CRXZone (Singapore) review - AVOID by all means

[cameloid]

Hi all,

I would like to share my experience of using CRXZone with you.

I was looking for reliable bitcoin/altcoin trading service in Singapore, and as the choice was not rich, I quickly came across CRXZone. I tested it on a couple of relatively small transactions, everything was more or less fine, so I decided to give it a chance with bigger funds. The operation was quite simple: deposit SGD, exchange SGD to BTC, withdraw BTC to some external wallet. Unfortunately, this experience wasn't that good. Below are my thoughts about it.

1. Waiting times.

It took 2 hours from the moment I made FAST (Fast And Secure Transfers) transfer from my DBS account to exchange's UOB account before the money showed up. Phone support wasn't helpful at all, and the only thing that they offered was to wait because of "so many transfers today". Given that FAST transfer normally takes seconds, this is an inadequately long waiting time.

Really, from user standpoint, an option to make FAST transactions instead of slow wire transfers makes the most sense of using local Singaporean exchanges for Singapore-based customers. But it seems that CRXZone does not benefit from this at all. By the way, it takes their competitor, FYB-SG, just minutes to credit user account in similar situation.

Another, even more stranger issue, is crypto withdrawal waiting time. Apparently, some (all?) crypto transactions require MANUAL approval from staff as well, so I had to wait around 40 minutes (!) before my BTC withdrawal operation was actually executed (i.e. broadcasted over Bitcoin network).

In that way, the most simple and typical scenario (deposit money, exchange, transfer) took more than 3 hours to complete, which is way too much when you need to pay somebody in crypto real quick.

2. Transaction fee.

The most painful issue. When my transaction was finally broadcasted, I quickly noticed that transaction fee set by their robot (staff?) was way too small for the given period of time/network load (200.738 sat/B). No surprise that transaction didn't go through, and I was able to get it confirmed only after 6 days of waiting, and only because I was lucky enough get it "accelerated" by one of the miners.

I lost a lot because of high exchange rate volatility within that period of time, and I also lost a contract for which I initially was transferring the funds.

I was a little shocked with all this, because transaction fee estimation is not a rocket science, and if they're unable to manage it themselves, there are plenty of services with public API around. I never experienced anything like this with any of exchanges that I ever used in last 4 years.

3. User support.

Of course, I tried to address this issue to their user support (as there are different ways to deal with this situation, like re-sending the transaction with higher fee, accelerating transaction via miners, etc). However, I didn't get any productive output except for a great advice to stop using the service if I was not pleased by the way the company runs it (literally). They never said sorry, nor admitted their liability or offered any help. I also tried to contact their management directly - got no reply.

Bottom line is - CRXzone is a baby exchange which fails even the most simple, basic operations, shifts all responsibility to a customer, and provides zero user support. AVOID it!

[Jun Wei]

Hi Cameloid,

I came across your review before I decided to try out CRXzone.

I have been a user of CRXzone for 4 months now.

Deposit and withdrawal may take between a an hour to half a day depending, which I think on average is ok.

Their phone support is usually able to get back to my query. Not perfect, but not as exaggerating as you said. If I need the transaction to be done fast, I usually call them and they will accelerate the issue for me.

Also now that they introduce OTC service, it makes things much easier for me to visit their office and buy/sell bitcoins on the spot. It's faster and save me from price fluctuation loses.

All in all, definitely need improvement but still acceptable for me.

[adriancheok]

Absolutely totally agree.
Luckily I did not deposit money after terrible customer service.
I created my account and was verified.
When I wanted to deposit money, they gave very specific instructions to deposit into a bank account in Standard Chartered Bank, but the name of the account was some strange name, and they told me do not mention anything about CRXzone in the telegraphic transfer instructions, or anything about buying cryptocurrency.
I found it very worrying, if the are a proper exchange and registered Singapore company why the need for such secrecy.
After I asked this question, with no satisfactory reply, they actually became angry! The rudely told me to not ask any more questions, do not create any support tickets, and extremely rudely told me to not use their exchange.
It is one of the worst customer service I have ever experienced!

It looks to me like they became angry when I questioned them why the need for secrecy when transferring money to them, I think they are hiding something and doing something suspicious.

When I checked their details, it looks like it is a Singapore company, but it was set up by some guy from India which looks very suspicious also.

Absolutely beware, never use CRXzone in Singapore!

[bitcointradesg]

but, u did get your money right? and you did not get scammed right?
so it was just slow service/not automated?

[Slow death]

but, u did get your money right? and you did not get scammed right?
so it was just slow service/not automated?

@OP post was made last year: December 24, 2017, 02:52:56 PM

send PM to OP if you want to know if the problem has been solved

and be wary of these Dudes:

Name: Jun Wei
Posts: 1
Activity: 1
Merit: 0
Position: Newbie
Date Registered: April 11, 2018, 09:37:27 AM
Last Active: April 16, 2018, 09:22:16 AM


Name: adriancheok
Posts: 1
Activity: 1
Merit: 0
Position: Newbie
Date Registered: July 19, 2018, 02:16:59 AM
Last Active: July 19, 2018, 02:24:45 AM