Do not trade on unfamiliar exchanges

[xiaoguailolo]

Some time ago, I wanted to do some gray market reselling projects, and finally I found them on Telegram. During this period, I also encountered scammers, but I avoided them all with my caution. Until one time, I saw an online card issuing store. Because I had bought things from this kind of store, I subconsciously thought that this was a real seller. I selected the products on it, and when I paid, I saw many exchanges that I had never seen before, but there was no Binance and OKX exchange that I often use. So I downloaded a new exchange to trade. During the transaction, it showed that the transaction failed, but my money disappeared, and the customer service of the card issuing network also changed from enthusiastic to cold. I realized belatedly that I had been cheated.

 

[Samoz]

Not much else to say. Be more careful next time. Powerful learning lesson for next time.

 

[Mogali]

I also got scammed few times in my early days.

 

[kalpana007]

They must be operating a network of such exchanges because negative reviews will pop up fast for these.

 

[Venusaur]

With so many reliable CEXs like Binance, Kraken, Coinbase, Cryptomus, Kucoin and so on, I don't see the point of wasting time and risking your money using shady Telegram garbage

 

[savitaprasad]

I only use two exchanges. I have been using them from last seven years.

 

[Blazerred]

Be aware and careful also if you really don't know what you do

 

[xiaoguailolo]

With so many reliable CEXs like Binance, Kraken, Coinbase, Cryptomus, Kucoin and so on, I don't see the point of wasting time and risking your money using shady Telegram garbage

You are right, but you know, some things are not sold in all places, so you can only try to find them. But through this lesson, I will be more careful.

 

[xiaoguailolo]

I also got scammed few times in my early days.

So be careful and cautious. There is a Chinese saying that is very true: people may not be able to teach people, but things can definitely teach people. Haha

 

[Mogali]

So be careful and cautious. There is a Chinese saying that is very true: people may not be able to teach people, but things can definitely teach people. Haha

i agree, experience teach us.

 

[Hike432]

always be aware and question everything friend, be careful next time

 

[xiaoguailolo]

Sorry to hear that happened. These scams are getting more sophisticated, especially in niche markets like card issuing. Sticking to well-known exchanges and verifying sellers through trusted communities is the safest way to avoid such losses.

Indeed, I have come to the conclusion that sticking to well-known exchanges is the best way to go. Using an exchange that you are not familiar with may make you feel like you have not been cheated. Just like me, I naively thought it was my own operational error at the time, but later I realized that it was not my fault.

 

[Gringeppc]

Many reliable exchangers are in market. i would love to use binance. I am not going to do on unfamiliar exchanges.

 

[jaykarbanda]

I also got scammed few times in my early days.

Which platforms ?

 

[learnandearnwithseo]

It is an obvious thing to avoid new exchanges. Think of this like when you trade stocks, do you do this on a new exchange or only the established way. Same way for crypto also, you should trust established ones only.

 

[xiaoguailolo]

It is an obvious thing to avoid new exchanges. Think of this like when you trade stocks, do you do this on a new exchange or only the established way. Same way for crypto also, you should trust established ones only.

Yes, you are right, I am aware of this problem, and the purpose of my post is to warn everyone to only use exchanges that they trust.

 

[learnandearnwithseo]

Yes, you are right, I am aware of this problem, and the purpose of my post is to warn everyone to only use exchanges that they trust.

Yes, you are doing good thing by warning others. Those who learn from mistakes of other people do well in life.

 

[WAndreas]

It was a bad idea.

 

[bumojasper]

Yea

Some time ago, I wanted to do some gray market reselling projects, and finally I found them on Telegram. During this period, I also encountered scammers, but I avoided them all with my caution. Until one time, I saw an online card issuing store. Because I had bought things from this kind of store, I subconsciously thought that this was a real seller. I selected the products on it, and when I paid, I saw many exchanges that I had never seen before, but there was no Binance and OKX exchange that I often use. So I downloaded a new exchange to trade. During the transaction, it showed that the transaction failed, but my money disappeared, and the customer service of the card issuing network also changed from enthusiastic to cold. I realized belatedly that I had been cheated.

Yeah, you're right. People use new exchanges majorly because of regulatory boundaries and restrictions. Even global exchanges like Binance and Okx still have some sort of regional restrictions. I think the best solution is a structural shift to a "Universal Exchange" that could break those barriers where users could trade all sort of digital assets and financial instruments both onchain and offchain and I'm glad some exchanges like Bitget (and maybe bybit) are already rebranding and restructuring to solve these problems.

But at the end, every user is recommended to doba thorough dyor before using any exchange.