Altcoins are rapidly becoming one of the most popular investment opportunities for cryptocurrency investors seeking to generate a significant amount of profit through speculative or aggressive investing strategies. While it’s true that the major high cap cryptos such as Bitcoin and Ethereum still dominate the market, altcoins are experiencing a meteoric rise into the mainstream of crypto investing.
There are now more than 1,300 altcoins in existence, a number that is increasing on a daily basis due to the extreme popularity of initial coin offerings and tokenization. While there are a number of exchanges that support a diverse selection of cryptocurrencies, such as changes, there are few that aim to cover the entire spectrum of altcoins that are in existence.
CoinExchange is a relatively new player in the altcoin exchange marketplace, and aims to support as many altcoins as possible. There are so many altcoins supported on the Coinexchange.io platform that it’s likely you haven’t heard of many of them. The stated goal of the Coinexchange.io platform is to provide traders with a safe and secure exchange on which these altcoins can be traded, as well as providing new ICOs with a platform from which to launch.
While the CoinExchange platform may appear entirely above board at first glance, there have been a number of reports in the cryptocurrency trading community that it may be less than legitimate. In this article, we’ll cut through the chatter surrounding the Coinexchange.io platform and find out whether it’s a reputable exchange or not.
What Is CoinExchange?
CoinExchange makes a range of relatively mundane promises that are fairly standard given the currency cryptocurrency climate. Getting started with the Coinexchange.io platform doesn’t raise any red flags- the exchange doesn't make any outlandish promises, and doesn't attempt to guide users toward cloud mining schemes or high yield investment programs.
The “about us” section of the Coinexchange.io site, however, is extremely lacking. A good exchange should provide a great deal of information regarding the history of the platform, it’s licensing status, the corporate entity that owns the operation, and more. The Coinexchange.io about us page provides no specifics, detailing only a few arbitrary comments on security and customer support.
CoinExchange Community Feedback Issues
CoinExchange is both good and bad when it comes to cryptocurrency trading. If you’re seeking to pick up a small amount of extremely obscure altcoins, such as Aspers or Antimatters, the Coinexchange.io is a good place to start. The CoinExchange platform also offer a highly accurate Bitcoin exchange rate for each coin.
One of the primary issues with the CoinExchange platform, however, is that as it supports an extremely diverse range of altcoins and initial coin offerings, some of these tokens are bound to be fraudulent in nature. The unregulated nature of the initial coin offering environment has led to the creation of many fly-by-night operations that exist solely to separate unsuspecting investors from their crypto.
When using Coinexchange.io, it’s essential to remain aware that the platform itself is not responsible for the reputability of the tokens that it trades, especially if those tokens are provided by potentially fraudulent initial coin offerings.
Other issues presented by the cryptocurrency community have been the Coinexchange.io exchange fees, which have been lowered somewhat due to a large number of complaints. The biggest issue with the Coinexchange.io platform, however, is that the domain is registered completely anonymously via NameCheap, and thus offers no recourse to investors should it disappear suddenly.
Our advice regarding the anonymous nature of Coinexchange.io? Feel free to trade, but don’t leave funds in a hosted wallet on the Coinexchange.io platform for an extended period of time, as you never know how long the platform will be in operation.
How Does Coinexchange.io Handle Your Funds?
Coinexchange.io makes the handling of a wide range of different altcoins extremely simple. Users are able to select the kind of crypto they’d like to work with and generate a wallet address for it, which can then be used to trade on the platform.
Most deposits appear to show up within 10 minutes, and withdrawals operate in a similar time frame. It should be noted that a number of community reviews online have stated that they have experienced issues when depositing Ether into Coinexchange.io accounts.
While the CoinExchange may not be an upfront scam, there are a number of issues regarding its trace ability. To date, Coinexchange.io has not suffered from any serious issues, but as the owners are completely anonymous, it’s best to remain cautious when using the service.
If you’re looking for the most comprehensive list of altcoins on any exchange, however, CoinExchange is a good option.