There has been a lot of trouble lately with some of the exchanges out there, like Mt Gox. Now there is trouble brewing for Cryptsy. It used to be a “fair trade” system where an account owner could transfer any amount in and out of their accounts, with some small fee.
Recently some people are beginning to crack down on and voice their critics about the new regulations. When someone wants to withdraw, let’s say 0.003 BTC, to transfer back into their wallet it will simply not be allowed by the site, though they claim to be “ fair trade”. The minimum amount that can be transferred out of Cryptsy is 0.01 BTC. So basically Cryptsy hijacks people who have a bit of money on their account because they blatantly refuse to let people transfer their hard earned btc. On top of that you have to pay an additional “fee” to transfer your funds from your Cryptsy account to your wallet. This “fee” will rise as the transfer amount will rise.
That minimum transfer amount isn’t restricted to btc. There are varying minimum limits for every alt coin they have on their “exchange”. If you want to trade btc in for another alt coin that is fairly easy, However there will be higher than normal transaction fee and it isn’t profitable when using small amounts of bitcoin to trade. If you want to really daytrade you need to invest at least 2-5 btc to get a fairly decent amount of returns. From your nice profit margin the devs will take a fairly big chunk so the dev’s sit on their “lazy behind” watching their profits rise.
Now if you want to sell other alt coins you have to buy a certain amount and when you want to sell you are AGAIN confronted with “minimum transfer” limit. This ridiculous “minimum limit” depends from altcoin to altcoin. How the “minimum transfer limit” is calculated the devs won’t say but according to our sources they just mash in some arbitrary number so they can rake in the profits.
If you want to transfer some alt coins out of your Cryptsy account to your wallet you are also out of luck. There is ALSO a “minimum transfer limit” placed on it AND you have to pay an extra fee to transfer your alt coin to your wallet.
So Cryptsy is going to levy a huge amount of taxes on everything that you do and highjack your alt coins and Bitcoins if you do not have their ”required minimum transfer limit”. It seems that the “fair trade”, the “all amount transfers”, etc promises they were telling their clients are just lies. Yes they want you to transfer more btc and alt coins in their exchange so they can levy higher “fees” aka taxes. Most people do not mind to pay some small fee but the way Cryptsy is lying and cheating where will that end? Will it be like:“Only 1btc trades will be accepted”, where they can rake in 0.5btc fees? So people the best way to avoid this debacle and risking your hard earned crypto is hijacked by some lazy bums that just want your coins, stay away from Cryptsy and other shady “exchanges”. There are better ones out there.
It seems that some of these exchanges are just run by crypto hungry bums who haven’t a care in the world about the concepts they are selling to their clients like “fair trade”, “no minimum transfer limits ever”, etc.