are zero commissions on the exchange. Ohh, well, it's a sin not to lure some newbie. Freebies always work flawlessly and many people fall for it. As a rule, zero commissions are used to lure either completely dead exchanges or for the purpose of scam. If you think about it, the exchange needs to make money somehow. If she's not making money on commissions, then she's making money somewhere else. It is worth paying attention to the withdrawal limits, withdrawal fees. Perhaps there may be a surprise waiting for you.

- There are various welcome bonuses on the exchange. Again, many people bite for free. Although I can't say that only the exchange's no-name is used by such enticing methods (after all, the same billion-dollar ByBit also has welcome bonuses for registering a newcomer), but in the overwhelming majority this is a distinguishing feature of any dubious exchanges, like the recent Digex, which offered 50 000 tokens for registration, but there is no sense in this, as such, these tokens cannot be withdrawn, trading on the exchange is near-zero, a lot of conditions so that these gift tokens are not taken away from you. But nobody thinks about it. A newcomer sees that they are giving FREE 50 000 tokens for registration, but on some Binance they do not give anything. The choice is obvious, let's go trade on Digex.

When such exchanges try to lure a newcomer with their promo and statements that look at us, we have much lower commissions than the same Bitmex, Binance, Kucoin, etc., it is worth remembering that they not only have lower commissions than well-known exchanges, but and LIQUIDITY and TRADING VOLUMES are also much lower. This must always be remembered. Nothing is free in the world, especially when it comes to a commercial product. You will pay anyway, and sometimes with everything you have.

When choosing an exchange, a beginner should be guided by the following parameters:

- Availability of liquidity. If the choice is between zero commission and high liquidity, always choose the latter. Because it's much easier to make money, you pay 0.1% and your order will be executed in 40 minutes than when you pay zero commissions, but the orders stand in place for days.

- Availability of trading instruments. As I already mentioned, many no-name exchanges do not even have a stop loss, let alone some advanced orders. How are you going to build your risk and money management if the exchange does not provide you with the functionality you need? But the bonus was given at registration, yeah.  Cheesy

- Availability of trading pairs. This is also of great importance. The basic set of popular cryptocurrencies, such as BTC, LTC, DOGE, XPR, DASH, etc., was relevant in 2017, now crypto trading is more progressive, margin trading, DeFi tokens, stablecoins, etc. Many no-name exchanges do not have all this, and the full listing of such exchanges rarely exceeds two dozen pairs. Any pair with shitcoins where the trading volume is $ 10 per day is hardly worth trading there.

- Good support. Proven large crypto exchanges always have a developed support. Which helps you to solve questions and understand the functionality of the exchange. When conflicts arise, this is also of great importance. Many no-name exchanges do not respond to tickets at all. Although there are large exchanges that can suffer from a similar ailment.

- Exit scam risk. Undoubtedly, if you choose a no-name exchange, then it has much more chances to get skipped than an already proven, proven exchange. After all, the well-known top exchanges are already a well-established business that works and bears fruit. No-name exchanges cannot boast of good earnings due to low activity, as a result, they often go offline, along with clients' money. If you look at the statistics of deceased exchanges https://www.cryptowisser.com/exchange-graveyard/, we will see that there are mostly unknown exchanges and their fate is sad.



In general, there is no point in starting your trading path with all sorts of no-name exchanges that are trying to lure you in with zero commissions, welcome bonuses, like in a casino, and other things that are useless for a trader. In exchange, you will be given dead trades, a small number of liquid pairs, and the ability to trade unwanted shitcoins. A dubious pleasure ... which will last until we see another topic on the forum about how someone was scammed on the next no-name exchange, or in the signature we will see another anti-advertising of the next scam exchange. Why give someone a reason to rob yourself, do not trade on dubious exchanges, choose long-tested and proven exchanges. But remember, no exchange can guarantee you that you will not be scammed.

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July 21, 2021, 02:24:12 PM
Merited by Ratimov (5)
 #2

All exchange names are provided as examples and not as advertisements.



I would like to share my thoughts on why beginners (I will not say that almost all newbies do this, but there is a large percentage of those who do this) choose any dubious no-name exchanges at the beginning of their trading path.

