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ChaoEX Review - is it scam or safe?

ChaoEX Review - is chaoex.com scam or good cryptocurrency exchange?

RATING: 3.6 / 2 REVIEWS ForexBrokerz ChaoEX

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

Account type Leverage Trading fee* Deposit fee Withdrawal fee
Standard N/A 0.1% 0.01 ETH 0.5%

 

*Discounts available for users with KYC 2 and KYC 3 trading against BTC or ETH.

 

ChaoEX is a Hong Kong based exchange with a focus on Southeast Asian Markets. It offers It offers low-cost trading in wide range of digital currencies.

 

Like most similar venues, ChaoEX does not offer leveraged trading and has not disclosed whether there is any minimum investment required. It offers a single trading account type with three Know Your Customer (KYC) levels:

 

KYC 1 - Only deposit and trade allowed;

KYC 2 - withdrawals up to 5 BTC per day;

KYC 3 - withdrawals up to 50 BTC per day.

 

ChaoEX Advantages

 

Low trading fees

The most attractive thing about ChaoEX is the commission structure. It charges a flat fee of 0.10% to both market makers and takers. On top of that, crypto investors who have completed KYC 2 and KYC 3 are offered discounts for trading on BTC or ETH Markets – the trading fees applicable to them are 0.075% and 0.05% respectively. By comparison, Bitfinex charges takers with 0.20% and makers with 0.10% per trade.

 

Many altcoins available

At the time of writing of this review, there are 54 digital assets available;e for trade at ChaoEX. The most heavily traded coins at the exchange are Bitcoin, Ethereum, Bitcoin Cash, Decent, TenX, Civic and QTUM. ChaoEX may not offer as many digial assets as Bittrex for example, but its crypto portfolio is still a fairly extensive one.

 

Advanced trading platform

The web-based platform provided by ChaoEX is really nice. One can choose between dark and light theme, and use advanced charting tools such as technical analysis indicators. Besides, the charting is nice and easy to read. The digital assets are arranged in three categories:BTC, ETH and CODE Markets. Here is a preview:

 

 

ChaoEX's platform. Click on the image to zoom-in.

 

In addition, there are trading apps available for Android and iOS.

 

ChaoEX Disadvantages

 

Fiat currencies not supported

Fiat currencies, like the Chinese Yuan and the US dollar are not payment options accepted at ChaoEX. Supporting fiat currencies is an advantage, especially for newcomers in the crypto-verse, who don't have any coins yet. Accordingly, the only payment methods accepted by the exchange, are blockchain transfers.

 

Deposit & Withdrawal fees

Although transfer fees at ChaoEX are not as high as on other exchanges that also accept fiat currencies, these charges are not to be underestimated. Unlike most similar venues, which do not charge deposits in digital assets, ChaoEX applies fees to some cryptocurrencies:

 

 

Withdrawals, on the other hand, are charged with a flat fee of 0.5%, which applies to all cryptos.

 

No Leveraged trading

Like the majority of cryptocurrency exchanges, ChaoEX offers only spot trading, and does not provide leverage. If you need to borrow investment for margin trading on cryptocurrencies, some larger platforms, like Hong Kong-based Bitfinex, Poloniex, Kraken etc., offer such. There are also forex brokers who have included CFDs on cryptocurrencies for speculative trading on margin. That beiong said, you’d better make sure you are aware of the differences between trading on an exchange and with forex brokerage beforehand.

 

>>Brokers offering margin Bitcoin trading<<

 

Lack of corporate presentation

The only information on ChaoEX’s website regarding the company that owns and operates the exchange is its name: xyhj network technology (hk) limited. While this isn’t that rare in the cryptoworld, the (potential) clients of an exchange have the right to know to whom they send their coins.

 

Conclusion

 

Operating solely on a coin-to-coin model, ChaoEX is probably not for everyone. Newbies, for example, who don’t have any coins yet, cannot buy some with traditional currencies on this exchange. Nonetheless, ChaoEX offers a solid amount of digital assets for trade on its advanced trading platform with really competitive fees.

 

It is probably among the exchanges which benefited from China’s ICO ban, which compelled a lot of Chinese investors to turn to Hong-Kong venues like Bitfinex, TideBit, KuCoin and others. Hong Kong, on the other hand, does not have specific legislation on Bitcoin and crypto-exchanges, but crimes involving them, such as fraud and money laundering are persecuted under the existing laws.

 

Like most similar platforms, ChaoEX is not regulated, but what bothers us more is their poor corporate presentation. If you prefer to trade in digital coins via a regulated company, we remind you that you can do that with forex brokers, many of which are properly licensed in the countries where they operate.

 

>> Regulated forex brokers offering Bitcoin trading <<

 

 

To sum up the strong and weak sides of ChaoEX:

 

Pros

Cons

Very low trading fees

No fiat currency payments

Solid number of altcoins

Little information about the company

Advanced trading platform

No margin trading

Mobile trading apps available

Deposit & Withdrawal fees

 

Not beginner-friendly

 

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Traders` reviews for ChaoEX

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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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scam page

scam page allows you a withdrawal then the second withdrawal is in verification with the excuse that manual payments are making, they simply steal

jean 09/13/2019

Chaoex exchanger entrance

Chaoex exchanger entrance interface has pleased, modern and convenient. The technical support service responds within 24 hours, they do not forget their customers and communicate and support all the time. There are no problems with verifying your identity to the second level. Now about not very pleasant: 2019-09-01 18:50 ordered the withdrawal of funds from the Sero coin in the amount of 5528.77 coins. Today is 09/06/2019 4:00 Moscow time. TXID has not yet been assigned, funds have not yet arrived in my withdrawal wallet. They are now undergoing a security update, as far as I understand. But no one canceled the manual output in the order of the queue. My question is how long to wait for the withdrawal of funds, there is no specific answer, there is an answer please be patient. There is also one warrant for the purchase of coins, which was not fully implemented and I can’t cancel it. The rest of the exchange is convenient. As events unfold, I will update my comment.

Evgeny Kondakov 09/06/2019

very very bad experience

I tell you my unfortunate story;

I deposit sever hundreds of thousand pigeon coin ,ok than traded for usdt fine so far ,than I was like it to withdraw not much like 45 usdt only ,can not you must upgrade to k2 security pass
ID ,passport photo selfy with vriten hand sined so and so ,
believe me already up load 7 to 8 time always get rejected ?!!
after 10 days I regularly get e-mail you rejected ,
now Luke to me ,they plans to get me frustrated go away then the internal worker they divide the small balance remain ,
yes I will not never be able to recover it.

pietro 08/01/2019

CHAOEX Withdraw

The withdraw take too long to be approved, even if it is small amount it has to be approved by their system administrators.

withdraws have to be fast.

Jean Bosco 07/25/2019

CHAOEX verification

verification take long time for approval or rejection, i did applied for verification 3 times but all times i had to wait 24hours for approval. imagine if you want to do a transaction and you want to be verified?

NTAWUKURIRYAYO Jean Baptiste 07/23/2019

CHAOEX version 3.0

CHAOEX recently launched its new 3.0 version with advanced trading system and well-designed interface. Apart from professional trading platform, they also launched a string of attractive bounty campaigns such as 75% off trading fee for all users; Referral reward, etc. For new users, from register,verification, deposit, trading to withdraw,there are reward for each step with popular token USDT! What I satisfied with most is their responsive customer service.They also have some disadvantages like their platform is not stable sometimes and their KYC verification is a bit complicated. But in general, this is a good platform.

Alfira 12/14/2018
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