BuyUCoin - India's biggest Scam Exchange

BuyUCoin.com is an online exchange for Cryptos in India. I bought around 250 XRP (Ripple) and when I tried to send them to my wallet, they charged me an astounding Network charge of 5 XRP (Ripple).

This is the highest Network charge that I have heard for transacting Ripple. The screenshot is shown below. You can clearly see that 5 XRP (Ripple) mentioned as Network Charges in the pop-up shown.

But this is not the reason I claim a SCAM!

When I tried to transfer my XRP balance, a pop-up showed up stating that a reserve of 30 XRP is being held for maintaining the wallet. The message is shown on the screen shot below.

People who know about Ripple Wallets know that a minimum of 20 XRP needs to be maintained in a Ripple wallet to keep it active. But, this is for scenarios where you have you have a dedicated Ripple Wallet Address.

BuyUCoin is NOT creating Ripple wallets for its users but rather using its own wallet to receive and store user's funds. It is only distinguishing User's belongings using the Tag that we use while initiating Ripple Transactions. The below screen shot shows that ripple DOES NOT create wallets for users.

Now that we are very clear that BuyUCoin does not create a wallet for the user, why would they retain 30 XRP (Ripple) as a maintenance charge. You can clearly see that BuyUCoin has held back my 30 XRP which I have already paid for. The screenshot has been attached below.

As responsible Steemers, I would encourage you to spread the word and safeguard innocent Crypto investors from this SCAM site. I encourage you to ReSteem and Upvote it to the maximum so that it reaches many.

If you have faced issues with any exchanges, DO NOT forget to leave a comment with the details!