I never understood this. What, well, what could be attractive in an exchange where the trading volume is less than a million dollars, in the exchange list there are solid shitcoins with zero capitalization and 1-2 dozen already well-known cryptocurrencies, such as ETH, XPR, DOGE, LTC, etc.? Such exchanges do not always even have a stop loss, not to mention other types of orders.

Over the course of several years of observation, I have identified for myself the most common reasons why newbies sit on such semi-dead exchanges.

- The exchange accepts my national currency and withdrawls in it too. I understand that many novice crypto traders do not have large capital and this is a convenient step, but for the sake of this, choosing an exchange ... I don't know, it's like choosing a car to match the color of your shoes. The convenience of converting your profit is immediately overshadowed by the weak liquidity of the exchange itself and, in general, the prospects of trading itself as an occupation. I'll take the Yobit exchange as an example. Many Russian newbies choose this exchange because there is support for the ruble. And then they complain that the exchange takes their money, makes a fool of them with investment boxes, does not answer questions, and so on. But there is support for the ruble. Cheesy

- On the exchange, you can trade those tokens that I was given for an airdrop or bounty. Well, it's okay if you came to the exchange to try to throw off these tokens and convert them into something more worthwhile. But when people stay on such exchanges further to learn how to trade ... and they also bring money there, this is already overkill. If you have shitcoins, then create a special account for this on the exchange where these shitcoins are traded, and for normal trading, choose something better known. Thus, you will also diversify your crypto assets and will not keep everything in one place. I take into account that many exchanges will be scammed, you will not suffer much, since as a result of the scam you will only lose your shitcoins.


- There are zero commissions on the exchange. Ohh, well, it's a sin not to lure some newbie. Freebies always work flawlessly and many people fall for it. As a rule, zero commissions are used to lure either completely dead exchanges or for the purpose of scam. If you think about it, the exchange needs to make money somehow. If she's not making money on commissions, then she's making money somewhere else. It is worth paying attention to the withdrawal limits, withdrawal fees. Perhaps there may be a surprise waiting for you.

- There are various welcome bonuses on the exchange. Again, many people bite for free. Although I can't say that only the exchange's no-name is used by such enticing methods (after all, the same billion-dollar ByBit also has welcome bonuses for registering a newcomer), but in the overwhelming majority this is a distinguishing feature of any dubious exchanges, like the recent Digex, which offered 50 000 tokens for registration, but there is no sense in this, as such, these tokens cannot be withdrawn, trading on the exchange is near-zero, a lot of conditions so that these gift tokens are not taken away from you. But nobody thinks about it. A newcomer sees that they are giving FREE 50 000 tokens for registration, but on some Binance they do not give anything. The choice is obvious, let's go trade on Digex.

When such exchanges try to lure a newcomer with their promo and statements that look at us, we have much lower commissions than the same Bitmex, Binance, Kucoin, etc., it is worth remembering that they not only have lower commissions than well-known exchanges, but and LIQUIDITY and TRADING VOLUMES are also much lower. This must always be remembered. Nothing is free in the world, especially when it comes to a commercial product. You will pay anyway, and sometimes with everything you have.

When choosing an exchange, a beginner should be guided by the following parameters:

- Availability of liquidity. If the choice is between zero commission and high liquidity, always choose the latter. Because it is much easier to make money when you pay zero commissions, but the orders stand still for days, than if you pay 0.1% and your order is executed in 40 minutes.

- Availability of trading instruments. As I already mentioned, many no-name exchanges do not even have a stop loss, let alone some advanced orders. How are you going to build your risk and money management if the exchange does not provide you with the functionality you need? But the bonus was given at registration, yeah.  Cheesy

- Availability of trading pairs. This is also of great importance. The basic set of popular cryptocurrencies, such as BTC, LTC, DOGE, XPR, DASH, etc., was relevant in 2017, now crypto trading is more progressive, margin trading, DeFi tokens, stablecoins, etc. Many no-name exchanges do not have all this, and the full listing of such exchanges rarely exceeds two dozen pairs. Any pair with shitcoins where the trading volume is $ 10 per day is hardly worth trading there.

- Good support. Proven large crypto exchanges always have a developed support. Which helps you to solve questions and understand the functionality of the exchange. When conflicts arise, this is also of great importance. Many no-name exchanges do not respond to tickets at all. Although there are large exchanges that can suffer from a similar ailment.

