Coinexchange.io is Closing Down. Official announcement.

[ScamViruS]

The Coinexchange.io is about to close. According to their last announcement, trading and deposits will be closed from 15th of October 2019. They have shown the cause of the market situation.
Those who have funds in the Coinexchange.io can withdraw until 1st of December 2019.

Announcement :-  https://www.coinexchange.io/news/post/85/

Coinexchange.io is Closing Down
01/10/2019
It is with great regret that we must inform the community that the board of directors of CoinExchange.io has decided to close down the exchange.

This is purely a business decision and there has not been a security breach or any other type of incident. Unfortunately it is no longer economically viable for us to continue offering market services. The costs of providing the required level of security and support now outweigh our earnings.

Trading and deposits will be suspended on the 15th of October 2019. Please cease any deposit and trade activity as soon as possible.

The website and withdrawals will remain operational until the 1st of December 2019. We ask that you please remove all funds by this date.

It has been a fantastic journey and we have enjoyed playing a part in the crypto currency space. We thank everyone that has traded or listed a currency with us.

So sadly it is goodbye for now however we may return in the future if market conditions change.

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[tadpole_bitfrog]

another exchange gone. This is the result of having too many exchanges now appearing but the competitiveness is very low as they do not have much money as well as experience to make famous.
Coinexchange has been around for a long time, but they have not had any programs to highlight their exchange in recent years. This is also the experience for those who are looking to open an exchange.

[asyakashi]

This is bad news. we know that many exchanges do not survive because of the severity of competition. besides that many new exchanges and increasingly add to the challenges.
This news is also a warning for traders not to save all assets in one exchange.

[Anonylz]

And we still have exchange related project coming up, if exiting ones are folding up because they can no longer sustain the exchange economically, what will happen to new ones about to lunch in the market, how will they survive the competition?

And for exchange like binance who have manage to stay at the top of the game, what are they doing to keep people engage in trading with them? I think exchanges that are not doing well financially should learn from the top exchanges  how they are able to maintain their exchange and grow as well.

[n0ne]

The Coinexchange.io is about to close. According to their last announcement, trading and deposits will be closed from 15th of October 2019. They have shown the cause of the market situation.
Those who have funds in the Coinexchange.io can withdraw until 1st of December 2019.

Announcement :-  https://www.coinexchange.io/news/post/85/

Coinexchange.io is Closing Down
01/10/2019
It is with great regret that we must inform the community that the board of directors of CoinExchange.io has decided to close down the exchange.

This is purely a business decision and there has not been a security breach or any other type of incident. Unfortunately it is no longer economically viable for us to continue offering market services. The costs of providing the required level of security and support now outweigh our earnings.

Trading and deposits will be suspended on the 15th of October 2019. Please cease any deposit and trade activity as soon as possible.

The website and withdrawals will remain operational until the 1st of December 2019. We ask that you please remove all funds by this date.

It has been a fantastic journey and we have enjoyed playing a part in the crypto currency space. We thank everyone that has traded or listed a currency with us.

So sadly it is goodbye for now however we may return in the future if market conditions change.

It's been long visiting the exchange. Anyhow thanks for the information. I've got little funds equivalent to 0.01 btc in coinexchange. It was ethos and what I have in the exchange was once worth 2 Bitcoin when it touched its peak price of more than $9. Now it was less than $0.06, with hope keeping hold of it. Now it's time to move to some other exchange or another wallet as coinexchange service is ending soon.

[yanto@1977]

Bad news for me, Coinexchange is my favorite because no KYC. Even they have high fees for all transactions but mine always finish on time. My shit coin already sell in coinexchange and I don't need high quantity because market already exist, specially prospectors ( PGL ) that already migrate into EOS platform. Now I must find the replacement because my shit coin contain my 40% fund still stuck.

[boltz]

Just another exchange closing down, nothing new here as every year we have 2-4 exchanges that are closing down, doing scams or simply disappear. This is another reason why I won't even trust any of the exchanges especially those who are asking for KYC ( besides my local exchange from my country ) as I had KYC on cryptopia and they're gone with my data and with another hundreds of them.

If the statement is for real, I wonder how did the full bear market didin't not kill them (3k$ bitcoin ) but now they don't have anymore funds to spend on security ? Seems shady in my opinion so I will watch closely what will happen in the next days.

Please remember that all the exchanges who got hacked or got security breaches they all announced that everything is fine, is just a board decision that won't affect anyone so I will not be surprised that in the next days no one would withdraw anymore so better hurry up and empty your wallets from the exchange and stop trading coins that are not in top exchanges.

[coin-investor]

It's been a long time since I last traded on this exchange maybe two years, they cannot keep up with the competition and they just saying that market condition is the reason, they don't have promotion or marketing, new exchanges coming in are eating them and they cannot keep up
this is not going to be the last exchange that will close shop many more are expected, I'm glad that they did an announcement.

[bellicose]

In my opinion, the exchange was not bad. Once I exchanged various altcoins there. First of all, I liked the fact that some individual coins were traded only there. It is a pity that good exchanges can not stay afloat. I think that the matter is in the usual competition and other giants got more traffic.

