Minimum deposit

[Charles-Tim]

Stupid exchanges.

If bitcoin is $70000 today, 0.0005 BTC equals to $35. If you deposited even 0.00049 BTC which is high amount that seem like scam if your exchange account is not funded with it. Those exchanges are using this to scam people.

A friend told me about something like this about OKX. That the minimum deposit for bitcoin is also 0.0005 BTC. These exchanges are scamming people.

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[BitMaxz]

That's pretty bad they didn't notify you first about the changes and the bad part is they never warn their customers about the minimum deposit changes.
As the above said that's a legal way for exchanges to steal customer's funds.

Binance is way better because their minimum deposit for BTC is 1 sat why not use a better exchange like a local exchange or Binance if it's not banned in your country?

[Dr.Bitcoin_Strange]

What a bad experience for you, I must say, and indeed, this is something that some newbies should be aware of because most of them don't bother to check. Initially, when I started using CEX, I didn't even know they had anything like a minimum deposit. It was also through a similar experience that my friend had, and that was how I learned that CEX or some trading platform usually has a minimum deposit and a maximum withdrawal for KYC and non-KYC customers. Sorry you lost your asset, sometimes we learn from our mistakes.

[Abu-Naim]

so for beginners here, pay attention to the minimum deposit on your exchange because it may change according to the exchange's policies.

This is a good reminder for people that are coming into cryptocurrency new, and to some of us that are already into it for a while that there is always minimum deposit in most of these exchanges and that any amount below the minimum deposit that is deposited will be lost and I don’t know who owns the coin.

Most exchanges always showed their minimum withdrawal of all coins when you are trying to make withdrawal, it is usually above minimum deposit for other exchanges. Advisability, always confirm the minimum deposit of any exchange you are sending money to before initiating the transaction.

[sokani]

Stupid exchanges.

If bitcoin is $70000 today, 0.0005 BTC equals to $35. If you deposited even 0.00049 BTC which is high amount that seem like scam if your exchange account is not funded with it. Those exchanges are using this to scam people.

If for instance, 1000 customers made the mistake of sending the old minimum deposit of 0.0004 BTC to Remitano, that means it will make 0.4 BTC, which is equal to $28k. With the issue Binance is currently having with the Nigerian government, this is the best opportunity for Remitano to sell itself to the Nigerian crypto community and reassure them of delivering quality services and not to be scamming the customers.

[Cricktor]

that's what they say. i don't know how cex operates and i also admit that i was wrong for not checking beforehand, but they should have considered that i have been using their services for quite a long time and they should have a system that allows users to get their assets back, it wouldn't even be a problem if there are fees. but they try to hide behind "those are our rules" and let users lose.

This customer unfriendly policy pretending not being able to do anything is a bad joke, to say the least. You might have seen their ass sight for the first time, but seriously, why use a service with such grabby habits and that isn't afraid to give you the middle finger like it's the most normal thing in the world?

I don't get it how customers "support" such a shitshow by becoming or worse, staying customers. I don't want to blame you directly as you may have decided to leave this service where it belongs: go out of business if you can't respect your customers!

[Lida93]

That's one of many ways for centralized exchange to take customer coins legally, the best is to avoid CEX.

It's quite unfortunate especially when one is not paying that much attention to all of these policy practices by centralized exchanges. The very one I discovered through a direct personal experience is from kucoin exchange which I believe many users might not have observed. Before now I had the knowledge about their deposit limit of $10 which I felt was cool for me but then just last week I had to open an account with them as I desperately needed such a new account from a CEX to run a certain transaction within the week.

Long story short, I transferred $12 for a start into the kucoin account with a transfer that shouldn't take more than 2hrs to complete on normal circumstance but waited for longer hours without receiving nothing. I was moved to crosscheck their deposit limit again only to discover that as bitcoin price keeps rising that's how their deposit limit commensurate with the bitcoin price rise. So at the moment the deposit limit was above $12 and that was how I lost those coins to kucoin.

This is why before depositing coins to any CEX even if you had known before what their deposit limit was in the past months or so, do your due diligence by rechecking if you're sending a little amount of coins especially now that the bullrun season is here with bitcoin price on an uptrend many CEX will likely want to take advantage of that area of their policy to as @plaguedeath pits it "legally steal" customers money.

[Darker45]

It's not about luck or the lack of it. It's about knowing the terms and conditions of the service you are using and keeping yourself abreast of the latest updates and changes.

