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June 08, 2014, 01:01:48 AM |
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I wasn't sure where to post this, so I initially posted in the general forum. Sorry for double-posting, but I think people should know about this and what's going on with 796.com
I've used several different exchanges without any problem before (kraken, bitstamp, btc-e, and one or two others) just to try them out. I realized I had signed up for 796.com months ago, but never tried it yet. So I gave it a shot.
I transferred in $80.86 worth of bitcoin (0.125 coin) at around $646 per coin to try out their Spot trading of BTC.
I was able to sell that immediately just for a little over what I transferred it in at, so I was at about $81 now in my cash wallet.
I tried to buy back BTC, and noticed that 796.com has a bot constantly running at the top of the list, so that it is impossible for anyone to buy back their own BTC even at a loss of greater than 10%.
I decided to try and buy some litecoin and then see if it would move, but then I started looking at their volume. Did you know that they only have 2 or less bitcoins in stock, and only 12 lite coins total?! When I saw that, I decided to get out of there and simply transfer my money out at a 10% loss via international wire transfer.
When I tried to load the page for that, I repeatedly got "System error" message from them. Nice.
So I went back and tried to buy peer coin (which they had a little bit more volume of) at a loss of 3 to 5% max. Their system let me buy peer coin...
...and then this is how they stole from me, and will steal from you:
They match you with the buyer who is selling what you need...and then...the rest of your money DISAPPEARS from your cash wallet.
I bought 22 peer coins for $2.20 per coin, so $44.43 was deducted from my cash wallet.
I had $36.43 remaining left in my cash wallet that simply DISAPPEARED after that transaction.
There is nothing in the logs. Just a 0 balance for my cash wallet now, and a 22.1991 ppc balance for my peer coin ($44 worth)
So where did the remaining $36 go? It simply "disappears" into the Chinese thieves' pockets at 796.com
I immediately created a support ticket, but they won't respond at all. Not a word.
Avoid this scam exchange. They're starting to look like the next Mt. Gox. Not kidding.
So if you're looking for an exchange, as of right now, I can only recommend BTC-e, Bitstamp, or Kraken. In the past 2 years I've only had one minor issue between any of them, and they always got back to me and did resolve the small issue. Everything has been good since. But for 796.com to do this...there's just no excuse and no way they can pretend it was a "system error" when they refuse to even respond back.
Just wanted to let you guys know about 796.com before you invested serious money into it that they will take from you if you do so.
Stay safe, and best of luck investing.
J
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