CryptoX cryptocurrency exchange
Cryptocurrency trading platforms appear in different parts of the world. Quite unexpectedly, but in Poland their concentration is one of the largest in Europe. In this article, we will analyze the work of another Polish cryptocurrency exchange Cryptox.
CryptoX is a multi-platform exchange that offers trading services for Bitcoin, Litecoin, Dash, Monero and Byteball. The exchange does not offer FIAT trading pairs.
The idea of creating an exchange appeared in 2012. Its creator (only his nickname GrZem is known) was inspired by the success of the American platform Cryptsy, which was very popular at that time and was actively developing. Two years later, he began negotiations with the Polish IT company Bitmaszyna regarding the creation of a code for the exchange. Negotiations several times came to a standstill due to the fact that the company wanted to create a crypto-fiat platform, and for GrZem the crypt / crypt format was priority.
Only at the end of 2015 did they manage to come to an agreement. GrZem agreed that fiat (PLN, EUR, USD) be present at the auction. The exchange launched in May 2016.
As for the creator, nothing except him is known about him. In an interview with one of the Polish publications, he said that only 3 people worked on the project: he, a programmer from Bitmaszyna and a guy who had contacts with the largest servers in Poland. GrZem also worked as a support employee for a long time, while the site was gaining momentum.
In the same interview, he said that almost no assets were attracted from outside to launch the exchange. He invested from his own capital, which he earned on crypto trading. Initially, GrZem dreamed of holding out on the market for at least 2 years and did not really believe in success, but now the site is already paying off and generating income.
The resource was created on 05.23.2016 in the Polish domain zone. At the same time, a company is registered in Britain. The official Cryptox website has two language versions:
Despite Polish roots, the CEO notes a relatively small number of local traders. At the same time, there are a lot of users from China, Japan, the USA and Europe.
On the main page there is no information about the site itself, its team, registration, working conditions, etc. It displays a glass of applications, history of transactions, available pairs and main sections. This approach, of course, confuses traders who are accustomed to using only trusted services.
Registration and login to Cryptox
To create an account you must specify:
- Username (login;
After that, you can log into your account for your access and use the services of the exchange.
After registration, the account must be activated. There are two ways to do this:
- Through two-factor authentication
- By email.
You can then deposit funds into the account. Traditional verification is not required.
Input and output
The site listing contains 9 cryptocurrencies:
- Bitcoin cache
- Byteball Bytes;
- Universal Currency.
Previously, this list included Komodo and BitConnect (chipped), but eventually came under delisting. Commission for deposit – 0%, and for withdrawal – a fixed fee:
- 0.0001 BTC;
- 0.00001 DASH;
- 0.004 XMR;
- 0.00001 BCH, etc.
Until March 2018, the exchange supported fiat transactions (Polish zloty, US dollar and euro), but this option was removed after the tightening of Polish legislation regarding cryptocurrency operations. Local banks refused to cooperate with the platform and only cryptocurrency pairs remained on it.
Now trading is carried out in the crypt / crypt format. Most coins are only traded in pairs to bitcoin, but GBYTE can also be exchanged for BCH. A total of 8 pairs are available:
- LTC / BTC;
- DASH / BTC;
- XMR / BTC;
- GBYTE / BTC;
- BCH / BTC;
- ZEC / BTC;
- GBYTE / BCH;
- BTC / UNITC.
The commission of the maker is 0.1%, and the taker is 0.2%.
The exchange uses its own trading terminal. It is equipped with a schedule in which you can view the change in the course for a period from 1 minute to 1 month. Switching to the market depth format is also available.
All sections of the trading menu (glass of applications, buy / sell menu, schedule, transaction history) are added at the request of the user. Additionally, you can enable sound alerts.
Types of Orders
Traders can place orders:
- By limit.
- On the market.
Margin trading is not available.
Each registered user who activated the account has its own reflink. Nevertheless, there is no information on what bonuses are due to its owner or the person who registered on it on the site.
Communication with support service operators is carried out only via [email protected] e-mail. There are no other ways to contact the site staff. There is also a FAQ section, but it does not have a single item.
There is no mandatory verification on the exchange and there is no information on where and how user assets are stored. To increase account security, we recommend that you enable two-factor authentication. In addition, you can set the receipt of notifications by e-mail at the entrance to the account, deposit and request for withdrawal of funds. Website data and connections to it are protected using TLS encryption.
The Cryptox exchange does not leave the impression of a reliable cryptocurrency exchange service. She practically does not provide information about herself, about methods of storing assets. There is not even a FAQ section.
At the same time, it allows you to work without verification, has the simplest trading menu, and has competitive commissions.