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Exrates Review - is it scam or safe?

Exrates Review - is exrates.me scam or good cryptocurrency exchange?

RATING: 2.5 / 16 REVIEWS Exrates

RECOMMENDED BITCOIN BROKERS


Trading Accounts and Conditions

 

Account type

Minimum deposit

Leverage

Trading fee

Replenishment  fee

Standard

No

1:1

0.2%

0.5%*

 

*Some deposit/withdrawal fees also apply.

 

Exrates is an exchange that offers trading in wide range of digital coins, and also accepts a lot of fiat currencies. Apart from the 2-factor authentication, Exrates uses a financial password to confirm financial transactions, which is indicated during registration and provides protection against unauthorized actions in the account.

 

Exrates Advantages

 

Relatively competitive fees

Trading costs at Exrates are in line with what most exchanges are charging. The applicable commissions for purchase or sale at the exchange is 0.2% per trade while the commission for replenishment (refill orders) amounts to 0.5%.

 

Many coins available for trade

Exrates offers a plethors of altcoins for trade, including ETH, LTC, BCH, BTG, DASH, ZEC, XMR, XRP, NEO, MIOTA, OMG, and many others, including ATBCoin, and E-Dinar coin. Currently, there are more than 50 pairs available at the exchange.

 

A lot of traditional fiat currencies supported

Apart from the various digital assets offered at Exrates, the exchange supports many “traditional” fiat currencies: USD, EUR, CNY, IDR, NGN, TRY, AED. So, some clients of Exrates can by cryptocurrencies directly with cash in their local currency, or cash out their coins.

 

Sufficient liquidity

Trading volumes on Exrates are not low for most pairs, so it has sufficient liquidity.

 

Enjoyable trading platform

Exrates’ web platform has a simple interface and seems perfectly functional. It features an order book, some basic charts, online chat, company news and trading history window. The trading pairs are grouped inti three categories: BTC trades, USD trades and pairs with local currencies, called “Local markets”. Here is a snapshot:

 

 

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

 

Besides, mobile trading apps are also available at Exrates.

 

Exrates Disadvantages

 

Little information about the company, poor presentation

Exrates provides no info on its website about the company behind it, the storage of clients’ funds, deposit and withdrawal fees and methods. Indeed, this isn’t that rare in the crypto-world, yet a reliable company is expected to deliver a good corporate presentation.

 

No Wallet

Exrates does not offer an e-wallet for its clients. Although this is not a mandatory element of a crypto-exchange’s offering, it is a convenient solution.

 

No margin trading

Users of Exrates cannot borrow investment for margin trading in digital coins. In case you are interested in cryptocurrencies mostly for the price action, dealing with a forex broker may be a better alternative, as they all provide some leverage.

 

>> Brokers offering leveraged Bitcoin trading <<

 

Not regulated

Although this is not something unusual in the crypto-world, we have to mention that Exrates is not regulated. The exchange seems to be based in Armenia, where there are no specific rules and regulations regarding Bitcoin trading, as is in most countries.

 

Conclusion

 

Exrates has rich digital assets portfolio, and besides, it supports a lot of fiat currencies. What we dislike about this exchange is the lack of information about the company, fund storage, deposit and withdrawal methods and fees.

 

This exchange is operated by Exrates Ltd – a company registered in the Republic of Armenia. Launched in April, 2016, Exrates is not regulated, as is the case with most similar venues across the globe. You should keep in mind, however, that this situation creates a potential for counter-party risk, as the majority of crypto-exchanges are centralized. We would like to remind you that you can also trade in cryptocurrency CFDs with forex brokers, and below you can find a list of companies that are duly licensed by the respective financial watchdogs.


>> Regulated forex brokers offering Bitcoin trading<<

 

Here are the weak and strong sides of this exchange:

 

 Pros

 Cons

 Wide range of altcoins offered

 Little information about the company, poor presentation

 Relatively competitive trading fees

 Not regulated

 A lot of fiat currencies supported

 No margin trading

 Relatively nice platform, mobile apps

 No wallet

 

 

 

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Traders` reviews for Exrates

Spread

Pros

Cons

 

 

Slippage

Pros

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Requotes

Pros

Cons

 

 

Price feed

Pros

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Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

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Customer service

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Summary

Pros

Cons

 

 

Scam - Stay away! Fake volume

ALL the volume its fake, i have buy iota in this exchange and 2 months later i cant even withdraw my coins, dont lose your money stay away from exrates

luis hernandez 03/03/2019

They stole my money and gave me some mysterious voucher! Worthless, criminal

This crap scam exchange is stealing so much money everday and are still getting away with it. I am launching an SEC probe and a criminal investigation. We have means to track this stuff. Can not wait to see the names and faces of those behind this fraud!

