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.
6.4
Score6.4
Score Android
Score iPhone
Location
Currencies
LanguagesEN
Buy withBTC
Fees0.15%
AltcoinsYes
Margin tradingNo (Exchange does not support margin trading)
Trust scoreC
Beginner friendlyNo (Exchange is complex and difficult for beginners)
Stability3. Much (Exchange is stable, but it has a downtime in the high stakes)
FiatNo (The Exchange does not support Fiat currency like USD, EUR, etc ...)
APIYes (API is available for public to use)
Rest APIYes (The Exchange has Rest API support)
WebsocketNo (The Exchange does not have Websocket)
Mobile appNo (Exchange does not have a mobile app)
Credit cardNo (Exchange does not support credit cards)
ReferralNo (Exchange does not offer an affiliate program)
Two factor authentificationYes (The Exchange supports two factor authentication)
LendingNo (Exchange does not support lending)
Stop limitNo (Exchange does not support stop limit)
US licenceNo (Exchange don't have US licence for Money transmitter)
PGP supportNo (Exchange does not have PGP encryption)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
Manuals for CoinExchange
Security rating of CoinExchange
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.
Review of CoinExchange
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.
Mobile apps review of CoinExchange
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.
