Post
Topic
Board Beginners & Help
Merits 1 from 1 user
Re: Newbies: Don't use centralized exchanges!
by
Pmalek
on 15/06/2022, 08:53:29 UTC
⭐ Merited by n0nce (1)
The (of course centralized) exchanges listed in this topic are especially untrustworthy by being proven to confiscate your coins if they believe you got it from gambling or other activites they don't like (directly or indirectly). Keep in mind that you can receive 'tainted funds' by someone you do legit business with, and you can be a totally legal person and still get your coins confiscated.
Even if you do legit business with a gambling platform that doesn't involve gambling, your coins can be dirty money in the eyes of centralized exchanges. Maybe you are a translator, content creator, developer, maybe you designed some artwork, a logo, found a bug in their systems... and you got compensated and rewarded for your work. Deposit those coins to a centralized exchange and you might be in for a nasty surprise.

CMIIW but Hitbtc, Bitfinex, Poloniex, Yobit, Hotbit,... still not require any KYC to open an account and trade on them.
HitBTC and Yobit are scam exchanges. Just check out what kind of threads you will come across when you search for "site:bitcointalk.org Yobit" or "site:bitcointalk.org HitBTC". HitBTC makes it easy to deposit, almost impossible to withdraw. I remember they used to have the biggest withdrawal fees on the market.   

Do you have an example of such a decentralized exchange where these coins are sold?
witcher_sense mentioned EtherDelta, but I think that one is dead already. ForkDelta was often mentioned as its successor. But I can't help you regarding the token names. It is true that you could trade tokens on those platforms even before they got listed anywhere else.