Bernard 02/25/2019

Fake and big big big problem in withrawal

One of the worst exchanger. I have my btc in that site to be transferes to my other wallet but until now it still i dont receive it....

Ian Enriquez 02/25/2019

Exrates.me not approving my withdraw request and not responding to my e-mails.

I am waiting over a week for my bitcoin withdraw. They also refuse to answer my e-mails. My account is already verificated.

I made about 5 withdraws without problems before. Don´t use this exchange !

Meiqin 02/21/2019

Either hacked or sold user data

I got crypto spam on the email address used exclusively for exrates ("[email protected] ..."). So either they've been breached or wilfullingly sold email data.

Stay away from this shady exchange.

vldr 11/29/2018

Stay the f*ck away from this shady exchange

Scam exchange. FAKE VOLUME. All run by bots. Many others have said the same with problems with withdraw etc...STAY AWAY!

I noticed the coin SIM/BTC has been purely controlled by Exrates in order to fake number one spot on coinmarketcap.com for gainers. And no you can't actually sell your SIM for 10x the other exchanges it's just that exrates fakes everything and is a scam.

Nike 10/20/2018

Scam, Fake volume

Pure Scam. Not able to sell coins although offers is 10% less than last market trades (a few every minute. Pure manipulations by bots. If you love your coins do not trade on this exchange.

Ramses 10/18/2018

Scam site Beware

Dont trade here will try every ripp of trick they can inc owner messeging you pretending to be a client trying to help then trying to buy at ripp off prices (cliaimed wasnt but turned out he was)

Dont .... Just dont o near

Omar EL Amami 09/14/2018

Sent 4.1 ETH to Exrates but Exrates claims they didn't receive it

I'm exptremely disappointed in Exrates.me. The only reason got on Exrates.me is because they are the only ones with a halfway decent volume for DIM coin. I sent them 4.1 ETH. When I copied the deposit address it was on grey background, different from the address that's shown presently. Exrates support they just claim that the deposit address isn't theirs and that they never received my funds. I obviously got scammed by them. I can only urge anyone to please stay away from Exrates. They are rip off artists!!!!

Rene Amhof 06/16/2018

Stay away

Fake site, No trades are happening but still shows recent trades to attract new buyers. Deposit will happen quickly, but you can never withdraw.

Exrates user 05/08/2018

Withdraw

You can't do business there. If you want to buy there and sell it fast on another exchange...well, you just can't do it. They are very very slow ..up to 48 hours...when it comes to withdraw. I'll never do business there. No way!

Uritu Mina 03/20/2018

Scam Site with Fake Recent Trades

If you want to buy something you simply can't. But recent trades' window continuously shows trades ongoing all the time, that are fake and not happening at all. Stay away from this site. They attracts new traders by showing their price more or less relative to current price.

Mehmood Bajwa 01/28/2018

Fast deposit but low sales volume - hard to sell

I came to exrates to move some ETH to BTC in anticipation of the fork for Bitcoin Atom. My ETH transferred from coinbase very rapidly. But I have to say it is really a no-frills site and it's probably my least favorite of the exchanges I've used. Worst of all, the whole point of moving money there was to purchase BTC which now I can't do unless I offer some ridiculous price, because nobody seems to be trading ETH for BTC. Also, it let me accidentally trade some ETH for an absurdly low sale price so I lost value. It was my fault, but I am pretty sure on some of the other sites they warn you before you do something boneheaded like sell a bit of ETH for 1/10 the going rate! Grrrrr!!!!

A 01/23/2018

Long wait time

This is not an exchange I would recommend to anyone or ever use again myself. I have deposited coins from another exchange here more than 24 hours ago and I have yet to receive them. It doesn't even show as pending confirmation. DO NOT USE THIS EXCHANGE!!!!!! SCAM !!!!!

Constantine P 01/17/2018

Bye Bye Ethereum - My account has been blocked for 3 weeks now

I opened an account on exrates.me on Dec 6, because I wanted to trade for iota. I transferred 45 ether to extates. I watched the transfer post. Then I logged out and tried to log back in. My account was blocked for " Suspicious activity". My account has been blocked for 3 weeks now and they will not answer any inquiry from me on the contact us message canter. These Armenians are DEFINATELY CROOKS

Billy Winchester 12/27/2017

Rip Off Site

I tried to buy some iota on this site. There are no bids or offers on any cross rates and once you deposit funds they will not let you withdraw.

Stay away.

David Scott Foreman 12/19/2017
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