Coinexchange.io is a website which renders exchange services for various cryptocurrencies. Compared to other digital currency exchanges out there, Сoinexchange does not support deposits and withdrawals in fiat currencies. Coinexchange is mainly crypto-to-crypto exchange which is an excellent option for people who want to change their bitcoin to alt-coins or vice versa. However, if you are looking for an exchange to buy some coins with your fiat cash, or to sell your Bitcoins, this exchange is not for you.
Coinexchange is an unregulated entity. While there is nothing unusual about this, most of the unregulated exchanges at least give some Information about their websites and their company’s headquarters. On Coinexchange.io, however, there is no information regarding where the website is based, or where the company’s head office is located. The “About Us” section has nothing helpful except for some vague statements about security and excellent customer support. There’s nothing regarding its location or the country where it is based.
Their ‘About Us’ page is weirdly packed with initial priorities and goals which the company supposedly sets ahead. There is not much information about the exchange’s background on the internet. Coinexchange’s mission is “To become a pillar of the online cryptocurrency marketplace,” but it doesn’t find it necessary to share anything about its background.
However, there are some digital coins on Coinexchange that you won’t find anywhere else – their digital assets collection is one of the largest out there.
Like most exchanges, CoinExchange has a two-step verification system (2FA via Google Authenticator), but despite the 2FA, it allows utterly anonymous trading.
To create an account on coinexchange, all you need to do is provide a username, an active email address, and password for the new account. Just pretty basic information required to create an account.
Since it is an unregulated exchange platform, the account creation is quite an easy process. After providing your information, you will be sent a confirmation link to the email address you provided. If you are serious about opening an account with Coinexchange, having a real email address to access the link is really important.
After clicking on the verification link sent to your email, a few seconds later, you will be automatically logged into the account that you created. And what you will see immediately after logging in is an option to choose between changing your password and activating the Google Authenticator for your account.
Like most new exchanges, CoinExchange has not developed an advanced trading platform adorned with charting options, technical indicators, and add-ons. It has grouped the coins available into five groups to be more convenient for traders to locate what they are looking for: BTC Markets, ETC Markets, DOGE Markets, ETH Markets, and LTC Markets. Therefore, clients can trade with BTC, ETC, DOGE, ETH, and LTC against a myriad option of altcoins.
There is a neat order book, Trolbox, Recent Trades window, and a list of the newly-added coins.
Due to the number of coins listed on the platform, Coinexchange has the ‘Hide Columns’ tab wherein traders can filter the ones that they want to see and not everything that is listed. Under the tab, users can arrange everything from Coin Name, Change, Last Price, 24hr Volume, Top Bid/Ask, and 24hr High and Low.
Unlike most exchanges that charge 0.20% – 0.25%, CoinExchange.io charges a low fee of 0.15% on all trades. CoinExchange’s fees are quite competitive. However, it may look unfair to some traders that market “takers” and market “makers” get to pay the same fees.
Deposits and Withdrawals
Depositing your coins with this exchange is easy enough. All you have to do is to log in to your Coinexchange.io account and got to the ‘Balances’ section, under the ‘My Account’ tab. To locate the coin, you want to deposit, use the search field by typing the name of the currency or its ticker symbol in the search field. Once located, click the Action tab, and then “Deposit.”
To generate a wallet address to which you can send your coins, click on ‘generate new address.’ After the completion of the transaction, you can check the status of your deposit under the ‘Deposits’ tab. It may take longer for some coins to show up in your account than others.
Withdrawing your coins work similarly to the process taken to make deposits to a certain extent.
You can cancel a requested withdrawal before clicking the confirmation link which will be sent to your registered email address. After clicking on this link, the withdrawal can no longer be canceled.
Deposits are entirely free, but withdrawals need to go through confirmations, and a withdrawal fee is charged per request. The withdrawal fee for BTC is 0.00150000 with two confirmations required, The fee on LTC is set at 0.01000000 and requires 50 confirmations. DASH on the other had charges 0.01000000 and requires 20 confirmations to withdraw.
Is Coinexchange Safe?
Coinexchange.io, in its short period of operation, has garnered numerous complaints from clients on different online forums. Most of the complaints are delay-related, some people think that the whole setup is a fake one, including fake bids, fake orders, robots used to generate bids.
It got worse when some people started complaining about having their coins locked in their wallets for weeks, all in the name of ‘maintenance.’ Coinexchange’s customer support is not helpful either.
While we have not been able to find out whether or not the company is involved in illicit activities of any kind, we would like to notify potential customers that this is an unregulated exchange with not much info on company’s foundation and individuals behind it.