Coinexchangei.io is an online altcoin exchange. If you’re looking to trade altcoins, Coinexchange.io has many of the smaller coins that other trading platforms avoid. Users on the platform agree there is potential at this exchange, but for the time being they appear to be riddled with issues, mostly surrounding customer support and transactions that get left hanging.
It’s unclear where Coinexchange.io is based and who the management team is. This is a red flag, as most exchanges have their founders out front fielding interviews and being the face of the exchange. Not Coinexchange.io.
Coinexchange.io requires Google Authenticator 2FA, which provides an added layer of security for users and is a common requirement across cryptocurrency exchanges. This standard has been in effect since April 1, 2018. Additionally, they recently added another security measure requiring any new IP address to receive an email confirmation.
As of April 2018, Coinexchange.io is banned from Twitter, though it’s unclear why, and they also posted the following message on their website –
“Due to our domain getting blacklisted in SPAMHAUS we have added a temporary alternate domain (www.coinexchange2.com).”
There doesn’t appear to be an identity-verification process such as know-your customer and anti-money laundering protocols. This should be concerning to investors. Even though going through the steps of KYC can be time consuming, it’s there to protect you and the exchange from fraudulent activity.
While they take some steps to safeguard a user’s account, they also have an open-door policy for the altcoins they allow on their trading platform. This has led to accusations that Coinexchange.io supports scam coins, such as Monero Gold (XMRG), which seems to have turned out to be a fraudulent.
While Coinexchange.io said they too were a victim in the Monero Gold scam, the incident did lead them to review their security policy and “increase our efforts in all areas of security and customer protection,” as per the exchange’s blog post.
It’s not an isolated event. A Reddit user in Q1 2018 posted that funds “disappeared” from their account. They say that Coinexchange.io suggested this user’s email was hacked, but the user had 2FA activated on their email account. It’s unclear what happened to this investor’s funds, but the user say’s there’s evidence that someone was trading their account.
Overall, while Coinexchange.io supports hundreds of altcoins, they appear to be on the shady side. Some traders have a seamless experience and find the platform fine for trading some altcoins quickly and for trading cryptocurrency pairs. But what good is an exchange if you must be concerned about whether transactions will be completed or wait around for weeks or longer to learn why not?
If the exchange supported KYC and AML and was forthcoming about its headquarters and management staff, it would warrant a higher rating. But with these features lacking, it’s closer to a gamble to put your funds here. If you are going to trade on Coinexchange.io, you should seriously consider keeping your funds in an outside wallet, just as is recommended for any cryptocurrency exchange.
There is a Coinexchange.io API, details for which can be accessed here.
Coinexchange.io doesn’t have a mobile app for Android or for iOS. If you find one, it’s not supported by the exchange and they recommend you don’t download it.
|Rank||Site||Margin trading||Fiat||Safety||API||Referral||Location||Languages||Buy with||User Vote||Score|
|1||A||San Francisco, USA||EN||bank transfer, card|
|3||A||No||Hong Kong||EN||EUR, USD|
|4||No||A||Europe||EN, CZ, SK||USD, EUR|
|5||A||No||San Francisco, California, United States||EN||USD, EUR, JPY, CAD|