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QUOINEX Review - is it scam or safe?

QUOINEX Review - Is scam or good cryptocurrency exchange?

RATING: 3.8 / 17 REVIEWS ForexBrokerz QUOINEX

Trading accounts


Account type Minimum deposit Leverage Fees
Standard Undisclosed 1: 25 0.25%*

*While the company claims to offer 0% fees for Japanese clients, the situation is not that clear for the rest. Go to the fees section of the review for more details.

QUOINEX (which stands for QUOINE Exchange) is a relatively new competitor in the cryptocurrency space. The company behind this project operates two brands – one focused on accepting fiat currency deposits (this one) and another one for digital asset trading (QRYPTOS). This is similar to the business model used by Coinbase/GDAX and OKCoin/OKEX.

The company, security of funds

Company Country Regulation
QUOINE Pte. Ltd Japan/Singapore/Vietnam JFSA


QUOINE Pte. Ltd is the company behind QUOINEX. They operate from offices in Japan, Singapore and Vietnam, but more importantly they recently got the regulatory approval of the JFSA. This brings a lot of credibility to the exchange, as regulated entities are few in the crypto-space.

QUOINE was founded in 2014 and later received substantial funding. The company’s founders Mike Kayamori and Mario Gomez-Lozada have substantial experience in the “traditional” business world, which also makes the project sound better.

While there weren’t any major hacks at QUOINEX, we must mention the most famous case of a conflict with a client. The cryptocurrency market-maker B2C2 is currently suing the company after a canceled a major transaction. Reports state, B2C2 made around $3.7 million on a trade/s, which was/were allegedly executed at a price which was very distant from the current market price. QUOINEX claimed this was an abuse of a technical issue, and reverted the deals. We can’t clearly state which side of the argument is right, but we must mention this incident occurred before the company was regulated by the Japanese financial watchdog.

There aren’t many English reviews on QUOINEX, but a lot of them are fairly negative. The complaints are mostly on slow withdrawal process and high fees on deposits (which are not charged by the company, but by the partnering banks). 

Trading conditions

Trading instruments (cryptocurrencies)
The cryptocurrencies available at QUOINEX are only Bitcoin and Ethereum, while more altcoins are available at QRYPTOS. More importantly, trading can be done against a lot of fiat currencies: USD, JPY, EUR, AUD, SGD, HKD, IDR and PHP. On top of that there are three types of trading: spot (without leverage), margin and futures. The latter can be quite tricky, so we don’t recommend it to beginners.

Minimum initial deposit
There is no information on the minimum deposit requirement at QUOINEX. This is not usually the case with the forex brokers, which we mostly cover. As an example FXCM requires $50 for the creation of a new account.

QUOINEX offers leverage up to 1:25. This is one of the highest levels available for cryptocurrency trading, which should be used wisely. As you may know forex brokers usually offer even higher ratios, like 1:500. This is due to the fact traditional currencies are much less volatile than Bitcoin.


Be sure to fully understand the ways margin trading operates before participating in it. One must also be aware of the differences between trading Bitcoin with a forex broker and an exchange, one of which is the margin fee, applied by some exchanges. In the case of QUOINEX, the fee is set at 5%.

There are no fees on trading with your “base currency pair” at QUOINEX. When trading with against other currencies the fees go as high as 0.25% which is in line with the industry standards.

Your account’s “base currency pair” will be determined on your country of residence. All of the examples given at the website, state you will trade with zero fees, if you are based in Japan. That being the case, there isn’t total clarity on the fees, if you are not a Japanese client. Here is a screenshot of their fee structure (zoom-in to see the explanation in the bottom):


Trading platform

QUOINEX provides a web-based trading solution. They are one of the few companies, which offers a demo account. Here is what you get, after registering one:

The charting seems very solid and reminiscent of the package provided by bitFlyer. On the left side of the chart, we can see a nice order entry panel followed by the order book and tape. The latter two are surprisingly placed above one another. This is very counter-intuitive to seasoned traders.