Are you sure there was no minimum deposit before? Custodial services normally have minimum deposits. Or perhaps there was an increase of their minimum limits?

However, still I think it is sneaky of them to confiscate their clients' deposits simply because they're below the minimum. They could just prevent the amount to be spent or be reflected in the wallet balance unless more deposits are made until the minimum is reached.

[moneystery]

Stupid exchanges.

If bitcoin is $70000 today, 0.0005 BTC equals to $35. If you deposited even 0.00049 BTC which is high amount that seem like scam if your exchange account is not funded with it. Those exchanges are using this to scam people.

A friend told me about something like this about OKX. That the minimum deposit for bitcoin is also 0.0005 BTC. These exchanges are scamming people.

indirectly they scam people by using the rule that "if you don't fulfill these rules, your assets go to us". they didn't even give me a chance to explain the problem. supposedly if they were a platform that cared about the crypto world then they should be able to return the money to their users, even half would be fine, but they didn't let me get the money. because many people have experienced similar cases, but they still get their money back. but this remitano only cares about money, they don't care about their users.

for others, please avoid this REMITANO. because of simple cases like this, they avoid them and don't let users explain, let alone bigger cases.

[AirtelBuzz]

so for beginners here, pay attention to the minimum deposit on your exchange because it may change according to the exchange's policies.

Yes newbies should keep an eye on this issue as there are many exchanges where there is a minimum deposit amount that we have to deposit accordingly.

When I joined a campaign for the first time in my life I used a BTC-Segwit address from my KuCoin exchange to work. But the funny thing is that I didn't know or didn't notice that the minimum deposit required for KuCoin exchange is 0.0002 BTC (present ). My first payment in the campaign I joined was only four dollars worth of bitcoins due to which I did not receive my first earned bitcoins. But when I didn't receive the payment, I spoke to the manager and realized that I had made a mistake, i.e. I had used the address without looking at the minimum deposit amount.

[tabas]

I have experienced this but not with remitano but with various instant exchanges. They have a dynamic minimum deposit and that's why as OP said, it's very important to check on the minimum deposit because it changes from time to time especially when the price of Bitcoin decreases.  That is why when you've sent an amount and the minimum deposit has changed and you're short with that, you have to deposit again to that given address for it to proceed the transaction. It is truly hassle but they should put some big banner that will make their users aware of these real time changes.

[Essential10]

Yes, this information is very important to keep money safe and secure. I was not aware of the fact that exchanges require minimum deposits. It is important to know the rules and regulations of an exchange when it comes to deposits, withdrawals and other transactions involving money. When we deposit money in the wallet of the exchange, it is recommended to read the terms and conditions, where the minimum or maximum amount of money can be deposited, we must take this matter seriously. However, be aware of fraudulent exchange scams and always use a reputable exchange.

[Hyphen(-)]

Long story short, I transferred $12 for a start into the kucoin account with a transfer that shouldn't take more than 2hrs to complete on normal circumstance but waited for longer hours without receiving nothing. I was moved to crosscheck their deposit limit again only to discover that as bitcoin price keeps rising that's how their deposit limit commensurate with the bitcoin price rise. So at the moment the deposit limit was above $12 and that was how I lost those coins to kucoin.

This is happening to people not only you, especially when Bitcoin price is going up. Try and always send above the minimum deposit limit, you can only know the deposit limit if you pay attention and checked properly before sending. Exchanges are making lot of money from these kinds of transactions and you cannot hear them addressing the issue for ones because they are benefiting from all these failed transactions as it is not refundable.

This is why before depositing coins to any CEX even if you had known before what their deposit limit was in the past months or so, do your due diligence by rechecking if you're sending a little amount of coins especially now that the bullrun season is here with bitcoin price on an uptrend many CEX will likely want to take advantage of that area of their policy to as @plaguedeath pits it "legally steal" customers money.

Yes, they are always happy if customers make such mistakes, and instead of them to disallow the transaction since it is below the deposit limit of that exchange, the exchange will receive the money.
To avoid all these, I do use stable coin because of charges and I also used tron to send through exchanges because of the low transaction fee.

[jrrsparkles]

We can't decide anything when it comes to when the platforms will alter their terms and requirements but we can do certain things to avoid getting into such situation and to avoid what OP faced it is always important to visit the deposit page before making the funds and always give attention to the every details that is important like minimum accepted deposit,etc.

