Coinexchange.io is a virtual currency exchange aiming to support as diverse a range of altcoins as possible. Indeed, if you’re not a true crypto currency buff, you’re likely to find dozens altcoins you have never even heard of at coinexchange.io. Obviously, the stated goal of the operation is to provide a safe and secure environment for the trading of these altcoins as well as for the launching of new altcoin-based ICOs. While the operation looks clean and legitimate, a closer look at the community chatter hosted by sites, such as bitcointalk.org, will reveal a few issues, the gravity of which isn’t entirely clear. Let’s not cut ahead of the chase though, and take a look at the coinexchange.io site first.
As far as promises go, coinexchange.io doesn’t trigger any red flags. There are no too-good-to-be-true promises made and the operation doesn’t float any crypto currency mining and cloud mining schemes.
When it comes to the “About us” section of the site though, the spot where we should learn specifics about the corporate entity behind the operation and its licensing status (if any), we are treated to a rather disappointing listing of goals and mission-definitions. There are no specifics. For an operation that intends to become “a pillar in the online crypto currency market place”, that just won’t do…One has to know who he/she is dealing with.
What exactly does coinexchange.io offer though and what’s the source of the negative feedback out there?
If you ever need to pick up a few UFOcoins, Antimatters or Aspers, coinexchange.io is your destination. The operation features trading on a staggering array of such crypto currencies (for the full list, see below), and it offers information and a more or less official Bitcoin exchange rate on every one. The problem is however that when the crypto currency market explodes into this myriad of currencies conjured up from thin air by who knows whom, some missteps are bound to happen. Namely, some of the ICOs associated with this market will inevitably end up going belly-up and scamming some investors.
A clear example in this regard is GMB (Gambleo), an ICO aimed at working out a currency to be used for various online gambling and sports betting activities. Although it has never been elucidated whether coinexchange.io was indeed directly involved with the GMB fiasco, some investors hold the operator responsible. Other such ICO fiascos have happened at coinexchange.io too.
Another oft-decried coinexchange.io problem used to be their steep withdrawal fees, which have since been sweetened somewhat.
What’s slightly more disturbing about the operation though is that it’s completely anonymous. The website itself is registered by NameCheap Inc, so there’s absolutely no personal identity linked to it in any shape or form. Such an approach leaves ample room for an eventual scam-exit, should the people behind it all decide in favor of such an unsavory move.
The domain was registered in 2016, so it’s relatively new. Its domain authority score is 24 out of 100 and it has a slight spam score too, of 2/17. CoinExchange.io is slightly popular at the time of writing, especially in the US. According to Alexa, they also get significant traffic from India, Italy, France and Spain.
How exactly does coinexchange.io handle your funds though and what should you know about deposits and withdrawals?
Depositing your coins with the operator is easy enough. All you have to do is to head to your coinexchange.io account and to the “Balances” section, under the “My Account” tab. Locating the coin you want to deposit is easy through the search feature: just start typing the name of the coin or its ticker symbol in the search field. Once found, click the Action tab, and then “Deposit.”
To generate a wallet address to which you can send your coins, click the “generate new address” button. Once the actual transaction is done, you can check the status of your deposit under the “Deposits” tab. Some digital coins may take longer to show up in your account than others.
Most deposits should indeed show up within 10 minutes. If they take longer, clients are advised to use a block explorer to see where their coins are. If the deposit still fails to settle in 30 minutes, a support ticket can be opened with coinexchange.io.
Coin withdrawals work in similar fashion to the above-described deposits to a certain extent.
Once again, you are required to go to the “Balances” section of your “My Account” tab, and to locate the coin you want to withdraw. Then click the Action tab and Withdraw. Once done, type in the amount, provide a wallet address to withdraw to and your password. The “Process Withdrawal” button sets the wheels in motion. To confirm the transfer, you will have to head over to your email and click the link provided in the confirmation email there. The status of your withdrawal can be followed on your “Withdrawal” page.
You can cancel a requested withdrawal before clicking the confirmation link in the above said email. Once you’ve clicked that link, the withdrawal can no longer be cancelled.
Upon logging into your coinexchange.io account, there are a number of things you can do to make sure the process goes smoothly. First of all, make sure you’re using your username and not your email address. Check the registration email you have received upon sign-up, if you’re not sure what your username is.
Check the reCaptcha checkbox. If you are still unable to log in, reset your password and try again.
Upon registration, do not click the confirmation link twice. If you do, you will be presented with an error message. If you receive the said message, just ignore it and log into your new account.
CoinExchange Review Conclusion
Community chatter at bitcointalk.org showcases the fact that people don’t really know where to put this operation yet. Some are quick to call it a scam, while others gripe about the high withdrawal fees and still others voice their contentment with coinexchange.io. From the above analysis, it is clear that not everything is as it should be with this crypto currency exchange.
Update (December 20, 2017): We have continued keeping an eye on Coinexchange.io following the posting of our review, and we have to say we don’t really like the way the operation is shaping up. There’s more and more negative feedback flowing in regarding the operation, and many people are quick to scream “scam.” While some of these complaints are later sorted out, as the issues turn out to be delay-related ones, this is no way to run a crypto exchange. For this reason, we’ve decided to downgrade the rating we initially gave the operator, and no longer recommend it as a trusted crypto destination.
While most of the complaints are indeed delay-related, some people think that the entire setup is a fake one, including fake orders, fake bids, fake sales, robots used to generate bids, and of course, it does not help when people have their cryptos locked in their wallets for weeks, on account of “maintenance.” Coinexchange.io support is not helpful either. Whether these guys are actually stealing crypto funds or not, we cannot yet tell, but what’s certain is that no reputable and serious operation should ever generate this sort of clap-back from its user-base.