- Exit scam risk. Undoubtedly, if you choose a no-name exchange, then it has much more chances to get skipped than an already proven, proven exchange. After all, the well-known top exchanges are already a well-established business that works and bears fruit. No-name exchanges cannot boast of good earnings due to low activity, as a result, they often go offline, along with clients' money. If you look at the statistics of deceased exchanges https://www.cryptowisser.com/exchange-graveyard/, we will see that there are mostly unknown exchanges and their fate is sad.



In general, there is no point in starting your trading path with all sorts of no-name exchanges that are trying to lure you in with zero commissions, welcome bonuses, like in a casino, and other things that are useless for a trader. In exchange, you will be given dead trades, a small number of liquid pairs, and the ability to trade unwanted shitcoins. A dubious pleasure ... which will last until we see another topic on the forum about how someone was scammed on the next no-name exchange, or in the signature we will see another anti-advertising of the next scam exchange. Why give someone a reason to rob yourself, do not trade on dubious exchanges, choose long-tested and proven exchanges. But remember, no exchange can guarantee you that you will not be scammed.
I am very happy to read this post. I was once a user who was harmed by an anonymous exchange. It was not long after I first contacted Bitcoin. At first, all my funds were traded on Binance. Later, there was a person who claimed to be Royal Thai. The small exchange of the exchange appeared. At the time, it was said that new users would be exempted from transaction fees for 3 months, and an airdrop worth 200 US dollars was given. I transferred a small part of the funds to this exchange. At that time, his platform Coins are very cheap and are rising every day,
I started to buy their platform currency, which rose from 0.3 U.S. dollars to 10 U.S. dollars. Many friends around me were also buying it. I remembered to catch up with the coronavirus disease,One day, the currency price dropped from 10 U.S. dollars to 0.5 U.S. dollars. The exchange actually issued a statement that it was hacked. We didn’t believe it. Then there was an announcement saying that the technician was infected and the system was paralyzed. Then it said that the operation team had a car accident. A series of operations were too shameless. By this year, 519 users want to withdraw coins. The exchange actually said that due to the influence of Chinese policy, users are not allowed to withdraw coins. An exchange claiming to be Thailand said these words, which is simply disgusting, so I appeal Novices really need to trade on large exchanges, and some small exchanges will have relatively greater risks regardless of internal or external reasons.It is reported that the owner of this exchange is a businessman with a debt of hundreds of millions of yuan. To do this kind of exchange is to cheat money to pay off debts. Being deceived is something that often happens in this circle, but we really have to be vigilant and refrain from such mistakes.
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July 21, 2021, 02:35:22 PM
 #3

I am very happy to read this post. I was once a user who was harmed by an anonymous exchange. It was not long after I first contacted Bitcoin. At first, all my funds were traded on Binance. Later, there was a person who claimed to be Royal Thai. The small exchange of the exchange appeared. At the time, it was said that new users would be exempted from transaction fees for 3 months, and an airdrop worth 200 US dollars was given. I transferred a small part of the funds to this exchange. At that time, his platform Coins are very cheap and are rising every day,
I started to buy their platform currency, which rose from 0.3 U.S. dollars to 10 U.S. dollars. Many friends around me were also buying it. I remembered to catch up with the coronavirus disease,One day, the currency price dropped from 10 U.S. dollars to 0.5 U.S. dollars. The exchange actually issued a statement that it was hacked. We didn’t believe it. Then there was an announcement saying that the technician was infected and the system was paralyzed. Then it said that the operation team had a car accident. A series of operations were too shameless. By this year, 519 users want to withdraw coins. The exchange actually said that due to the influence of Chinese policy, users are not allowed to withdraw coins. An exchange claiming to be Thailand said these words, which is simply disgusting, so I appeal Novices really need to trade on large exchanges, and some small exchanges will have relatively greater risks regardless of internal or external reasons.It is reported that the owner of this exchange is a businessman with a debt of hundreds of millions of yuan. To do this kind of exchange is to cheat money to pay off debts. Being deceived is something that often happens in this circle, but we really have to be vigilant and refrain from such mistakes.

