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Cryptox Review - is it scam or safe?

Cryptox Review - is cryptox.pl scam or good cryptocurrency exchange?

RATING: 2.7 / 1 REVIEWS ForexBrokerz Cryptox

RECOMMENDED BITCOIN BROKERS


 

Trading Accounts and Conditions

 

Account type

Leverage

Maker fee

Taker fee

Withdrawal fee

Standard

1:1

0.10%

0.20%

0.0001 BTC

 

Cryptox is a relatively small cryptocurrency exchange that offers trading in several altcoins against BTC with competitive fees.

 

Full account activation can be made via email or two-factor authentication (2FA). So, ID verification is not required and you can trade anonymously.

 

 

Cryptox Advantages

 

Low-cost trading

Trading at Cryptox is relatively low-cost. Market makers are charged 0.10%, and market takers have to pay 0.20% per trade, which is in line with the industry’s average.

 

Also, deposits are free, while withdrawals are charged with some small fees, which are accurately specified on Cryptox’ website. Here are the details:

 

 

A few altcoins available

Cryptox has listed Litecoin, Dash, Monero, Zcash, Komodo, Byteball Bytes and BitConnect. Those can be traded against Bitcoin. In addition, one can exchange BitConnect for Byteball Bytes. By the time of writing this review, the most actively traded pairs on Cryptox are GBYTE/BTC and LTC/BTC

 

Relatively good platform

The web-based platform provided by Cryptox is very simple and easy to use. It looks a bit odd and outdated, but is actually fast and stable. It has an order book and some basic charting. Here is a snapshot:

 

 

Cryptox' platform. Click on the image to zoom in.

 

Anonymous access

As we mentioned above, this exchange allows you to use the its without verifying your identity. This means that during registration no personal details need to be provided (just an email and password).

 

 

Cryptox Disadvantages

 

Some popular coins not available

If you care keen on trading in major cryptocurrencies such as Ripple, Ethereum, or ERC-30 tokens, Cryptox is not your cup of tea. This are not listed on the exchange. In fact, its crypto trading portfolio is not very extensive.

 

Fiat currencies not supported

fiat currencies: PLN, USD, EUR and supported convenient payment methods. such as bank transfer and credit card payments. However, this service is discontinued as of mid March. 2018 after the Polish Financial Supervision Authority (KNF) has issued a warnings against the exchange.

 

So, users of Cryptox cannot buy cryptocurrencies directly with cash, or cash out their coins.

 

Leverage not provided

Margin trading in digital assets is not an option at Cryptox. This is not a major disadvantage, though, as most similar venues do not offer leverage. Margin trading in cryptocurrencies is available at some major exchanges, such as Kraken or Poloniex. Besides, almost all forex brokers that support Bitcoin CFDs offer leverage levels, which are usually higher.

 

 

>> Trade Bitcoin with leverage <<

 

 

Minimum transfer amounts set

Cryptox has set certain minimum transfer amounts, so you cannot deposit or withdraw less than 0.01 BTC, LTC, DASH or KMD. Although this is not a high amount, other exchanges allow you to start trading with cryptos worth 1 buck.

 

No info about storage of clients’ funds

The website of Cryptox does not provide any information on the manner in which clients’ assets are stored, so it is not clear whether it keeps them safely offline, in cold storage.

 

Conclusion

 

Cryptox is a small but low-cost coin-to-coin exchange. Judging by its domain and the languages of its website, its is a Polish crypto echange.Poland’s cryptocurrency market is quite massive. There are a number of Polish exchanges at Coinmarket cap – EasyCoin, AbuCoins, Coinroom, BitBay, and more. After in mid-February 2018 the Polish Financial Supervision Authority (KNF) issued warnings against two major Polish cryptocurrency exchanges (BitBay and Abucoins), a number of local crypto platyforms discontinued supporting fiat currencies or temporarily suspended them (like Coinbe). Poland’s central bank as taken the war on crypto a step further by paying popular Youtubers to present Bitcoin and the like in a negative light.

 

Meanwhile, the Polish Council of Ministers has drafted a law for cryptocurrency regulation, which will oblige crypto-exchanges to carry out due diligence on customers and to report suspicious activities.

 

Maybe that is the reason why Cryptox chose to reister in the UK instead. Like most exchanges, it is not licensed, nor regulated by any authority, as the UK’s FCA is still pretty silent on the matter of cryptos. If you prefer to trade in digital assets with a regulated company, we remind you that you can also tdo that with forex brokers. Below you can find a list of companies that are duly licensed by the respective government agencies.

 

 

>> Trusted forex brokers offering Bitcoin trading<<

 

 

Here is our summary of this exchange:

 

Pros

Cons

Low-cost trading

Some popular coins not available

A few altcoins offered

Fiat currencies not supported

No fees on deposits

No info about storage of clients’ funds

Fast & stable platform

No margin trading

Anonymous access

Minimum transfer amounts set

 

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Traders` reviews for Cryptox

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