How I Just Lost a Few Thousand $$ - Stay Away From CITEX - The Danger of Exchanges
As any of you who have been in the crypto game for a while know (and those who haven't have probably heard), exchanges are a somewhat dangerous thing to use, due to their centralization (unless it's a DEX.)
One of the most dangerous things a new crypto user can do is keep their funds on an exchange. If they decide to require KYC, you now have to give it, or lose your money. If their country's government issues some order, your money can be frozen. If they go out of business, or commit fraud, your money can disappear.
Rule #1 of crypto is not your keys, not your coins
Sometimes, if you want to get some of a certain coin, your only real option is to go use an exchange. In that case the things to think about are the location (preferably not the country you're in), the KYC rules if any, any withdrawal delays, overall liquidity, and whether others have had problems with that exchange.
I generally try to use exchanges as little as possible, sticking to instant-swap tools like simpleswap.io (which also doesn't require accounts or KYC.)
A handful of days back, I decided that I did need to use an exchange, to buy some ARRR (and a couple days later some EPIC), and I had just used the CITEX exchange a few weeks back to quickly get something else...
And look at that, the coins I wanted were both on sale. I managed to buy them on CITEX for 20-40% less than coinmarketcap was displaying for them. (This should have been a hint.)
When I went to withdraw the coins from the exchange, I learned that both coins were totally frozen. I emailed them and got nothing but a "Under maintenance, wait for announcements."
From there I went to check some of their forums, like Telegram... and found a LOT of people, all pissed off that various coins couldn't be withdrawn; all getting the same non-response; all going back for weeks.
So, now I knew why the coins were on sale.
People were dumping them, in order to get their money off the exchange.
As did I. Going from 15k ARRR & 1100 EPIC down to just 12k ARR by the time I got it to my actual wallet.
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