Yes, exchanges of this kind often like to hide behind such an unverifiable phenomenon as hacking. This can explain any theft of information. Guys, we got hacked. we are not to blame.  Cheesy

A very convenient way to scam the exchange along with clients' money. This is the path followed by the well-known scam-exchange Livecoin. The example you gave is good, it shows that the exchange, most likely, initially wanted to collect a certain bank, and then appropriate this money for itself. What is the fastest way to raise money? Right. Announce that the exchange is distributing money to its users and promise good income in the future. A lot of people are buying it. And the scammers used it, use it and will use it.

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July 21, 2021, 02:39:58 PM
 #4

When buying bitcoin for the first time, the first problem a newbie has to solve is to choose a wallet. After creating their wallet, which is quite easy, we need to chose a good exchange. This is where most scams shows up, and biggest risks

- The exchange accepts my national currency and withdrawls in it too. I understand that many novice crypto traders do not have large capital and this is a convenient step, but for the sake of this, choosing an exchange ... I don't know, it's like choosing a car to match the color of your shoes. The convenience of converting your profit is immediately overshadowed by the weak liquidity of the exchange itself and, in general, the prospects of trading itself as an occupation. I'll take the Yobit exchange as an example. Many Russian newbies choose this exchange because there is support for the ruble. And then they complain that the exchange takes their money, makes a fool of them with investment boxes, does not answer questions, and so on. But there is support for the ruble. Cheesy

An exchanges that accepts the newbie's national currency is mandatory. How can a newbie buy some bitcoin if the exchanges do not accepts the fiat he has? There is no way to turn around that.

I think in almost every country you have at least one reputable exchange where you can send your national currency, buy bitcoin and withdrawal that bitcoin to your personal wallet with a decent degree of safety. This may be expensive, but the costs certainly pays off the security.

Small exchanges that gives a welcome bonus or lower fees might be more risky. You may transfer your money and later on you won't be able to withdrawal those funds or some similar problem.


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July 21, 2021, 03:00:30 PM
 #5

When buying bitcoin for the first time, the first problem a newbie has to solve is to choose a wallet. After creating their wallet, which is quite easy, we need to chose a good exchange. This is where most scams shows up, and biggest risks

I don’t remember where, but on the forum I met a couple of times topics with the question: Tell me, on which exchange is it best to store funds?   Cheesy

I think in almost every country you have at least one reputable exchange where you can send your national currency, buy bitcoin and withdrawal that bitcoin to your personal wallet with a decent degree of safety. This may be expensive, but the costs certainly pays off the security.

Some large exchanges also provide an opportunity to replenish and withdraw their funds in national currency. For example, the same Binance. But in this situation, you need to go through KYC. That, as it were, is not very commensurate with the ability to receive money immediately in national currency, bypassing exchangers. I'd rather choose exchangers than go through KYC again.

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July 21, 2021, 09:26:58 PM
 #6

I remember when there are newbies asking if they can still recover their funds to an exchange. And when some of the people asked them what is the exchange they've deposited, they mentioned a not known exchange. An exchange that's been heard for the first time.
It is a good reminder that newbies must read this thread so that they'll be aware of which exchanges should they avoid.

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July 21, 2021, 11:52:11 PM
 #7

But remember, no exchange can guarantee you that you will not be scammed.

You have said it all, no exchange is worth trusting which is why we're advice not the use them as storage platform for our investment. Don't even listen to then when it comes to investing by buying into their IEO, that's why me of the dumbest things I have seen people doing in this industry. What the exchanges are just doing is they're just ripping the regular investors off for money.

Exchanges are just to be used as a trading platform and nothing else. Already the well known established exchange aren't perfect as they can't be trusted with our funds why them are the no-name ones to be trusted?

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July 22, 2021, 02:05:19 AM
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For newbies, however, most of them are not after day trading. They create an account in any exchange where their shitcoins are listed. However scammy the exchange may look like, for as long as it is the only place where they could claim their airdrop or bounty proceeds they will head there. They don't have much of a choice, after all.

If this is the case, at the very least, newbies should pull out their funds as soon as their tokens are converted into BTC or whatever top coin they traded their shitcoins with. They should know better than keep their funds there, or perhaps even continue to use the same platform for future trading activities.

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July 22, 2021, 02:45:10 AM
 #9

Thats a big no no. If you are newbie you should start with a known exchange and has gain massive reputation already. Domt ever trust an exchange that has considerable market or bonuses when signing up cause thats really the strategy of new exchange and later on will be turn into scam. Ive witnessed some exchanges close after few months of operations and users and traders end up nothing but zero portfolio due to this.