Methods of payment

QUOINEX accepts bank transfers in multiple currencies. We must note, the processing times for the more exotic ones are fairly longer. Additionally, transfers in Bitcoin or Ethereum are also accepted. The lack of credit card or e-wallet (servies like PayPal or Netteler) support will tun away some potential new clients.


QUOINEX is a cryptocurreny exchange, which is regulated by the JFSA. The company accepts Bank Transfers, which makes it a competitor in the “entry service provider” category. Commissions are competitive, despite a lack of clarity on the “0% fees” for non-Japanese clients. The trading platform feels solid, although the positioning of the order books and tape is a bit odd. Here are the pros and cons of QUOINEX:


Pros Cons
JFSA Regulation No altcoins available (ex. ETH)
No major hacks yet Some negative user reviews
Accepts Bank Transfers Odd positioning of some elements of the trading platform
Competitive commissions  
Relatively nice trading platform   
Allows margin trading and futures     


Latest news about QUOINEX
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Traders` reviews for QUOINEX
















Price feed















Customer service










Avoid at all costs

100% SCAM. They hang server periodically when you are on short position, and adjust prices to their advantage so you are unable to close your position.

All the reviews gave 1/5 stars, however they still got rated 3.5/5 stars. FUNNY ISNT IT?

The customer service is non existence, so don't bother go looking for them .

jenny 10/15/2018


Quoinex never response to query. and they just close support ticket without resolve. MUST AVOID Quoinex. SCAM.

Lim 10/02/2018

Quoine are now Liquid. STAY AWAY. They are terrible!!

Quoinex are now Liquid. They are terrible!!

All the reviews below are still relevant to Liquid. I just made my final withdrawal to Binance.

Jeff 09/07/2018

Zero goes down

They close support tickets without providing actual support. Can't easily change 2FA. Coinbase and Binance it took 5 minutes combined WITHOUT any support help, Quoinex requires you to send ID documents/photos via plain-text EMAIL!!! Now your documents reside on ALL servers between you and them!!!! Using this unencrypted email, anyone could Photoshop it and start opening accounts!!! They don't get this.

Website/platform has been down for MANY hours...maybe a day or more
"Maintenance Mode

We are busy adding new features and will return soon."

Alen 09/04/2018

Absolutely terrible for many reasons...Run like hell!!!

Takes FOREVER for a support response.
Close support tickets without resolving the issue.
Can't change 2FA without sending gov. ID via PLAIN TEXT email.
Takes forever for a's like everything is done by hand.
Charts don't update or really follow the markets...even free charts are better.
Claim they support DASH...they don't.

Go with Coinbase/Binance and RUN LIKE HELL from Quoinex

Fred 08/28/2018

Crap company

Theives! set up as a scam you can't withdraw your money

Tone 02/20/2018

Avoid Quoinex

Poor customer service AND potential SCAM Quoinex has allegedly transferred out 18000 EUR to my bank account, but the money NEVER arrived after 3 weeks, which is far too long, and their customer service won't answer my tickets, which is very suspicious. The next step will be to contact the FSA in Japan to raise an official complaints about Quoinex, which is potentially a big scam.

mountainview 01/31/2018

Withdrawal of eth pending for more than 2 days

Withdrawal of just 2 ETH is still pending two days after my request, unbelievable

Franklin 01/12/2018

They are Fraud and playing with system to charge extra 40 to 50 SGD per transaction

They are playing with user coin... very transaction they charge 40 to 50 SGD hidden cost ... which info no were record. And coin transfer saying it take 1 processing days ... actually they process when they process when you will get lowest rate in day and only transfer end of day ... No transparency in system ...

Rah 01/10/2018

Quoinex has terrible mobile app and customer support

I've been using Quoinex for a week. I'm a trader, not a broker and not a lender.

I must say, for a team that shouts so loudly about the credibility of its founders, its customer service sucks. BIG TIME. They operate with typical Asian money grubbing mentality, if you ask me. The tech support responds only when the issue has to do with onboarding a new customer. Once they have you, forget about them responding to you. They are not going to reply your technical questions, even your account funding questions. Their help desk powered by Zendesk is in Japanese by default, there isn't any option to change default languages. It's as if they don't care.

