Coinexchange.io is Closing Down. Official announcement. - page 4.

cryptothreads

hero member

Activity: 1274

Merit: 500

Quote from: davinchi on October 02, 2019, 02:04:15 PM

OMG, I am seriously shocked at this, as this is one of the great exchange that we have, and I wish there is something I could do to salvage this, but rather than closing down completely, they would have actually looked for some sort of partnership with some other exchanges that have low volume.

When I tell people that the exchange market is too saturated for the level we are now, they think that I don’t know what I am saying, the reason why this exchange is not making it again is probably because they are getting very low volume, and what could be making this exchange get a low volume is probably because people that are meant to patronize them are being introduced to other new exchanges and thereby limiting their user base.

This is exchange that a lot of investors joined in the past few years and I'm also very sad when this news comes out because this exchange has so many special memories with me. If you have been to this exchange in 2017, your profits will be huge as many projects earn double profits in just a few hours and that makes this exchange very famous among that time .

Now we will not see this exchange any more and I am very sorry for the shitcoin holding investors as this is probably the last exchange they can enter for trading. Hopefully they can complete the withdrawal and look for a better exchange.

jmigdlc99

sr. member

Activity: 784

Merit: 282

Quote from: ScamViruS on October 01, 2019, 07:41:47 AM

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/

At least they gave notice. Thats very noble of them.

There are some exchangers out there that won't even give notice and just suddenly close down with no chance of letting people withdraw their money. It's easy for some exchangers to just say they got "hacked" and "we will be investigating." *AHEM* *CRYPTOPIA* *u lying cheats* *cough cough*

Capt00

full member

Activity: 938

Merit: 105

Quote from: ScamViruS on October 02, 2019, 03:28:42 PM

Quote from: ?? on ??

I am holding some coin and trade mb8 coin this exchanger but it very bad when heard this news and visit this page. I do not know why they close there site. Officially said that the community that the board of directors of CoinExchange.io has decided to close down the exchange.So i suggest to everybody please withdraw your asset as soon as possible otherwise anytime server will be down.

They have given time until 1st of December 2019 to withdraw funds. I agree with you that it is best to withdraw the funds as soon as possible. Because, at any time, they can change their decision. Who knows?

May be could as they are stated that they will turn back when the market is good but the question is when? Though the decision is coming from the board,I don't know if they were still working on this and to get prepared for the upcoming possible bull run. May traders trust will lift their trust for sure if they will be just ON and OFF. Their market competencies are not strong enough and must have to focus on it and so things may improve.

danherbias07

legendary

Activity: 3248

Merit: 1130

Leading Crypto Sports Betting & Casino Platform

Newly created exchange should really be reading this one.
Hello there ICO exchange projects please do think twice and also with investors.

It will be a long shot to defeat the new monsters when it vomes to exchange.
I bet they wont have any profits because of lack of traders in their midst.
That is where they will get their funds to pay for everything and also those who will pay for listing.

ScamViruS

hero member

Activity: 1806

Merit: 720

Top Crypto Casino

Quote from: ?? on ??

I am holding some coin and trade mb8 coin this exchanger but it very bad when heard this news and visit this page. I do not know why they close there site. Officially said that the community that the board of directors of CoinExchange.io has decided to close down the exchange.So i suggest to everybody please withdraw your asset as soon as possible otherwise anytime server will be down.

They have given time until 1st of December 2019 to withdraw funds. I agree with you that it is best to withdraw the funds as soon as possible. Because, at any time, they can change their decision. Who knows?

milewilda

legendary

Activity: 3094

Merit: 1127

Quote from: MonsterV on October 01, 2019, 12:01:44 PM

Quote from: milewilda on October 01, 2019, 11:49:26 AM

Quote from: mk4 on October 01, 2019, 11:29:31 AM

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.

Yes, they are making things that would make their exchange ahead on the competition and i cant really deny on what they had already been done.
When they are facing up some issues then they do make a way or solution right away which it do completely stop the possibilities for it to be an outdated one or
be reached up by other exchangers in rankings and as said they do know on how to play the game.

Quote from: ScamViruS on October 01, 2019, 12:25:47 PM

Quote from: milewilda on October 01, 2019, 11:49:26 AM

Seen similar thread about this Coinexchange closure https://bitcointalksearch.org/topic/m.52615300

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

My bad, didnt notice that thing. lol

Harlot

hero member

Activity: 1806

Merit: 672

Quote from: Rodeo02 on October 01, 2019, 01:28:20 PM

Quote from: Harlot on October 01, 2019, 12:40:24 PM

~snip~

Yes i expect more exange will be closing since there are too many of them right now in the market. And bad situation now for crypto market that will be the reason why there are too many of them will forcely close. Users of coinexchange is still lucky they can widraw funds they have in that exchange unlike what happen in cryptopia .

The small ones maybe but big exchanges which has most of the market share in terms of people trading with it daily I don't expect them to go down that easily since they are already earning revenue consistently. Coinexchange.io even if I'm somehow familiar with their name is not considered to be a big exchange and I don't think their daily trading volume is even comparable to the big ones. I expect if the big ones even struggle a bit due to the price drop we are experiencing I can only see them downsizing by laying off some of their employees again.

davinchi

legendary

Activity: 2100

Merit: 1058

OMG, I am seriously shocked at this, as this is one of the great exchange that we have, and I wish there is something I could do to salvage this, but rather than closing down completely, they would have actually looked for some sort of partnership with some other exchanges that have low volume.

