Amid the lingering instability in the crypto market, there has been reports about some centralized exchange platforms halting withdrawals and freezing users’ assets unannounced.
Recall that, a crypto exchange is a platform where anyone can access in view to trade their cryptocurrency. There are numerous services CEX offers, ranging from Buy, Sale, Stakings, Spot Trading, Futures Trading, etc…
A recent publication on MoonSpeeder.Com – a news platform focused on teaching Digital skills in direction to Web2 and web3 – highlighted most of the worst centralized crypto exchanges and the reasons.
Some of the worst centralized cryptocurrency exchanges as listed by moonspeeder.com are as follow:
- HotBit Exchange
- LaToken Exchange
- HitBTC Exchange
HotBit is a crypto exchange with active users across the world. As at year 2021, CoinMarketCap reported that HotBit has become one of the biggest and fastest-growing exchanges globally in terms of daily trading volume.
Moonspeeder reported that, Hotbit usually encounter different problems ranging from poor customer service support, delay in spot trading order getting filled, high transaction and withdrawal fees, and they careless about their users’ funds and security as they’ve got hacked many times.
“Hotbit is after the money made from Token Listings, and do not care what the developers are doing with the listed token, provided you have the listing fee, they will list your token. Hotbit team will create so many fake coins or tokens to be listed and few months later there will be rugpull, then trading is banned, last thing, these tokens will be REMOVED or deleted without a trace,” as reported by the MoonSpeeder.
LaToken Exchange as at year 2017 has reportedly connected over 130 startups with 400,000 platform users and 1.5 million monthly visitors. Funnily, a recent review by a LaToken user hinted that, the exchange platform delisted someone’s entire portfolio, and they are obsessed with listing any kind of token without proper screening of the project.
HitBTC Crypto Exchange platform as stated by the moonspeeder, is widely and generally known for its worst customer support service, high withdrawal fee and delays on filling the users’ spot trading orders.
Overviews on these worst centralized crypto exchanges is that, the Red Flags are there always. Do not wait for them to change, you are dealing with a financial market, so trade carefully and responsibly. And be informed that, there are risks involved in crypto trading.
Cryptocurrency trading is still an emerging industry with outstanding potentials, yet it hasn’t gotten thorough regulation globally. It comes with huge risks as it is a new market. The risk is more high on the leveraged trading since leverage magnifies profits and amplifies risks at the same time, and also trading on worst crypto exchange platforms that could literally disable asset withdrawals unannounced.
Ensure that you have a good understanding of the crypto industry, the leveraged trading models, and the rules of trading before opening a position. We advise that you – as a trader – endeavor to identify your risk tolerance and only accept the risks you are willing to take, and learn emotional stability. All trading involves risks, so you must be cautious when entering the market. Trade safely.