The Dangers of Trying a New Crypto Exchange

If you’ve only used one exchange, you might not feel sketchy about being able to withdraw… But the first time I deposit onto any new exchange, I’m worried my coins will be stuck there. How can I avoid this?

I don’t think it can be avoided, but the risk can be minimized by sending only the minimum deposit amount for the first time and going through the withdrawal process. This could mean:

– Setting a trading code, them having to wait 24 hours to withdraw
– Being required to RYC
– Being subjected to a hefty withdrawal fee
– Being subjected to other minimum requirements that aren’t mentioned when you sign up

Recently I wanted to buy some new coins that are only available on exchanges I haven’t frequented. I was expecting potential problems, so I only sent a minimum amount of coins to deposit. This minimum is often equivalent to 10$ USD or something like that. I still hope not to lose it. I’m going to make sure I’m able to withdraw properly, and it could cost me 10$ just to find out if I can do business on a new exchange.

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