Using an exchange should be pretty straightforward. The fact that some of us routinely use them relatively safely makes us unaware that there are hundreds of people who lose money just because they signed up and made a deposit with an exchange – perhaps one like Erex.io.
In this review, we shall take a closer look at this exchange because there has been a number of complaints against them.
What is Erex.io?
According to information from the ANN thread, this is a cryptocurrency exchange that wants the user to ‘focus on the essentials’. Interestingly, it claims that these users could also invest and earn from the platform.
On the homepage, there are links that lead to gambling platforms where the trader could gamble away some of their funds. Even though this is unusual for an exchange, there is no doubt that it is not ethical to combine an exchange with a gaming platform.
For its lottery promotion, the company wrote on its ANN thread,
“EREX offers you a lottery per ticket.
Win cryptocurrencies, smartphones and much more in the LOTTERY section”
Controversies of the Platform
Even though the exchange domain was registered in February this year, its service announcement was made in March, creating some awareness for the company, it seems to court controversies. Less than a month later, there have been several cases of misconduct and accusations against this exchange, to the point that a user wrote that they wouldn’t recommend the exchange.
A background check doesn’t turn up information about the owners. Now that should have everyone thinking about using this exchange, think twice. As in, how could you make deposits on a site that you have no inkling of who the owners are? I mean, just a random site.
One of the issues users are experiencing is inability to log into their accounts. Some say the system suddenly started requiring codes, despite users not getting such codes.
A user wrote that they could not log in
“despite I am pretty sure about the password that I have used during registration. If I want to reset the password I should enter a “recovery code”. What is this recovery code? I never set it up and I never received it on my email.”
Could you imagine how it would feel like sending your coins and seeing the transactions confirmed on the exchange, but no coins are deposited on your wallet? That is another issue Erex customers are complaining of. A user wrote that their BTC transaction has had 27 confirmations but their Erex account hadn’t the coins. He shared a chat with the Erex Discord admin in which he complained. Interestingly, the admin banned him for ‘spamming’
“Are you f…. kidding me? 27 confirmations and still no balance in my BTC wallet ? Who the f… can accept such in competence?”
No Response To Allegations
With the allegations against the exchange, you’d expect that they would at least speak out to inform the customers of why they encounter difficulties on the platform, but the management seemed unconcerned. What they do is mute complaints in their channel or block the user.
No Social Profiles
Aside from not revealing the identity of the owner, the exchange has no social presence. No Facebook, Twitter or LinkedIn profiles. This makes it very suspicious. We wondered why anyone would sign up and make deposits with such a random exchange when there are reputable investment sites they could have invested with.
Irrespective of what happens. With complaints and reviews, what is obvious is that there still would be people who will be scammed by random sites because they never care to investigate before sending their money to strangers behind a website, just because they claimed they could do one thing or the other.
Our suggestion is that before you use an exchange, investigate them. Sending your coins to a 10-month old exchange with no antecedence nor even online reputation is invitation to losses. There are many reputable trading sites that you can trust.