de | cn | ru

CoinExMarket Review - is it scam or safe?

CoinEXMarket Review - Is coinexmarket.io scam or safe cryptocurrency exchange?

RATING: 1 / 4 REVIEWS CoinExMarket
CoinExMarket is not regulated. We cannot guarantee your money is safe.

RECOMMENDED BITCOIN BROKERS


Trading Accounts & Conditions

 

Account type Leverage  Maker fee Taker fee Deposit fee
Standard 1:1 0.10% 0.15% E-wallets: 0.15%

 

CoinExMarket (which operates the domain coinexmarket.io and shouldn’t confused with CoinEx or CoinExhange.io) is a very new cryptocurrency exchange. As far as we can tell the project has only be running for a few months, at the time of writing. We will update this review in the future, once conditions change, but we have a quite few issues with their current service.

 

CoinExMarket Advantages

 

2FA supported – when it comes to security in the world of crypto, this is one of the widely-accepted and resected measures. It allows you to connect your trading account with your smartphone (via an app). Verification is then required each time you log in. This way, even if someone knows your details, he will not be able to access your coins (unless he also steals your phone).

 

Low trading fees – nowadays the industry average is around 0.25%. With market “makers” (those who place orders in the book) paying 0.10% and “takers” (traders who instantly buy/sell at the best available price provided by the makers) being charged 0.15%, CoinExMarket is a very competitive exchange. Do keep in mind other factors are more important, than saving a few bucks on each trade.

 

Free ICO advertising – on top of the cryptocurrency trading environment, this platform allows other teams to list their ICOs. An Initial Coin Offering is a process in which a new token is created by a company in order to gather investments for an idea. Tokens are later traded and may receive dividends (much like stocks), but are legally very different. For now, promoting your ICO on CoinExMarket is free.

 

E-wallets (allegedly) supported – the most unique thing about this exchange is the fact they accept several e-wallets as payment methods. This is rather unusual, as your typical entry level exchange, will work with bank transfers and/or credit cards.

 

>>Exchanges accepting bank transfers<<

 

The wallets supported by CoinExMarket are OK Pay, Payer, Perfect Money, AdvCash and Skrill, but we have some issues with the entire situation.

 

A growing list of altcoins – currently BTC, ETH, XRP, LTC, DOGE, BCH, ETC, QTUM, WAVES, MBCH, FXC, CEX (apparently, their own token). The more interesting part of the offer is that trading is done vs BTC, EOS, LTC, DOGE, USDT CEX.

 

CoinExMarket Disadvantages

 

Investbox –  this gave us a negative impression upon entering the website. A company offering to take your coins, with the promise of future returns, with no credible backstory seems fishy. What will your coins be used for? As far as we could tell, this exchange does not offer margin trading, unlike some other ones where you can lend coins to those who are willing to borrow. This is the full (and no means fully adequate) explanation given by the company (click to zoom-in):

 

 

This leaves suspicions about everything else CoinExMarket has to offer.

 

Very new exchange, with high volumes – as we stated in the beginning of the review, we are writing this review at a very early stage in the life of the project. It came to our attention as one of the popular volume tracking websites rated it rather highly. When browsing the platform, we saw little orders in the books to confirm such activity. Maybe it was a one off spike, which skyrocketed them in the rankings. Still this looks rather dubious and there are always risks involved with new, unproven projects.

 

Old-school layout – the interface at CoinExMarket reminds us of some of the older cryptocurrency exchanges. The way the different markets are displayed in rectangles at the top, and the “trollbox” are bring a classic vibe to it. Here is a preview:

 

 

The entire layout doesn’t seem to well optimized for wide-screen PCs, with the need to scroll down a lot present. Here is Part Two of the preview:

 

 

The charting feels rather meaningless, but this is only due to the low volumes at the time of writing. This will likely look better if the activity picks up.

 

No leveraged trading – while the world of cryptocurrencies is rather volatile, some aggressive traders may prefer using leverage. This, alongside the ability to short the market isn’t offered by most exchanges. On the other hand, some forex brokers are offering CFDs on the major coins, like Bitcoin, Ethereum and Ripple.

 

>>Forex brokers, offering Bitcoin trading<<

 

We must clarify trading with these companies does not grant you access to the actual coins. A CFD is a financial derivative, which only tracks the price movement of another asset. There are positives and negatives when comparing this to an actual crypto exchange.

 

Very alternative coins supported – while some of the coins at this exchange are the well known “majors” several are very odd. Giving them a higher priority (integrating them before others) seems strange.

 

No info on the company’s token – the CEX token is apparently issued by  CoinExMarket. This is a common practice for newly emerging exchanges. However we weren’t able to find information on the exact purpose of this token – is it used to reduce your trading fees, or get a portion of the profit made by the project (these are the two most frequent cases, with similar coins)?

