PROTECT YOURSELF YOUR ACTION NEEDED NOW!
If you have any currencies in your wallet on HitBTC move it off the exchange to your personal wallet immediately!
I use smaller exchanges to get a step up by getting incredible deals on small amounts of cryptocurrencies I use or am slowly building a portfolio position in.
So 2 weeks ago when I picked up roughly 90 shares of steem for $2.93 a share when the low on other exchanges was $3.05 I was ecstatic (considering a couple hours later it had shot up to $3.70 a share!
Now here's the rub....
I was ready to move the it off the exchange and was told the transfer was down.
For 2 weeks I contacted them and the transfer was never fixed.
Because the price of Steem was going up I did not want to liquidate my position.
Eventually I figured it would get to a point where I could sell at a point the was higher then another exchange.
Low and behold over 2 weeks since I purchased the price to buy steem was 3 to 5% above the average on coin market cap and the price to sell steem was 3 to 5% below the average on coin market cap. Every time I placed a good till cancel order over the 2 week period to sell in the zone it was never consummated... Essentially making it physically impossible to get a fair trade without paying 4% each way on top of the trading fee...
Add on to it that you can't move it off exchange, so knowing how unfair it was I decided I would liqidate to BTC, then transfer my positions in both LTC and USDT....
So I go to transfer the monies out and find out that the LTC transfer is not working and the fee for transfering USDT was 100 ... yes thats $100 to transfer a $32 balance!!!!!!
These were not the fees and practices on this exchange 2.5 months ago!
The practices/services have slipped into the area of pure theft and only happen when not a valid business or is going under (in which case you will not get your money back)
Presently I provide services as a business operations consultant. A position which includes me protecting clients by reading seeing and handling trends.
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| I am not a licensed investment advisor or investigative Journalist. These are just personal observations and thoughts. |
I know my background helps me a just a smidgen.
I have worked programming for & consulting to Thomson Financial Systems, CS First Boston, Chase, Morgan Stanley, Software Options, a Fund taken over by Price Waterhouse and Independent Investors and served as an expert witness in two cases. Specifically working on: Trading, Portfolio Management, Order Routing, Position tracking, Analysis, Risk Analysis , and Arbitrage systems.
I am presenting my observations here, you must first decide if they make sense to you, this is part of the information I use to make my portfolio decisions.