C-CEX Makes Some Questionable Moves
Having finally withdrawn my XBY coins from C-CEX, I can at last breathe easier again. Simply put, any exchange that goes on a one month vacation while crypto demand soars does not inspire confidence. That’s what they called it — a vacation. Is it really time to have a margarita on the beach? And if not, why was a vacation necessary?
So I have concerns. Let me note that C-CEX support has generally been very helpful to me. They’ve answered my support tickets in a timely manner. And I otherwise found their interface and setup quite satisfactory. In contrast, many investors state that their interface is clunky and that they receive no support at all. Do these complaints simply come from malcontents? Or are they truly representative of investor sentiment?
As I said, their month-long vacation was certainly worrisome to me. Especially after reading so many negative reviews and articles (the latter can be found here, here, here, and here). Granted, crypto traders tend to be very vocal about any little snag that hits their investments. But more than a few anecdotes have given me pause**. Overall they’re rated on Cryptocompare.com as having only 2 out of 5 stars.
In addition, C-CEX management has decided to no longer accept new user accounts, While other exchanges have temporarily done the same, it doesn’t appear that C-CEX is swamped with demand. So one can be forgiven for wondering if these moves serve as a prelude to shutting down. Even their trade volume seems to beg the question:
According to Cryptocoinscharts, hodlers of MCAP (bitcoin growth fund) and LUXCoin (a coin for the rich?) are responsible for most of the C-CEX volume (see bubble chart at link). Everyone else appears to be substantially less invested in the exchange. And perhaps for good reason. After all, a reputation earned is a reputation saved.
** One such anecdote involves angry investors from the Piecoin (now PieX) community, many of whom believe they were defrauded (see comments section).
Originally published at xtrabytes.today on January 22, 2018.
