It’s unclear who the management team is, when the exchange was started or where it’s based. These are all red flags. Some suggest that it may be domiciled in Romania or Australia, but it’s difficult to say as they don’t appear to be licensed or registered anywhere.
The exchange is strictly cryptocurrencies, so users can’t make any deposits or transact in fiat money. This adds to the anonymity factor and unfortunately makes the site less secure. You must first convert your local currency into bitcoin or an altcoin and then you can transact on the Coinexchange.io site. The exchange supports hundreds of cryptocurrency trading pairs.
Coinexchange.io competes with trading platforms like of Bittrex for the vast number of cryptocurrencies they support. But if Coinexchange.io wants to compete more effectively, it’s going to need to up its customer service game.
There are no known hacks, and the company has improved its security standards (two-factor authentication and more discussed below) in the wake of allowing a scam coin on the platform. But again, it’s more of an anonymous trading platform than most, with no emphasis on identity verification, know-your-customer or anti-money laundering processes.
They are lax in the type of coins they allow on the platform, which leads to problems for users. And there appear to be bugs in the system that interfere with some withdrawals, leaving customers wanting both for better customer support and their funds.
Some say the exchange “has built a reputation as a playground for market manipulators,” pointing to their open-door policy for new coins to join the platform, which could pave the way for pump-and-dump schemes to operate there.
Coinexchange.io’s Twitter account was suspended on the same day as Kraken – they’re not sure why.
The stated goals of the company are rather cookie-cutter with no real details to back them up, include the following:
- “Security”
- “Excellent customer support”
- “Website usability”
- “Long-term support for added currencies”
- “Currency related asset markets”
- “Constant development and innovation”
They’re further along on some of those goals more than others and probably need to work on their customer support and standards for new altcoins more than anything.
Coinexchange.io Pros
- Multiple altcoins
- Spot trading
- Competitive trading fees
- No deposit fees
- Instant withdrawals for some coins
- Decent trading interface that is relatively simple to navigate once you get used to it
- Charting capabilities
Coinexchange.io Cons
- Low trading volume
- Does not accept fiat money
- Lacking some features on the trading platform to keep trader engaged, such as balances for specific digital wallets. Also there’s no leverage/margin trading on this platform.
- Users complain Coinexchange.io supports “scam coins”
- Most people say the withdrawal fees are competitive, but others complain they are too high.
- There’s no mobile app for Android nor for iOS.
- Users complain of non-responsive support as recently as March 2018. Unresponsive support seems to be a pervasive issue at Coinexchange.io, which is concerning considering they seem to allow some questionable coins on their platform, which is only going to lead to more queries from frustrated users.
- The trading dashboard can take a while to load. For one user, it takes 10 minutes.
- Twitter account is suspended as of April 2018
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