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BCEX Review - is it scam or safe?

BCEX Review - Is bcex.ca scam or safe cryptocurrency exchange?

RATING: 1.3 / 2 REVIEWS ForexBrokerz BCEX
BCEX is not regulated. We cannot guarantee your money is safe.

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Trading Accounts & Conditions

 

Account type Leverage Maker Fee Taker Fee Deposit Fee
Standard 1:1 0% 0.20% Free



BCEX is a cryptocurrency exchange, which is gaining some popularity in the Far East and more specifically China. There are a lot of coins on offer at this trading venue, which is partnered with Allcoin and OTC789, both of which aren’t that popular in the western world.


BCEX Advantages



Average trading fees – the industry standard 0.20% fee is applied to market takers at BCEX. A “taker”, is a trader who buys or sells at the best available price, instantly. The opposite of this is a market “maker”, who simply places an order in on the exchange (available for others to take). There are no fees for market makers.



No deposit fees – more and more of the exchanges which don’t accept fiat currencies have started implementing this policy and this one follows suite. That being said a blockhain fee will be in place, depending on the cryptocurrency you transfer.


Solid selection of altcoins – there are a lot of coins available at BCEX. The more notable ones are: Bitcoin, Ethereum, Ethereum Classic, Litrecoin, Ripple, NEO, Steallar Lumens, Zcash, Dogecoin and Qtum. That being said there are a lot of less popular ones. All the trading is done aginst BTC, ETH, CNET and CK.USD (more on that later on). A section for the most popular fork-coins is also present.



Video tutorials
– BCEX has set up short explanatory videos on using their service. Sadly they are only in Chinese and feature mostly text. Despite not being a Hollywood production, this is still a nice effort.



E-mail and SMS verification
– additional verification is always necessary when it comes to crypto-trading. That being said, we were slightly disappointed the convenient authenticator mobile apps are not supported. Their place is taken by these two classic methods.



 
BCEX Disadvantages



US clients not accepted – BCEX does also not accept traders from other mostly Middle Eastern, African and European countries. We struggle to find the exact reasoning behind their choices, as the legal framework is very different across the group.


Focus on China – this is a typical issue for region-specific exchanges. While the company provides excellent service for some customers, the rest may not be satisfied. We suspect the English support will not be on par with the Chinese one. Then again this is just a choice made by the team and not a flaw.


Not an established company – the company behind this project does not reveal much information about itself. We are not certain if they are based in China or not. By the way, the former may be an issue in the future, given the news and rumors surrounding crypto-regulation in the country.


Website is not that user friendly – this is more of a personal experience than a solid argument, but after reviewing over a hundred crypto-exchanges, we must say this is one of the worse. We can’t pinpoint a single very disturbing element, but everything is just slightly off. As an example, it’s rather hard to find the actual trading fees.



Another “tether” token – most exchanges willing to facilitate USD trading, but not willing to bother with the traditional banking system, list USDT. You are probably familiar with the legal trouble the providers of this token are having (basically the authorities doubt if there are enough dollars to back the token). CK.USD appears to be a similar “tether token” and you can never be certain of its actual backing.




>>Exchanges working with banks<<



Some unusual altcoins
– there are a few less known China-specific altcoins listed on BCEX. This isn’t an inherit problem, but investors must beware the risks involved in these assets.




Poorly designed platform – the solution provided by BCEX resonates our negative feelings about their entire website’s design – everything is just slightly not ideal. First of all the chats, are borderline meaningless – way too small, with no ability to expand. The rest of the platform is vertically arranged and not that suitable for desktop PCs with wide screens. You have to scroll a lot before reaching the tape (transaction history). Here is a screenshot: 



This is BCEX’s platform. Click to zoom


 

No margin offered – leveraged crypto-trading can be very risky. Those of you who are willing to participate in such speculation are better off with a forex broker.

 

>>Bitcoin trading with margin<<

 

You must know they mostly facilitate CFD trading. This basically means you are speculating with the price of the coin in question without owning it. View our guide for the full story.



Withdrawal fees on most tokens – there is a 0.5% fee for transferring most tokens out of the exchange. Only the aforementioned CK.USD is excluded from the list.



Conclusion


BCEX is a cryptocurrency exchange, focused mostly on the Chinese market. The offering is interesting, with some positive and negative sides, but in our opinion the weaknesses are more prevalent. As we mentioned above the website is just feels weird.


Even more importantly, there is basically no information on the team behind this project. Given the current Wild West state of the world of crypto, this is means the security of your investment with them will not be guaranteed. If you are looking for a more stable way to trade Bitcoin, check the link below to learn more about the regulatory standards followed by the top tier forex brokers, where you can trade cryptocurrencies.



>>Highly regulated Bitcoin brokers<<

 

Here are the strong and weak sides of BCEX:

Pros
Cons
Average trading fees  US clients not accepted
No deposit fees Focus on China
Solid selection of altcoins Not an established company
Video tutorials Website is not that user friendly
E-mail and SMS verification Another “tether” token
  Some unusual altcoins
  Poorly designed platform
  No margin offered
  Withdrawal fees on most tokens

 

Latest news about BCEX
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Traders` reviews for BCEX

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Slippage

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Requotes

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Price feed

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Platform

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Summary

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Fake volume

Confirmed that the exchange has fake volume. Used script to scrape the order book every 0.3 sec yet never had a successful trade when price is good. Although the trade history seems to be very active, it has very wide spread.

gogopower 07/17/2018

Fake volume

Very clearly fake bot trading going on. They do this to climb the volume ranking of Coin Market Cap. Don't expect them to hang around too long.

sllelwdu 03/15/2018
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