The choice of an exchange is an important one for every cryptocurrency user and investor. The fact that the industry is still largely unregulated makes it possible for players who have not been vetted to get involved.
This sometimes cost the investors in ways they never envisaged as we shall see with Quickex.
Exchanges play important roles in the transition of crypto projects through the ICO phase and also help investors to interact with the conventional financial system.
It is important therefore that the users of exchanges conduct proper investigation before sending their funds to any exchange.
This has become so important because there are many malicious players that set up exchanges, sometimes through crowdfunding, but with the intention to defraud the investing public.
In this review, we shall look at what we should look out for to know exchanges to avoid.
What is the Project?
Quickex claims to be an exchange that helps investors match orders at the best market price by comparing prices in exchanges and giving their customers the best deal.
It asserts that its matching system is better than more than 1000 other exchanges in the ecosystem.
According to the site, the works by having its robots search through all the exchanges with the intention to get the lowest price for its clients. When this is found, the coin is bought for the customer and sent to the designated address provided by the client while the exchange deducts a small fee of 0.3 percent for its services.
The project claimed that it was borne out of the need to meet the expectations of crypto investors such as miners, traders and bounty hunters.
It asserts that the industry does not adequately meet the need of low fees since most of these players would like fees as low as zero.
It avers that most of the challenges would be met through its services, even though there seems not to be much on ground in terms of services rendered that shows that this exchange means business.
What we found out is that this could be just another avenue through which dishonest entities try to rip off users.
Who is Behind Quickex?
There is no indication of who is behind this exchange even though from most of the testimonies, it is evident that it is of Russian origin.
The About page did not specify the entity who owns the site even though it re-emphasized that the users get the best rate because the exchange takes advantage of a network of 20 other exchanges.
A Whois search shows that the site was registered on February 26, 2018, even though the site’s footer information claimed that it has been in operation since 2017.
Disparity between dates of commencement of operation and the claims made by a business is a pointer that you may be dealing with a scam.
The reason is that online scams usually would create the impression that they have been around longer than they actually have because they are aware that online credibility is built over time. People tend to trust businesses that have been around longer.
Be wary of any sites that lied about the duration of its operations. Also take note of those that are inconsistent on the fees charged as seen on this exchange.
Its home page stated that fees are 0.3 percent while About page stated it is between 0.5 and 2 percent. This is a sure way of confusing the user so that arbitrary fees are deducted from them.
Making False Claims of Anonymity
The cryptocurrency ecosystem has many players that desire anonymity. This is why some exchanges would lure some of these investors with claims that their personal information is not needed to do business with them. A look at the Quickex Home page shows that this is one of its claims.
It stated 8 reasons why the investor should use the exchange in 2019. Number 5 said that no registration is required, while number 7 said that it is fully anonymous, but is it?
Here is the experience of one of its users shared on the BTT forum:
“They say they don’t do KYC but then after accepting my 2.6 BTC deposit, they decided to keep it and claim it is because they need to do KYC. Their website says they don’t do KYC and the comment above says it. Even if they did, they could simply not do business with me and refund my money. Instead as you can see in the review here from Alex Brian here they are choosing to keep it”
This is why you must not do business with an unknown or random exchange. Always go for regulated exchanges that have reputation to protect.
No Reputable Recommendation
Businesses generally covet the recommendation of known brands. It is proof that it is safe to do business with such companies. The Quickex site has the logo of some sites which it claimed that recommends it.
The most reputable site there is CCN, but when we checked the link, it led straight to another site where the owners of the exchange have posted a paid press review.
This is a dishonest practice that is common with many scam sites – using the names and reputation of credible businesses to deceive potential investors.
Here is another testimony from Moonice, another user on how this exchange cheated them in fees:
“I exchange 1.329ETH to 422USDT in with this exchange, but I received 390USDT. When I ask from their support about this, I got this answer: “Our course is not fixed and depends on the time you receive funds from you.” Even if that were the case, they still had $ 20 less. I give this name a thief. I do not recommend using it anyway.”
Those are from people who have been ripped off. It seems that the target is ripping off the small transactions while stealing the big ones. This should be a warning to any investor.
You actually get less than you should while using this exchange. This is why they wouldn’t make their fees clear enough – to cheat people using their platform.
When we contacted the exchange to know about their claims of being the best and cheapest exchange, they asked for our email to enable them get back to us.
Considering that this was on their chat channel, you would imagine what their customers may go through when they have urgent issues they wish to be resolved.
As a rule, never use a random exchange that has no reputation to protect. Many are run by scammers that find ways to cheat their customers. The worst case scenario is losing your funds to scams.
This is why at Cryptoinfowatch, we recommend only regulated exchanges that have the right supervisory agencies overseeing their activities. This is the only way you can be sure that your investment is in safe hands. Check here for our top recommendation.
If you would like to share your experience with Quickex, please use the comment box below.