Let's not mention the Quoinex mobile app. It has retarded response time, does not sync to your laptop portal, and functions for setting alerts and other functions don't work.

If Quoinex means to be a serious player, they ought to take their technical and customer issues seriously. Spend less time getting international partnerships. Who the hell in Asia cares? Sure, it'll be great to have a global stable of institutions but as long as Asia is served - and since Quoinex was founded originally to serve Asian customers - doesn't it make better sense to perfect its Asian core competency first before thinking too big???

Soon as I make enough bitcoins to meet their minimum withdrawal amount, I'm dumping this exchange. There are better exchange operators out there with loads better customer support and better mobile apps!

Gwyneth Tan 01/08/2018

The do not respond to any form of communication

Deposits take forever, IF they even occur. I am still waiting on a transfer or communication that is well over a week old.

Fred 01/06/2018

Quoinex SCAM

I am existing quoinex customer. I have requested BTC withdrawal from quoinex and it shows pending since last 7 days. Reported to help desk but no response. I missed BTC gold and segwit fork because of this and still my withdrawal is pending. Not recommended.

Ashutosh 01/03/2018

100% a huge scam

They manipulate the price movement. During rally, their prices do not move up.
During crashes, it does not move down.

I am suppose to be making money. But I am actually losing money thanks to their obviously manipulated chart.

It is also obvious that they have bots to buy and sell to manipulate prices to their advantage.

Btw the spread on bch is $1200. So please let me know if you think this spread is oh so reasonable.

They mentioned 1 working day to process withdrawal.
They took 2 weeks to process my withdrawal.

Their customer support is non-existence. Zero replies on facebook, email, social media.

Terrible exchange, 200% scam, please avoid at all cost.

portia 12/28/2017

Customer service

I sent them few emails regarding my account and none of them were answered. I believe good companies takes customer service seriously. Obviously Quoinex don't. I don't recommend.

Oliver 12/15/2017

Unreal Manipulation

Margin traded btc on Quoine.

Today (08-Dec-17) their spread has been anywhere between $0 to $2.4k+, at one point it was $3k+. How can any honest/legitimate/regulated btc exchange have such a spread??? The best thing is, their price is not based on transacted price, but based on the fancy of algorithm programming. It can "blink" a few hundred dollars difference in split seconds. While price of btc on established exchange goes up, on Quoine it can trickle down in rapid order. This is grossly fraudulent.

Wonder what JFSA regulate them on or approve this type of trading set up.

You have been warned.....

Quoine Sucks 12/08/2017


scam,don't deposit, the interest is too much higher than normal rates,HYIP

gaius 12/06/2017

Unbelieveable Exchange!


Anthony Gunawan 12/01/2017

Can't take out your coin with Qryptos or Quoinex platform

many of my people and myself have a very bad experience with Qryptos or Quoinex platform. You cant' trust the platform at what it said on the news. You can deposit or buy coin there, but you can't take it out. Usually they said it is 1 business day. Only some coin you can easily move it out like ETH. At first I move my ETH to them to buy all other coins and now I need to move all of my othercoins for ETH to move out from their platform. Again, 1 business day to take it out, but it took me more then 10 business day and still can't do anything. If you want to buy coin, go with coinbase or exchange. all other exchange maybe better option. I dout doubt Qryptos or Quoinex is a scam as in its early stage but you don't know until you lose your coin there.

WooWood 11/23/2017

Withdrawl Never Came

Im an amatuer trade learning how to trade cryto. Opened an account with them and deposited $150. Earned a profit of $30 during the recent BTC hike and withdrew my $180. 3 working days was what they said but it has already been 10 working days and I have yet to receive my cash. Emailed them the 3rd day and have not received any replied from them till now. I dont recommend anybody to trade on QUOINEX.

Lee 11/16/2017


While they do operate normally, today during the Bitcoin Cash (BCH), they blocked all trading/exchange, artificially boosted their own market price and just banked on all the cash. And then unblocked all their users once the price went WAYYYYY down.

I lost so much money today, unbelievable.

And they know that a lawsuit would be too much trouble/money for anyone to do.

y4my4m 11/12/2017
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