Bitcoin Forum

Coinexchange is shutting down their exchange for no good reason....Guys please take your Coins/Tokens out.
The website and withdrawals will remain operational until the 1st of December 2019.

The website should have mailed all their users about the website shutdown rather than just putting a notification on the website so that the users won't miss the notification.

Please refer to this thread about this topic Coinexchange.io is Closing Down. Official announcement. (https://bitcointalk.org/index.php?topic=5189124.0).

there is a good reason, they were lazy!
if you have checked their site in early days you could see that there has been nearly no change in their site. there were a lot of things missing, for example their API has been incomplete for ever and there is a text saying it will be added soon!!!
they never made any efforts to grow their business so they never could make any profit from it. as a result they had to shut down.

With how many exchanges there are, I wouldn't be surprised that some of those who are performing underwhelmingly would shut down their services. Besides, market competition between exchanges is quite fierce so the closing of one exchange isn't that particularly rare. Sad to say for its users though. Gotta find another exchange to participate in instead.

I strongly agree with you on the fact that the team behind the Coinexchange platform were lazy. This totally makes sense now.  A lot of exchange platforms in the crypto space are lazy, they don't make any effort to improve their platforms. They are among the reasons why some people find it hard to fully adopt to the use of cryptocurrencies.

I am a user of this cryptocurrency exchange I think a month after they opened their doors I think back in 2004 if I am not mistaken. The reason cited is economic so this means they are not doing enough in terms of transaction volume and hence profit. The reason I got into this exchange is that I find their interface actually good. Now that it is shutting down, I am just wondering why they did not choose to maybe sell the whole platform and let another group take over the business or had they tried this strategy but maybe there is no taker which can be telling us that even crypto exchange business is getting affected by the recent and still ongoing dip in the market. Let's hope that there will be no next in line to  shut their doors to the public. I just checked my account in CoinExchange and I see that I still have around $40 worth of Bitcoin left...well nice to be informed.

i don't think so, exchanges (specially altcoin exchanges) have nothing to do with adoption. simply because exchanges are only used by traders and traders can not be counted as adopters. they are here to make money (fiat) so they are only interested in fiat not bitcoin or cryptocurrencies.
the adoption is only when people start using bitcoin as it was meant to be used, meaning as a currency to pay for stuff. when merchants start accepting it as payment,...

It's actually sad that they are shutting down after 5 years , it should have been hard to keep up with the things going on with the Bitcoin world but they needed to inform the users individually , this is the least that they could have done since it's their last time .
Well then again people are launching new exchanges therefore I think someone maybe paid them to shut down and dissolve. ..
Maybe ..who knows ..
Well with all the scams and frauds they should have taken steps instead of shutting down completely.

There are simply too many good exchanges out there for people to bother using the smaller exchanges. When you want to trade coins on an exchange and there are nearly no buy/sell orders, then you shift those coins to a more popular exchange where there are loads of activity and almost instant exchanges.  ;)

So these guys started an exchange, thinking that they could just list the coins and sit back to gain the profits, but it's a bit more difficult than that. You have to aggressively market your exchange in the beginning until you get enough traffic to sustain large trade volumes or it will fail.  ::)

The forced regulations and oversight makes faking trade volume a lot more difficult now.  ;)

I had read anout this topic a few days ago and I think they had sent an announcement via e-mail to their users. Haven't used coinexchange for a while, it has been years since I had used my account there  and it seems that the issue is the amount of volume that their website has. Well, at least they announced their plan on closing and gave notice to users.

agree, only reason i knew about this was thanks to this post! its not like i have alot of crypto there thats why i dont visit it very often but would still got abit mad losing money thanks to them not mailing out the news to everyone!

There is already a topic about Coinexchange as pointed out by @bL4nkcode before this one. And I think there is no need to continue this topic anymore and it is better that OP will lock this thread.

But anyway, I'll just put some adds.
As they stated there, this might only be temporary as the market really in the hard situation but they will continue their operation once the market bounces back.

I agree. Coinexchange is one of the best exchangers I use, their interface is much easier to understand, unlike other exchanges that was overly designed for me, that has color and stuffs that is not even in contrast or complementing the ambiance of it. Hearing such news that they are closing is a sad thing for me. I also agree that exchangers are just merely tools for people to use the cryptocurrency on its full potential, it doesn't have anything to do with adoption at all.

As I see their closing remarks, they are closing because of bankruptcy as the expenses of providing security to their platform and support system overshadow their earnings. It could be a result of low trading volume and light traffic on their platform. The competition for cryptocurrency exchange these days were hard as the market facing to the bottom which is more likely to lessen the trading volume. Coinexchange are willing to reopen if there were huge market changes.

This announcement already know that most of the users and also team will be send mail for the all users to withdraw in this deadline. Very sad news but i think they can't survive in the competition. Majority of the tokens are shit those are listed in coinexchange that's why exchange volume extremely low. A lot of times i used for many purposes. But some possibility to they will be come back it’s totally depend on green market in future.               

It's a sad one for coinexhange. One thing that has really dealt with coinexchange is repeated listing of shitcoins and lack of good trading volume, people should be trading less there. I love coinexchange, it was my most used exchange in 2017. If you know, you know.

I definitely agree with you. They didn't seem to be so willing to renovate their website and be more helpful to people by doing that. If you really want to play big in this field, you should do better than that.

This sudden crush is very bad but at least i am glad the team were very transparent enough to allow its users move their funds without shutting it down abruptly. I need to move some TELE tokens myself! Thanks for sharing this message here folks.

well, we thank them for their services they have provided to the entire crypto space. Its quite sad that Coinexchange wasn't able to resolve the challenges they were having. I just hope that users will be able to withdraw their funds before they finally shutdown their platform

I don't think that this was the correct way for them to approach it. They should have emailed all users and contacted them on all possible platforms, as opposed to just putting up an announcement as Bountyhonter said.

Furthermore, they should clarify what is going to happen after the withdrawal period ends. I don't think that 2 months is long enough, first of all, and they should at the very least have manual withdrawals after that period.

Otherwise, it's not fair to their users, or people who have small balances on there who may not know about it.

The exchange management, to my point of view, they are up-to something! This is probably why they didn't want to alert their users via email.
I don't think this exchange will stay online before the deadline date they specified.

They want to use this tactic to steal their users money, then they will come up with some incredible Story.

Please don't wait before the deadline, tell this to your friends that have an account with them.

Being transparent means using every medium necessary to reach out to their user regarding current development, media publication or email notifications, these they never considered, which means the are up to something. They don't want to shutdown without gaining nothing.

For those altcoins that are impacted by this closure, we invite you to consider to list your altcoins at our exchange: ShorelineCrypto at below 0.005 BTC listing fees.

Our exchange has been in operation for more than one year. We are a New England based business and we have been conscious on lowering our operating cost so that we only offer doge pair trading. If your coin is clone of Bitcoin/litecoin/dogecoin/dash, yes we can list your coin in a week at extremely low fee.
https://ShorelineCrypto.com/

This is the right way for an exchange to close their operation, a longer time for traders to withdraw all their coins, sending announcement through all their social media channel and urging people to post on their social media as well, they want to go out with a good reputation and this is worth a praise, I have this feeling that many old exchanges will follow because of the competition make me wonder if the old cannot keep up what more on the coming new exchanges.

Operational morethan a year but only 300 registered users, i guess you need more marketing plan  to have more users. Only 4 online users when i visit your exchange which is not good for an exchange that been launch a year ago. It will hard to invite developers to list in your exhange unless if its free listing.