Beware of 0% Fees and Unknown Exchanges: Credibility Matters in Crypto

I question the premise of 0% commissions, because it sounds ridiculous: it implies the market lacks liquidity (you can’t buy or sell unless there’s a buyer), and the exchange wouldn’t earn any revenue anyway.

Secondly, a no-name exchange should not be a scam by default, right? So why did a friend of mine on HTX (also a no-name exchange) manage to cash out CNY, and then his Alipay wallet got blocked?

A no-name exchange stays a no-name because it’s unknown to most users. Even the top exchanges—while they may not offer the lowest fees—still provide clearer security measures and more convenient options for deposits and withdrawals, including P2P transfers.

In short, credibility and liquidity seem to hinge on established security practices and reliable fiat onramps, not just on the allure of zero fees.