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July 22, 2021, 02:50:25 AM
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For newbies, however, most of them are not after day trading. They create an account in any exchange where their shitcoins are listed. However scammy the exchange may look like, for as long as it is the only place where they could claim their airdrop or bounty proceeds they will head there. They don't have much of a choice, after all.

If this is the case, at the very least, newbies should pull out their funds as soon as their tokens are converted into BTC or whatever top coin they traded their shitcoins with. They should know better than keep their funds there, or perhaps even continue to use the same platform for future trading activities.
In fact, many small exchanges do not want to run their way, but have loopholes in their own systems. For example, in 2018, the popular Fcoin mine, the trading mining platform distributed 100 bitcoins a day. Think about other exchanges. There is not only no dividends but also a fee for trading. The fall of Fcoin is not necessarily because the boss wants to run away, but because the model has problems, financial loopholes are too big, the gap is getting bigger and bigger, and finally collapsed, but this kind of dividends is paid to users. The idea is in line with the spirit of the blockchain.
There are always pioneers who find their way first, and pay for it, so that the people behind can continue to follow this path. I hope that DEX can grow faster. Centralized exchanges are too easy to be manipulated. Users should be Game on a relatively fair platform.
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July 22, 2021, 03:41:18 AM
 #11

I hope that DEX can grow faster. Centralized exchanges are too easy to be manipulated. Users should be Game on a relatively fair platform.

I also hope so. And I agree that centralized exchanges are susceptible to manipulations. The centralized in centralized exchanges is everything that is wrong. Right now, there seems to be a fast growth of DExes. However, the rise of these DExes such as UniSwap, PancakeSwap, SushiSwap, 1inch, and so on have somehow addressed the concern the wrong way. What they are offering are more of centralized decentralized exchanges, which is still not fair. What I hope for are truly decentralized DExes.

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July 22, 2021, 03:52:20 AM
 #12

Some small exchanges will issue several high-growth altcoins to attract new users to register and recharge.
When you make money, the exchange will reject your request for withdrawal;
But the end result is that the currency price suddenly dropped a lot.
The disadvantages of unknown exchanges are small trading volume and insecure assets.
Tim-BTC
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July 22, 2021, 07:47:55 AM
 #13

I hope that DEX can grow faster. Centralized exchanges are too easy to be manipulated. Users should be Game on a relatively fair platform.

I also hope so. And I agree that centralized exchanges are susceptible to manipulations. The centralized in centralized exchanges is everything that is wrong. Right now, there seems to be a fast growth of DExes. However, the rise of these DExes such as UniSwap, PancakeSwap, SushiSwap, 1inch, and so on have somehow addressed the concern the wrong way. What they are offering are more of centralized decentralized exchanges, which is still not fair. What I hope for are truly decentralized DExes.
Whether it is on a centralized exchange or dex.swap, the project itself determines whether it is fair, not where it trades. At present, many projects are not only on the centralized exchange but also on the dex, which has not affected the project side to do evil.
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July 22, 2021, 09:49:03 AM
Merited by DdmrDdmr (5), Ratimov (1)
 #14

It is not surprising that no-name exchanges are liked a lot. The threshold is low and there is no bottom line. It is the first choice to get the most benefits. This point coincides with many altcoin projects.

The real reason is that in small exchanges, many altcoins can double crazy in a day or a few days. Users also know that buying coins on small exchanges is risky, but they are willing to take a gamble. After all, some people have earned 100 times.

Let’s first analyze the small exchange (unnamed exchange)

  • The threshold for altcoins to be listed on the exchange is low and there is no difficulty.
  • There is no bottom line, as long as the money is in place, there is no problem, and the data can be falsified.
  • The trading volume is small, the number of users is small, the withdrawal speed is slow, the market data is delayed, and even small exchanges can forge K-line charts.
  • With low security, you will find that the shortcomings of centralized exchanges are very obvious in small exchanges.

Then we are analyzing the projects of small exchanges, which also have many common features:

  • The white paper is purely plagiarized, without any technological innovation, just changed its name, and even written by a third-party team.
  • With a huge rate of return, the announcement will always say that it will skyrocket 10 times, 100 times, 1000 times, etc. in the future.
  • Ponzi schemes will quickly pull orders after being listed on the exchange, giving investors confidence.

