Coinexchange.io is Closing Down. Official announcement.

[Jating]

So "another one bites the dust".

Haven't used this trading platform so I can't really say any comment's how good or bad this exchanges is. The good thing though is that they quickly inform their customers that they are officially shutting down and give time for them to withdraw their money.

I don't think it's about competition though, the only reason is that we are in the bear market so obviously no money is coming in or at least the funds is not enough to sustain their exchanges, so to cut their losses it seems that this is the logical thing to do.

But then again, we have hundreds of exchanges out there that are willing to take the spot so most likely we won't feel the gap here, just saying.

[dunfida]

So "another one bites the dust".

Haven't used this trading platform so I can't really say any comment's how good or bad this exchanges is. The good thing though is that they quickly inform their customers that they are officially shutting down and give time for them to withdraw their money.

I don't think it's about competition though, the only reason is that we are in the bear market so obviously no money is coming in or at least the funds is not enough to sustain their exchanges, so to cut their losses it seems that this is the logical thing to do.

But then again, we have hundreds of exchanges out there that are willing to take the spot so most likely we won't feel the gap here, just saying.

I cant say that competition isnt a factor why these exchangers close its doors.Due to number of exchangers on the current market as of today and no business will risk out
or continually to operate if they do know that they are losing money of such act.

Competition is always been part of the reason because if it werent out of competition then they would have sufficient users on the platform that would give out profits on their side and able to maintain or sustain to operate for more longer.

This should how services do treat up their users in the end of times.All should be announced and give the proper time to withdraw and give back all of users funds which is the right thing to be done.

[icekohl]

It is hard to see if they will be back once the crypto market back to normal. But it could be possible if they are ready to compete with the other exchanges. The traders will have to withdraw their balances in that exchange to another exchange. And yes, that will need time-consuming to send into another wallet. But at least, coinexchanges give announce to their members so their members can withdraw their balance before the website stop operate. Maybe when they back to the business, they will get better than before so they can give what they can to their members.

I think they thought carefully before making this decision. The crypto market is no longer the same, and I think it will never be the same as before. Exchanges such as coinexchange will gradually be eliminated, replaced by legit exchanges with quality projects. That is the law of the market.

[shushu9977]

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 is not good for me because I trade here and 1st december, 2019 closing the exchange. This is a good exchange for me. If in future, the exchange comes again with new and better features, then I shall be more happy. So be careful about medium type of exchange and good luck to coinexchang.io.

[josephsonand]

It is actually a bit funny to see how this thread existing next to the other one, where people discussing 'too many exchanges' problem.
Speaking on the topic - it's sad, but not surprising.

[South Park]

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.

It is not as simple as that, once an exchange gets to the top they will get most of the customers, this in return generates more volume and liquidity and this attract even more people to use their service as no one wants to trade in an exchange without liquidity, so small exchanges do not have lots of alternatives, even if their service is as good they will not get the same amount of clients and their profits will be limited and eventually it will be impossible to sustain such a complex operation.

[nreal]

The exchange lists mostly shitcoin with very low transaction volumes, which I think is the reason for their closure. Unexpectedly, in September they listed dozens of new coins.

[wywoc]

I am extremely shocked to hear the news in the last night. I think most of the people were introduced with it their crypto journey. Today’s Coinexchange.io total trade volume is only 28 BTC really very lower volume i don't know this ar real or fake volume. But there no doubt still now this exchange are very transparent they proved it. In this announcement they said they will be come back if good change the market condition.

At least they still protect users when fully informed and give users a long enough time to withdraw money from the exchange. And so far, coinexchange has not encountered any security issues. They've got a good reputation and I think users will support it if they come back.
The number of 28 BTC is probably the real number, because they do not use bots to fake the volume.

[semobo]

The exchange lists mostly shitcoin with very low transaction volumes, which I think is the reason for their closure. Unexpectedly, in September they listed dozens of new coins.

Whatever the coins they were listing they still can't afford to continue their service this could be a lesson for the upcoming exchange why they should not list too many shit coins in their exchanges.

Am I the only one have feeling this thread should be moved to service discussion?

[AmoreJaz]

The exchange lists mostly shitcoin with very low transaction volumes, which I think is the reason for their closure. Unexpectedly, in September they listed dozens of new coins.

Whatever the coins they were listing they still can't afford to continue their service this could be a lesson for the upcoming exchange why they should not list too many shit coins in their exchanges.

Am I the only one have feeling this thread should be moved to service discussion?

aside from shit coins they have long list of pump n dump coins so later on they accumulated a crap of worthless coins. but tbh, i commend the CE management for informing their clients beforehand and not disappear without any notification whatsoever. i still have few coins sitting on that exchange but what can i do? no buy order even at 1 sat. i guess ill just transfer it to my wallet for additional clutter in my computer....lol

[bL4nkcode]

but tbh, i commend the CE management for informing their clients beforehand and not disappear without any notification whatsoever.

