Tradesatoshi is a centralized cryptocurrency exchange founded in October 2015. Its website lacks information about the legal entity behind the project, nor has it anything to say about the founders, the team, and where does the exchange originate from. According to information from its LinkedIn page, Tradesatoshi is based in Hong Kong. The professional network also helps find the platform’s founder – Francesco Alibrandi. However, his profile information doesn’t feature any relevant details about his background or work experience before finding Tradesatoshi. Aside from that, the user profiles, associated with the platform’s LinkedIn page don’t seem to be real as most of them don’t have photos, lack meaningful information or use anime characters as their profile pictures.
The struggles to find meaningful information continue when we take a look at Tradesatoshi’s “Terms and Conditions” page. In fact, that is when things get even more disturbing. Similar to many other nontransparent exchanges, Tradesatoshi’s “Terms and Conditions” page states that the platform “retains the right, at its sole discretion, to deny access to anyone or suspend or terminate” users’ accounts to the service it offers “at any time and for any reason.” Although many exchanges add similar disclaimers in their legal terms, having such a paragraph basically means that the platform’s team can close users’ accounts whenever they want. Another very concerning security issue can be found a few lines below, where the team makes it clear that users who register for the exchange’s services will be issued with a username and password login credentials by TradeSatoshi (“User ID”). The user cannot change his credentials; thus, all his funds, personal data, and profile control are put at risk. However, this isn’t the most disturbing thing. The exchange states that the user is the only one responsible for keeping his account safe and secure.
The extent of this problem becomes clear when we take a look at the most popular issues that Tradesatoshi’s users report on forums like Bitcointalk and Reddit, as well as rating platforms like Trustpilot. Numerous clients report having lost access to their accounts right after they have registered and made a deposit. They also describe in detail their lack of success in getting in touch with Tradesatoshi’s customer support. It is safe to say that Tradesatoshi’s website contains plenty of buzz-words and marketing statements designed with the main aim of attracting new clients. For example, the team behind the project emphasizes their focus on providing “the highest level of security, transparency and customer service.” They continue to say that their aim is to provide their users with a “reliable exchange.” However, at the time of this writing, it is clear that the exchange has failed in every regard. Considering the official information available on the Tradesatoshi’s website, the platform is anything but transparent. Although the team brags about using some of the fastest servers in the industry, employing a “comprehensive DDoS Mitigation”, cold storage wallets, two-factor authentication, and live backups, its security also remains in doubt. Even though Tradesatoshi pride themselves with quick responses and resolutions, guaranteed “every day of the year”, judging by its clients’ opinions, the customer service is anything but reliable.
The reputation of Tradesatoshi among its clients and the online community, in general, is firmly negative. There are plenty of reported cases where users’ accounts are deleted or frozen without prior notice, and all funds are lost. The majority of the victims report of intentional account freezing in order for the exchange to acquire the deposited capital. The customer support that is spoken so highly about by the exchange’s team, remains silent on the matter. Other clients express frustrations with transactions that are left pending for weeks, although the exchange brags about running on some of the industry’s fastest servers. Plenty of users also report that Tradesatoshi intentionally increases its fees for Bitcoin withdrawals without prior notice.
Another thing that is worth noting about the reputation of Tradesatoshi is the several accusations from teams of token projects, traded there. According to those running projects like ColossusXT and SafeX, they were delisted from the platform without prior notice. The ColossusXT’s team even found out that all of their coins, stored on the platform (approximately ~286 million), had been sold completely by Tradesatoshi via the CryptoBridge exchange. ColossusXT filed a report with law enforcement in the USA under the number 19–001308, which at the time of this writing, remains to be addressed. After being delisted, the SafeX team also found out that Tradesatoshi had closed ties to Cryptopia (the CTO Adam Clark in particular) and significant transactions were going between the two exchanges at the time. This resulted in all SafeX coins being sold out on behalf of the exchanges’ representatives. Soon after, Adam Clark was released from Cryptopia and started working for Tradesatoshi.
At the time of this writing, there are no reported cases of hacker attacks or governmental investigations, associated with the Tradesatoshi exchange.Read More
Trade Satoshi is a cryptoasset exchange located in Hong Kong. Their volume since the beginning of the year is $11.56M. The exchange is rated “D” which means “Poor.” They are a crypto-only exchange.