 

Some concerns about e-wallets – while a crypto exchange accepting e-wallets is strange by itself, the way this company presents the service is even stranger. The fees (other than the one for withdrawal) are surprisingly low, but the description given before it is the highlight. Here is a screenshot form the website, which doesn’t inspire much trust (click to zoom):

 

 

 

Conclusion

 

CoinExMarket is a new cryptocurrency exchange, which has some issues with its presentation. The trading fees may be relatively low, but we found more than enough issues to out-weigh them. If the team behind this project is trying to run a legitimate exchange, they will have to make a lot of changes.

 

While we don’t have enough evidence to call it an outright scam, CoinExMarket (in its current state) looks much shadier than your average cryptocurrency exchange. Then again, one could make the argument, the space as a whole is still reminiscent of the Wild West – no regulation and a lot of cowboys. If you are only looking to trade the dynamic price action, in the safest manner possible, definitely give the tightly regulated forex brokers, which offer CFDs a look.

 

>>Safe Bitcoin trading<< 

 

The key points in this review:

 

Pros
Cons
2FA supported
Investbox
Low trading fees
Very new exchange, with high volumes
Free ICO advertising
Old-school layout
E-wallets (allegedly) supported
No leveraged trading
A growing list of altcoins
Very alternative coins supported
 
No info on the company’s token
 
Some concerns about e-wallets

 

 

Latest news about CoinExMarket
No news about CoinExMarket. Check back later.
Forex
Broker Country Regulation Platform Min Deposit Review
US CFTC, NFA MT4, Web,
in-house
$50 Review Website
US NFA, CFTC MT4 $250 Review Website
Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia, South Africa FCA, ASIC, FSCA MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website
UK FCA MT4, Web, MT4
for Mac
$100 Review Website
Australia, UK ASIC, FCA MT4, MT5,
cTrader
$200 Review Website

Traders` reviews for CoinExMarket

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Pros

Cons

 

 

scam

fiz varias tentativas de saque , enviei mais de 30 emails ao suporte e nunca me responderam , de repente meus ativos sumiu , desapareceu , entrei em contato inúmeras vezes e novamente nunca me responderam , foram eles que roubaram , SCAM!!!!

Translated by Google:

I made several attempts to serve, I sent more than 30 emails to the support and they never answered me, suddenly my assets disappeared, disappeared, I contacted countless times and again they never answered me, they were the ones who stole SCAM !!!!

Eduardo stival 06/02/2019

Complete SCAM!!!

This website is a big scam. I found it on a trusted website and I deposited BTC. You can't get even 10% of the expected crypto while trading. So I tried to withdraw my funds. .... They never withdraw!!! processing forever.....

Mohammad Ehsanul 08/19/2018

Coinexmarket exchange SCAM Alert!!!

Coinexmarket exchange SCAM Alert!!!

Another scam crypto exchange CoinEx Market https://www.coinexmarket.io . There was no photos of team on their website and their whole website looked shady. So i decided to investigate. And then i found this article from project that revealed that Coinexmarket is scam https://medium.com/@vinchain/this-is-how-coinexmarket-does-their-business-8cd9dc57c95e and the fact that Coinexmarket is stealing money looks like they are scam. Also several users reported that they received logged in from different IP addresses on their accounts and lost their cryptocurrency on this exchange https://bitcointalk.org/index.php?topic=2804375.new#new . When scammed users tried to alert other users they get immediately banned in telegram. Stay away from coinexmarket exchange! It's 100% scam. It is clear that ICO that CoinEx Market have now is also scam https://www.coinexmarket.io/ .
Several projects paid money for listing their tokens on Coinexmarket and never got listed https://bitcointalk.org/index.php?topic=4608669.msg42733191#msg42733191 . Coinexmarket exchange stole their 1 BTC and never refunded. Here is proof:
The invoice can be viewed here: https://docs.google.com/document/d/1sJXeMVyruv8mzCXhOATdZdtn3N3vIgFZLo5EdwGojn0/edit

The transaction can be viewed here:
https://btc-bitcore4.trezor.io/tx/7ad69ea4a8fd8f09dde568c42322672126d44cebac98196f0868e6535945ff8b

You can see that coinexmarket exchange promised to refund vinchain for listing and never did it https://medium.com/@vinchain/this-is-how-coinexmarket-does-their-business-8cd9dc57c95e
https://bitcointalk.org/index.php?topic=4729858.new#new
Stay away from Coinexmarket https://www.coinexmarket.io exchange if you don't want to loose your money and get scammed.

Stephen 07/24/2018

This is a Scam Exchange

They have taken listing fee from vinchain, and will not list or refund them. Avoid!

Robert Walters 07/20/2018
de | cn | ru