Is Coinbit (Korea) a scam exchange? Most probably Yes, Here's My recent experience.
I didn't hear about this exchange before until I saw a token I hold was trading at a much higher price than in the other exchanges. That's only a few days ago. I immediately checked the exchange website and it was convincing to me. I saw some of the other coins are also trading at a much higher price than the market price.
Very Few Information and no way to contact the Support.
Then I joined the exchange, there is too little information about how a foreign client can join and verify their account, no proper way to talk with the support, no telegram channel, twitter is the only social media channel but it is not active. Tried sending tweet but never get a reply. After trying a few times I finally got my account verified.
Misleading information
And when it's finally time to deposit my coin to their exchange I realized that I cannot deposit any coin to the exchange except Korean currency and bitcoin. But they don't tell you anywhere that you cannot make a deposit of any coin. Just look, at the screenshot above they tell how much deposit/withdrawal fee.
Deposits disabled for every tokens/coin
But you cannot make a deposit of any tokens to their wallet, it says something like" deposits disabled temporarily." written in the Korean language I've marked inside red box in the screenshot below. Except for bitcoin and KRW(don't know why maybe they want to walk away with the precious bitcoins??)
Tried googling and found out that the issue is here for a long time.
Finally, I tried searching for solutions on google because talking to support is almost impossible there. Then I found this bitcointalk thread here which implies the issue is here for a long time but wasn't fixed yet. There, some said it's a dead exchange. If it's really dead why they just won't shut down it??
My final thoughts: they certainly are not in a healthy business so better to avoid this Exchange site.
If it's really a dead exchange and the person behind it are authentic and trustworthy they would have shut it down a long time ago. But they haven't done that. The exchange is live, the registration is live. The manual verification process is also live and working as I got my account verified applying a few times. They don't say you anything during the process.
Not only that the token I wanted to trade was BLINK, which was listed only a few days ago. This shows they are active in adding new tokens/coins as well. And then you cannot deposit them.
So based on this information I gathered I have a strong feeling that they are involving in some kind of scamming activity, or maybe selling users private information as well. So, with this post, I want to warn everybody not to join that probable scammy site and risk losing your money or private information.
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