They should if they don't want cops will chase them, not unless they come up with an idea just like Quadriga lmao

i still have few coins sitting on that exchange but what can i do? no buy order even at 1 sat. i guess ill just transfer it to my wallet for additional clutter in my computer....lol

That's the only thing you can do for now, not unless that exchange the only one supports that altcoin which can't happen while if it's a token then there's a chance lol.

[btc_angela]

It is hard to see if they will be back once the crypto market back to normal. But it could be possible if they are ready to compete with the other exchanges. The traders will have to withdraw their balances in that exchange to another exchange. And yes, that will need time-consuming to send into another wallet. But at least, coinexchanges give announce to their members so their members can withdraw their balance before the website stop operate. Maybe when they back to the business, they will get better than before so they can give what they can to their members.

I think they thought carefully before making this decision. The crypto market is no longer the same, and I think it will never be the same as before. Exchanges such as coinexchange will gradually be eliminated, replaced by legit exchanges with quality projects. That is the law of the market.

Of course, they have thought about it many times before making the decision to quit crypto. But I think they will just reinvent themselves. I mean its hard to let go of this business. Maybe they will just rebrand themselves and then look for more investors to help them established their name in this industry.

[7788bitcoin]

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.

The competition is really high in the market to sustain for a longer period of time and with regulations being implemented and the grey area of things will force people to avoid all these hurdles and come back later and i fully understand why some exchanges are taking a drastic step. I traded in the exchange when the alt coin boom was at its prime and sold all my coins and never visited the site after that, many have the same experience and it is not that easy if  the alt coin market is suffering for a long time and the volumes will be low to make a substantial profit.

[Twinkledoe]

It is hard to see if they will be back once the crypto market back to normal. But it could be possible if they are ready to compete with the other exchanges. The traders will have to withdraw their balances in that exchange to another exchange. And yes, that will need time-consuming to send into another wallet. But at least, coinexchanges give announce to their members so their members can withdraw their balance before the website stop operate. Maybe when they back to the business, they will get better than before so they can give what they can to their members.

I think they thought carefully before making this decision. The crypto market is no longer the same, and I think it will never be the same as before. Exchanges such as coinexchange will gradually be eliminated, replaced by legit exchanges with quality projects. That is the law of the market.

Of course, they have thought about it many times before making the decision to quit crypto. But I think they will just reinvent themselves. I mean its hard to let go of this business. Maybe they will just rebrand themselves and then look for more investors to help them established their name in this industry.

I have the feeling that someone will takeover their exchange business and will be handled by a new management. They have built an exchange platform already that is difficult to abandon. Their system is already in place so it would not be too hard for a new management to rebrand. I salute the ce team for not vanishing into thin air though.

[Rebisco]

This is the proof that only exchanges that have potential are can survive in the market. There are now a lot of exchanges that are been closed down because they cannot survive in the market challenges. The competition is also the reason why they announce that they will close.

[Herbet Fry]

Now where must I trade my tokens? The only other place that trades them is novaexchange and they cant KYC no matter how much you trade. Coinexchange was one of my favourite exchanges.

The exchange lists mostly shitcoin with very low transaction volumes, which I think is the reason for their closure. Unexpectedly, in September they listed dozens of new coins.

Whatever the coins they were listing they still can't afford to continue their service this could be a lesson for the upcoming exchange why they should not list too many shit coins in their exchanges.

Am I the only one have feeling this thread should be moved to service discussion?

Surely they were still making money even so? There must be some other reason for this.

[Wintersoldier]

Was this event an indication that crpyptocurrency enthusiasm is getting lower? If that so, would it be a danger if other cryptocurrency exchange did the same thing as coinexchange does?

I have a few analyzation about it:
1st If other big exchange will shut down, people or traders will transfer to big exchanges and will have huge volume accumulation of their coins.
2nd Whenever in case others shuts down, traders might lose their enthusiasm as well, and might result to them not investing in crypto as well.

[Kyraishi]

Kinda sad to see them go, they weren't one of the scummy exchanges when it came to user funds or KYC, but they did have some problems, I guess?

What are the market issues about though? Is it because not enough users were trading on their accounts, or they had really bad spreads and were not able to profit enough off them to pay for server hosting, security and other fees, I was under the impression they were pretty well-liked and made more than enough to justify staying open.

Anyway, another one bites the dust.

[libert19]

Now where must I trade my tokens? The only other place that trades them is novaexchange and they cant KYC no matter how much you trade. Coinexchange was one of my favourite exchanges.

They will shut down on oct 15, right? So trade your tokens before that and move on. Coinexchange was filled with shit coins anyway.

[bassbity]

This is the proof that only exchanges that have potential are can survive in the market. There are now a lot of exchanges that are been closed down because they cannot survive in the market challenges. The competition is also the reason why they announce that they will close.

Means that Coinexchange is not able to compete with emerging exchanges. Maybe the reason for the closure of Coinexchange is because it is lacking or the volume is a little so it decided to close, but I am proud because I was once part of Coinexchange trading.