Finally, both novices and beginners have a common characteristic: greed, fluke, ignorance, and sadness. There is no shortage of successful models on the road to success, but more are clever fools. Some people don't choose the front door, they have to go to the side door, they are already lying in the arms of the liar when they open the door.
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July 22, 2021, 02:18:24 PM
 #15

This is a very correct observation. Unfortunately, many newbies do not listen and choose not the most reliable exchanges for work ...
There are few reasons for that behavior, they don't want to be taught by others, because they think they know what they are doing, but then ask for help when they are already in trouble.
They want to explore or they think that they discover gold when they saw a certain coin, because believe it or not, every one of us hold a coin that we think there is a possibility to make us reach, but in reality not all will bring us to glory, some will make us bleed money and no returns in the end.
They were taught the wrong way by others or feed the wrong information, by some people.

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Scarlett7777
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July 23, 2021, 07:45:43 AM
 #16

I hope that DEX can grow faster. Centralized exchanges are too easy to be manipulated. Users should be Game on a relatively fair platform.

What they are offering are more of centralized decentralized exchanges, which is still not fair. What I hope for are truly decentralized DExes.

I don't quite understand , Why is uni Sushi not a completely decentralized exchange?
I hope that DEX can grow faster. Centralized exchanges are too easy to be manipulated. Users should be Game on a relatively fair platform.

I also hope so. And I agree that centralized exchanges are susceptible to manipulations. The centralized in centralized exchanges is everything that is wrong. Right now, there seems to be a fast growth of DExes. However, the rise of these DExes such as UniSwap, PancakeSwap, SushiSwap, 1inch, and so on have somehow addressed the concern the wrong way. What they are offering are more of centralized decentralized exchanges, which is still not fair. What I hope for are truly decentralized DExes.
Whether it is on a centralized exchange or dex.swap, the project itself determines whether it is fair, not where it trades. At present, many projects are not only on the centralized exchange but also on the dex, which has not affected the project side to do evil.
What do you mean by the project itself? I think where to trade is very important. Centralized exchanges can use their own means to issue additional usdt. They don’t need to use real money on the exchange, but they enter a number at will. This is called water injection, or the despicable use of users’ bitcoins to manipulate the market. In the eyes of centralized exchanges, traders are transparent. Looking at the data harvesting users in the background, many times our money is taken away by the exchange. This is why many big people who hold Bitcoin for a long time We call on users to mention wallets, and stop giving centralized transactions all the chance to do evil. They colluded with the media to commit evil together. These are already public facts. Why do I desire DEX to grow? It is because only on a decentralized platform that all transactions must be open and real money transactions. Even if you want to manipulate the market, you must use real money instead of randomly issuing a number.
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July 23, 2021, 10:57:38 AM
 #17

In short, they provide everything that beginners are looking for even if they can't really provide it, they are selective scammers and then they will ask you for identity verification, or many procedures that enable them to keep that money for a long time.
Also, their inclusion of almost all altcoins and manipulation of their price will provoke the greed of many beginners who do not invest in a currency except because its price has increased by 1000%.
do not forget that the absence of regulations makes such companies continue to scam with the flow of money to those who trust their promises.

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July 23, 2021, 02:34:57 PM
 #18

Nice thread to guide newbies and some other who are unaware about all those facts about choosing the legit exchanges.Many a time people ignore this thing and deposit funds over any exchange and then gets into trouble.We have seen in past many exchanges becoming scam and people funds are also gone as private keys resides on the exchange server and if you have deposited the funds over the wrong exchange then forget them.Other thing which they ignore is don't read any terms and KYC related figures and then complaint funds not withdrawn and such issues so they must learn before hand if they want to trade on any exchange.They will learn some good things from your topic @OP and can help themselves in chosing any exchange if they wish to do so.

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July 24, 2021, 02:29:58 AM
Merited by Ratimov (1)
 #19

Let me contribute with some topics

Scammers are stupid and use their methodology repeatedly but they still succeed because newbies mostly don't spend time to learn, do research. Even they see this topic or other reminders, they will skip/ forget it shortly.

Fortunately, a minority of newbies will do care about their safety and such reminder like this topic will help them.  Smiley

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