When I tell people that the exchange market is too saturated for the level we are now, they think that I don’t know what I am saying, the reason why this exchange is not making it again is probably because they are getting very low volume, and what could be making this exchange get a low volume is probably because people that are meant to patronize them are being introduced to other new exchanges and thereby limiting their user base.

MissCrypto

hero member

Activity: 945

Merit: 1000

Sad news, had some great action there, but as others have already said: there's a huge oversupply of smaller exchanges currently so this isn't so surprising.

terencio

member

Activity: 742

Merit: 11

It's sad and also painful to watch as I was their frequent users in 2017, because I've been trading a lot of alts on their exchange and I haven't found any deposit and withdrawal problems. But they close their business in a very professional manner, Kudos to the management and give their clients time to withdraw their funds.

Paecga129

sr. member

Activity: 422

Merit: 250

back in the early days of Bitcoin, a site like this would have been globally popular. However, there is already so much competition in the space. Sad that you had to close down.

ethereumhunter

hero member

Activity: 2912

Merit: 541

Leading Crypto Sports Betting & Casino Platform

I heard that news from my friend, I don't know what to say, but I am happy to say that I don't have any coins in that exchange, so I think I will skip the news. I think people who have many coins in that exchange must withdraw it into another wallet so they can save their coin and sell it in the other exchanges. Yes, that is sad to hear that news, but that is what happens in the market. We need to stay calm to withdraw the coin, so we don't make any mistakes later.

yangongear

full member

Activity: 447

Merit: 100

Quote from: ardentvolcanoes on October 01, 2019, 12:27:03 PM

Quote from: yangongear on October 01, 2019, 12:15:52 PM

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.

Yes, in current market condition, they also need a strong backup by many Venture capitals and institutional investors, to maintain operation and spend money to attract new users. The quality of the project is also one of the factors affecting the exchanges. If they have good volume and reputation, the quality projects will choose them and spent a lot of money for listing fee. That why the time for shitcoins and exchanges that listing them is over.

adroitful_one

legendary

Activity: 1568

Merit: 1041

1GhxHtabWhEpdb7e7oEJ2vd542n33BwTHR

This is horrible news. That is like the best exchange to pick up some of the cheaper coins for staking on BTCPop. I've used them 100's of times and never had any issues with them. I'm very glad they're giving everyone a chance to withdraw everything and I wish them success in all of their future endeavors. There's not much left in my account on there except for a few Doge. I'll let them have it when they shut down for being legit the whole time. It sucks it didn't work out for them.

ScamViruS

hero member

Activity: 1806

Merit: 720

Top Crypto Casino

Quote from: Inkdatar on October 01, 2019, 11:51:05 AM

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.

I've also used coinexchange many times and had no problems with them. I have used coinexchange last time 28th September , never thought that this would be my last login. Feeling sad they are leaving the market this way, they are having trouble keeping up with not enough volume.
It is also good to see that they giving chance to everyone withdraw their funds without any kind of drama.

Rodeo02

hero member

Activity: 1302

Merit: 577

avatar and signature space for rent !!!

Quote from: Harlot on October 01, 2019, 12:40:24 PM

This is what really hurts on a industry that is dependent on the prices we are having in the market. A lot of companies have downsized already since the 18 months bear market we have but this might be the worst thing to happen which is shutting down their own operations. With us being in a bear market it not only affects the prices but also affects the trading volume happening in that exchange, without people trading in their platform they won't earn anything from them. I just hope no big name exchange will follow as it will even be a more bad news for us especially their clients.

Yes i expect more exange will be closing since there are too many of them right now in the market. And bad situation now for crypto market that will be the reason why there are too many of them will forcely close. Users of coinexchange is still lucky they can widraw funds they have in that exchange unlike what happen in cryptopia .

Harlot

hero member

Activity: 1806

Merit: 672

This is what really hurts on a industry that is dependent on the prices we are having in the market. A lot of companies have downsized already since the 18 months bear market we have but this might be the worst thing to happen which is shutting down their own operations. With us being in a bear market it not only affects the prices but also affects the trading volume happening in that exchange, without people trading in their platform they won't earn anything from them. I just hope no big name exchange will follow as it will even be a more bad news for us especially their clients.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: ScamViruS on October 01, 2019, 12:25:47 PM

Quote from: mk4 on October 01, 2019, 11:29:31 AM

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.

ardentvolcanoes

sr. member

Activity: 1050

Merit: 252

Quote from: yangongear on October 01, 2019, 12:15:52 PM

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.

ScamViruS

hero member

Activity: 1806

Merit: 720

Top Crypto Casino

Quote from: milewilda on October 01, 2019, 11:49:26 AM

Seen similar thread about this Coinexchange closure https://bitcointalksearch.org/topic/m.52615300

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

Quote from: mk4 on October 01, 2019, 11:29:31 AM

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.

Topic: Coinexchange.io is Closing Down. Official announcement. - page 4. (Read 1088 times)