Topic: coin.mx (fair is fair) (Read 1665 times)

I really am not trying to advertise for them but fair is fair. Here is my experience with them:

I saw many posts criticizing this website (coin.mx), they accept credit cards.
I honestly didn't want to use my bank account on the sites that require them knowing that if I get screwed then all my money there will be gone and bank accounts aren't backed well if you get scammed (at least I knew some didn't and some did), so I thought I would use my credit card and if I get screwed then at least I can get out of it with minimum loss or none at all.

It is weird that the website has different info that might not look they match, I talked to their online chat and they were hourly hired people to take of customers, only way to contact the founders is to send an email to their support link which i believe [email protected] but I honestly didn't bother.

The website says they are based in Florida, however their main page phone contact is based in Texas.
As for this: I believe the reason for that is they are group of people who own it, so they operate from different places cause (I think) they live in different places, may be friends, and each one run a specific part based on their qualifications, however I am not sure.

The domain name is .mx which when I googled it, I believe it is a Mexican domain. again I am not sure but I believe they did that because there are many Mexicans in that area may be? this way Mexican audience can feel more comfortable to use it with their people in Mexico may be? or may be to avoid IRS? lol, really not sure but each business has their own plan, they can always get a .US domain.

the website is alright, not as professional as you would think, but it works alright, once you sign up you can see more about their fee and more answered questions which you really can't see them if you aren't logged on, that was something confused me at the beginning. For security also the website log you out if there is no activity every few minutes.

The prices are little higher than normal for trading than other places, but there reason for that I believe is because of the low volume, since a lot of people criticized them at the website early stages, it backed many potential customers, which made it harder to trade, however they do have ok trading and they accept credit cards. I think if they get more people to use it then that would stabilize the volume and prices.
Also you need to consider that most people go there to use their credit cards (money they don't own at the moment) so they just want to buy coins and own them so they are willing to pay higher prices for it since they are using their credit cards (maybe sad but true), which really brought me a good idea (I didn't do it though) where you can basically buy the coins from somewhere else for $450 and sell it on coin.mx for $480, yes it can be done, but I didn't do it cause I am looking for a long term holding for those coins that's all.

I mean honestly I can see coin.mx is trying to hard to make it work, but everything come with cost, I believe the more customers they get the more money they will spend to improve their site and make it better, I believe they are a start up who are trying to make money like every other exchange website. If open an exchange website I will probably look the same as coin.mx until I get more customer and make some money and then I can spend more to provide better services.


Anyway, I decided to sign up, deposit money from credit card, they have a verification service where you have to use webcam or a cellphone cam and submit it through cameratag.com i believe? you will have to show your face clearly and hold your gov ID (i used a driver license) and show the front and back of the credit card you are using. At the beginning I was worried about holding the credit card in camera (they tell you to cover the middle numbers of the credit card though), but I realized I already put the number and info on their website so what's the difference? Anyway I did the camera verification I failed the first time cause I forgot to show the back of the credit card, I made another one and got verified.

The initial deposit is between $20 - $800, I did 750, it went fine, no problem, I purchased bit coins just fine, there is always a text message verifications, so you have to have your phone with you every time you make a deposit.
They limit your credit card deposit to $2500 a month total, and every time you link another credit card then you have to go through the same above verification process, while i think for bank account is unlimited (not sure though I didn't use bank account)
My second deposit came few minutes later for 1750 (750 above + 1750 now = 2500 total), the second deposit my credit card bank declined (for security), I had to call the bank and verified I made the transaction and then they let it go through.
I purchased more bit coins with no problem at all using my credit card.

Now I decided to move the coins from coin.mx into a blockchain.info wallet, I put in an order and next thing I got a phone call from this number: (855) 712 6466 and they guy asked me to verify my withdrawal, I said yes, he said cool it is processing now, and I got them moved to blockchain.info wallet right away!

All in all my experience was great, I used credit card to purchase the coins and it worked out well.

Like I said they aren't a billion dollars company, but they are trying to make some good money and they are working it out best way they can, it worked for me, it might work for you or it might not it all depends on what you want and need.


The reasons I am giving my experience here is:
1- to answer all the questions that were posted on different threads on this forum or other places.
2- if you want to use credit card to buy coins then coin.mx is a good place for it, and the more traffic they have the more accurate at prices they get since now it is only based on offers and demands by their own customers only.


This is my experience and feedback, take it or leave it! I am just trying to be fair.