[PX-Z]

...knowing that i contacted customer service (their service was very slow) and what they said was that i couldn't recover my money.

so for beginners here, pay attention to the minimum deposit on your exchange because it may change according to the exchange's policies.

If this is already on theirs and the cons of sending below the required amount then there's no way for you to recover it. I hope the amount is just small for you to consider it as a donation to them instead.

As for every deposits in any platform, it's best thing to do is always go to deposit page and check the deposit wallet address, i'm sure the minimum required amount is always mentioned there.

[Cookdata]

so for beginners here, pay attention to the minimum deposit on your exchange because it may change according to the exchange's policies.

This is definitely the hand work of Okx exchange, they are the ones with minimum deposit as high as that, exchange like Binance, Kucoin has lower minimum deposit and as much as I see this, the deposit are not lower than a dust transaction, so I think when centralized exchanges do this, they claim to increased liquidity, they want retailers with high volume but I see it as a way of stealing coins from customers. 0.0004 btc is worth $27, that's a reasonable amount of money to trade on any exchange.

Avoid Cex if you can and don't deposit anything less than what is required of you else the Bitcoin becomes there, if you are not kyc verified, don't deposit any crypto in their platform, you may not be allowed to withdraw the money until you verified that account, thousands of unaware people face this problems every time because of less awareness about this.

[Coyster]

So they are not going to process this deposit into your account and they will take possession of the money. This is clear "stealing" and nothing else, but i am not surprised as it is coming from a centralized exchange. Yes the customer deposited below the minimum amount, should the customer have read their terms before depositing? Yes. But that does not mean the exchange has to keep the money for themselves, they can halt processing it into your account until you deposit extra funds to make it up to or more than the minimum deposit amount. Centralized exchanges are always ready with the flimsiest reason to take possession of their customer's money.

[ajiz138]

So they are not going to process this deposit into your account and they will take possession of the money. This is clear "stealing" and nothing else, but i am not surprised as it is coming from a centralized exchange. Yes the customer deposited below the minimum amount, should the customer have read their terms before depositing? Yes. But that does not mean the exchange has to keep the money for themselves, they can halt processing it into your account until you deposit extra funds to make it up to or more than the minimum deposit amount. Centralized exchanges are always ready with the flimsiest reason to take possession of their customer's money.

I didn't experience this before because I always check the minium deposit before making it, but if the OP deposits again above 0.0005 BTC will the initial deposit be credited at the same time?
Will it be completely lost and belong to the exchange because the negligent user did not pay attention to the minimum deposit?
Usually, but I never know how this happens, when the deposit is made again then the exchange will credit the balance because it has met the requirements, but I don't know if this will really disappear.

[albon]

after clicking on the wallet address section it turned out that the minimum deposit amount there had changed, from initially having no minimum to now being 0.0005btc. i was very surprised, because the amount i deposited was only 0.0004btc and knowing that i contacted customer service (their service was very slow) and what they said was that i couldn't recover my money.

Many CEX platforms do what Remitano did. They have the right to change the terms and conditions of their service at any time. See the attached image for Remitano's terms and conditions, specifically conditions 3 and 4.


^{Source: https://remitano.com/home/eg/policy-terms}

Perhaps we disagree and do not like what these platforms are making regarding changes in their service and adding minimum limits for deposits and withdrawals, which may result in losses for their client's funds. Still, they are not legally liable or responsible for refunding the money as the customer has agreed and accepted their terms of service and policies. As OP did, the solution is to move to another CEX platform. Take your time, don't rush to deposit your funds, and read the deposit page carefully if there are any important notes. Also, ensure that the full deposit amount, including any deducted fees, is sent. If the amount deposited is slightly less than the minimum deposit on the exchange, you will also lose your deposit funds. CEX platforms are legal scammers, and there is no comment on the changes they make to the minimum deposit and withdrawal limits and fees, even without any prior notice. Still, they are skilled at harming and making money from their clients.

[Smartvirus]

That's one of many ways for centralized exchange to take customer coins legally, the best is to avoid CEX.

My focus here is about the legally!

Maybe they might have a term that justify their change of policy to be general accepted and effected from the moment it was enacted.
What I fined really disturbing is when they update these policies and don’t care to send a mail or give a period of grace for these adjustments to be made. It’s just so wrong of CEX and it’s one way to steal user’s Bitcoin. There isn’t any two ways about that, when you still either by policy creation, it’s still stealing and illegal.