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CRXzone Review - is it scam or safe?

CRXzone Review - is crxzone.com scam or good cryptocurrency exchange?

RATING: 2.3 / 1 REVIEWS CRXzone

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts & Conditions

 

Account type

Leverage

Trading fee*

Standard

N/A

0.35%

 

*Discounts available to high-volume traders. Deposit and withdrawal fees also apply (details below).

 

CRXzone is a Singapore-based exchange that allows its users to exchange Bitcoin, Litecoin and Dogecoin for US and Singapore dollars (and vice versa). Unfortunately, coin-to-coin trading is not available at the exchange, and it also does not offer any leverage.

 

To protect your account from hacking, the company advises its clients to use Two-factor authentication (2FA) with the use of Google Authenticator. Besides, CRXzone has set certain daily withdrawal limits for enhanced security. They vary, depending on whether your account is personal or business and whether 2FA is enabled or not.

 

CRXzone Advantages

 

Trading against USD and SGD, bank transfers supported

CRXzone supports two fiat currencies: US and Singapore dollars. This is definetely an advantage as users of this exchange can directly buy Bitcoin with dollars or cash out their digital assets. Besides, it allows its clients to use various deposit and withdrawal methods: bank transfers, Payza, Skrill, WebMoney and Perfect Money. Allegedly, fiat withdrawals are processed within 48 hrs.

 

Beginner-friendly

Supporting fiat currencies and bank wire transfers means that CRXzone is beginner friendly: you don’t have to own any Bitcoin or other coins to start trading on its platform (as is the case with many crypto-exchanges).

 

Transparent pricing

Unlike other similar venues, CRXzone has clear pricing, with no hidden charges, which definetely leaves a good impression.

 

 

CRXzone Disadvantages

 

Only few altcoins supported

As we mentioned in the beginning, CRXzone supports only Bitcoin, Litecoin and Dogecoin, which is a rather limited coin portfiolio. Even popular altcoins such as Ethereum and Ripple are not available at this exchange. If you need more diversity, check out the offering of Binance, Bitfinex or Gate.io.

 

No inter-crypto trading

Yet another disadvantage of CRXzone is that you cannot exchange yoir Bitcoins for LTC or DOGE, although the platform generally supports all these digital assets. You can only buy these coins with money or cash them out in US of Singapore dollars.

 

High trading (and transfer) fees

Both market takers and market makers at CRXzone have to pay a 0.35% fee per trade, which is above the average for the sector. Most exchanges charge fees in the range of 0.1% - 25% and many of them offer free of charge trading to market makers.

 

The good thing is that high-volume traders are offered discounts. Here are the details:

 

 

Image gets bigger.

 

In addition, CRXzone also charges transfer fees, which vary by payment method, but some of them are as high as 9% for withdrawal. The use of fiat currencies is charged separately as follows:

 

 

Click to view bigger. 

 

No trading on margin

CRXzone does not offer leveraged trading, which is not unusual in the crypto world. In case you are interested in the speculative margin trading in Bitcoin with some leverage, trading with a forex broker, like IG, might be a good alternative.

 

 

>>Trading Bitcoin with leverage<<

 

 

Trading platform too basic

CRXzone offers a simple web-based platform with basic charting, including depth of market. It has an order book and trade history, but lacks any advanced tools and features. Here is a preview:

 

 

 Click on the image to zoom in.

 

Conclusion

 

Founded in February of 2014, CRXzone is an entry-level cryptocurrency service that allows its users to exchange traditional money for several digital assets. It accepts deposits in SGD and USD and follows a transparent pricing policy. Sadly, the cost of trading at CRXzone is above the average and its platform acks any perks.

 

The exchange is owned and operated by Singapore based Intellect Market Pte. Ltd. Unlike other Asian countries, Singapore has not banned cryptocurrency trading and is not planning to do it in the future, which creates a favourable climate for ICOs and crypto-exchanges. The Monetary Authority of Singapore (MAS), however, might subject those involved as intermediaries to the local anti-money laundering regulations. Although MAS also plans to will regulate platforms facilitating secondary trading of coins that constitute securities s , i.e. cryptocurrency exchanges, currently those companies operate more or less in the gray sector.

 

If you’d rather trade in Bitcoin and other coins with a regulated company, we remind you that you can also do that with a forex broker that offers margin trading in cryptocurrency CFDs.

 

>>Trusted Bitcoin forex brokers<<

 

To summarize the strong and weak sides of CRXzone:

 

Pros

Cons

Fiat accepted

Few altcoins supported

Beginner-friendly

High fees

Transparent pricing

No leveraged trading

Many payment methods available

No coin-to-coin trading

 

Trading platform too basic

 

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Traders` reviews for CRXzone

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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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Beware! Extremely bad and rude service, and something suspicious!

Luckily I did not deposit money after terrible customer service.
I created my account and was verified.

When I wanted to deposit money, they gave very specific instructions to deposit into a bank account in Standard Chartered Bank, but the name of the account was some strange name, and they told me do not mention anything about CRXzone in the telegraphic transfer instructions, or anything about buying cryptocurrency.

I found it very worrying, if the are a proper exchange and registered Singapore company why the need for such secrecy.

After I asked this question, with no satisfactory reply, they actually became angry! The rudely told me to not ask any more questions, do not create any support tickets, and extremely rudely told me to not use their exchange.

It is one of the worst customer service I have ever experienced!

It looks to me like they became angry when I questioned them why the need for secrecy when transferring money to them, I think they are hiding something and doing something suspicious.

When I checked their details, it looks like it is a Singapore company, but it was set up by some guy from India which looks very suspicious also.

Absolutely beware, never use CRXzone in Singapore!

ADRIAN CHEOK 07/19/2018
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