tl;dr; I’m writing an open letter to address a concern about how your exchange handles user trust and control over their accounts. HitBIT can fix this problem and restore user trust by allowing cancellations.
Dear HitBTC Management:
I recently had difficulty withdrawing funds from your exchange. My problem is solved now, but in the process of researching my situation, I discovered that there are many others with similar frustrations with HitBTC. I think there are some important, but simple, things that HitBTC can do to improve user trust.
HitBTC’s trade and withdrawal policy, in ToS §5.3 says that the user cannot “change, withdraw or cancel” their transaction, once placed. Thus, from the very point of execution of a withdrawal request, the user relinquishes all control over the money to the exchange, and the transfer proceeds—or not—and the user has no right to change that. The problem is that transactions can cycle for days, weeks, and some may never complete. Users need the ability to adjust their transactions for timing outside congested periods, or to adjust transaction fees. The Blockchain is intended to empower users to make these decisions, but this one-sided ToS provision does the opposite.
The fix for this is relatively simple: provide users with a cancellation option other than the manual approach of emailing staff. The ability to cancel transactions should be made as easy for users as it is for them to place orders. In order to strike a balance between HitBTC’s needs and users needs, a reasonable time could be set for this option to become exercisable. For example, if a transaction has been unconfirmed after 72 hours, the user can choose to cancel it via their control panel.
This one change, together with a minor rewrite of the relevant part of your ToS would go a long way to restoring trust and putting users in control of their accounts.
—papacabeza
They ran away with a lot of money and you're complaining about this? LMAO
I'm sorry, I don't understand your comment.
I'm sorry, but please learn English. My comment was written in simple English and you should at all times be able to comprehend it if you were capable of speaking English, even at a basic level.
I thought maybe you had a comment that was worth engaging in a discussion that I didn't understand. I see now that you're not looking to engage in a discussion so please move on.
Interesting... You write a ton of crap and expect me to respect that, whilst you're disrespecting my view, which is superior to your's? And I am moving on. I'm just commenting on your post. HitBTC keeps withdrawals of me and of many others on "Pending", which means they've stolen a lot of funds.
Now you're just writing some random letter about improving control over funds, whilst they're obviously stealing money here.
My proposal is to require that HItBTC give users more control over their funds. I can understand that you're frustrated with HitBTC, I'm also frustrated with them. I understand why you may disagree with my proposal, but why, sir, are you attacking me?
Not attacking you. I'm simply saying that you are trying to get them to change, whilst they're stealing thousands of dollars away daily! They stole $230 from me and I'm not in the mood to forgive them for that, especially since their support hasn't responded ever since they said "Our engineers are working on it", whilst it's almost a month later now!
If they were really there for the users, which your proposal requires them to be, they would've helped me and those others who are stuck. They don't. They just make us lose all of our money. They won't implement this, not a chance.