[mk4]

This is bad news. we know that many exchanges do not survive because of the severity of competition. besides that many new exchanges and increasingly add to the challenges.
This news is also a warning for traders not to save all assets in one exchange.

Leaving trading funds on one single exchange should be, as long as you know how to secure your exchange account, and that you know that you're using a reputable and competitive exchange(e.g. Binance).

Anyway, exchanges will come and go, as with any other ultra competitive niche business out there. If some of you think that the current big exchanges are unbeatable, well, remember that Binance pretty much dumpstered Bittrex in just a few years.

[Text]

I salute the directors of Coinexchange for informing a closure before they totally shutdown on their website. Good to see this kind of moves here in crypto world not just like of others that disappears with unknown reason. I tried to log in just now to see the confirmation by myself. But why I didn't receive any announcement via email?

[milewilda]

Seen similar thread about this Coinexchange closure https://bitcointalk.org/index.php?topic=5189133.msg52615300#msg52615300

Anyway, exchanges will come and go, as with any other ultra competitive niche business out there. If some of you think that the current big exchanges are unbeatable, well, remember that Binance pretty much dumpstered Bittrex in just a few years.

Yeah, remembering how Bittrex,Poloniex and Bitfinex is still flying with colors and Binance was just starting up.I didnt even expect that they would able to get or place themselves on the top.This proves out that anything can really be replaced in a matter of time but for Binance? They do know on how to handle the game.

Another exchange closed its doors and this is the reality of a very tough competition on exchange platform field.

[Inkdatar]

I did not know that coinexchange will be shut down until I read this. I have many trading experience on this exchange before and I had no problem with their services. Sad to know they will be closing down this time. Some exchange already closing affected by market condition anyway thanks for this information.

[MonsterV]

Anyway, exchanges will come and go, as with any other ultra competitive niche business out there. If some of you think that the current big exchanges are unbeatable, well, remember that Binance pretty much dumpstered Bittrex in just a few years.

Yeah, remembering how Bittrex,Poloniex and Bitfinex is still flying with colors and Binance was just starting up.I didnt even expect that they would able to get or place themselves on the top.This proves out that anything can really be replaced in a matter of time but for Binance? They do know on how to handle the game.

Another exchange closed its doors and this is the reality of a very tough competition on exchange platform field.

Well competitive in developing exchanges is indeed quite difficult, especially exchanges now have increasingly innovative features. The right solution in competing is to always look for ideas that are innovative and needed by many people but are mutually beneficial and Binance has done it.

What is done by binance in defeating previous competitors should be a correction for new exchanges in the future to compete. See, Binance has had various innovations in recent years that have made its reputation even more popular.

[yangongear]

That is the development of this market. The market is getting more competitive, so exchanges with low volumes and too many shitcoins like coinexchange will not survive.
A bit sad because this is the first exchange I registered when I entered the crypto world.

[Rodeo02]

I did not know that coinexchange will be shut down until I read this. I have many trading experience on this exchange before and I had no problem with their services. Sad to know they will be closing down this time. Some exchange already closing affected by market condition anyway thanks for this information.

Maybe the reason is luck of users or exchange volume if the exchange never earn any more this is the last option they can do. Not only affected by market but the long time bear market is really hurting them. Other exxhabge also invest in crypto this might be also experience lost from bear market thats why they decided to close it.

[target]

No alibis no nothing sort of a bankrupt declaration. So at least they just decide to close and registered users know unlike the cryptopia who somehow made a buzz and then room for speculations were they got millions for the security breach. Allowed users to still trade and then announce a new management will take over but suddenly close without notice

[ScamViruS]

Seen similar thread about this Coinexchange closure https://bitcointalk.org/index.php?topic=5189133.msg52615300#msg52615300

My thread has been opened before. You can verify by time.

Leaving trading funds on one single exchange should be, as long as you know how to secure your exchange account, and that you know that you're using a reputable and competitive exchange(e.g. Binance).

It is not safe to hold funds on any exchange. Anytime, anything can happen. The safest one is to keep the funds in the wallet and keep the private key in a safe place. The binance itself has also been hacked, they have overcome it. There is no guaranty that they can overcome it every time.

[ardentvolcanoes]

That is the development of this market. The market is getting more competitive, so exchanges with low volumes and too many shitcoins like coinexchange will not survive.
A bit sad because this is the first exchange I registered when I entered the crypto world.

Competitions over those new exchange are getting tougher from time to time. This business requires participants and traders to execute trades if there's only limited numbers of volume and few traders to work with exchange will suffer. But that's how  the business works. The management might realize that there's no reason to stay and they freely give the opportunities to those new exchange who are willing to take the challenge.

[mk4]

Leaving trading funds on one single exchange should be, as long as you know how to secure your exchange account, and that you know that you're using a reputable and competitive exchange(e.g. Binance).

It is not safe to hold funds on any exchange. Anytime, anything can happen. The safest one is to keep the funds in the wallet and keep the private key in a safe place. The binance itself has also been hacked, they have overcome it. There is no guaranty that they can overcome it every time.

If you've read the context on who I was replying to, we were talking about traders, not hodlers. Though I personally don't store funds on exchanges, but if you're a trader, I'm pretty sure you can't spot trade on exchanges when your funds are on a non-custodial wallet.