Review on CoinMex by Naomi Ilani
CoinMex Is Currently Out Of Service
TThe cryptocurrency exchange platforms have been in existence for long and many others are still coming up. The rate at which these companies are springing up makes it evident that the market is a very competitive one. Through out today, I've been reviewing exchanges that have closed down due to one reason or the other and I've been noticing some things that seem to be common amongst these types of companies: most of these companies that have closed down seems to have been established in the year 2018. Funnily enough, all three exchanges that I've reviewed today had the same problem and were all established in the same year (2018), to even make the case more funny us the fact that the one I would be reviewing now was also established in the year 2018. I'm kinda feeling that the year 2018 wasn't a good year to start an exchange platform π
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This exchange platform is an example of an exchange platform that has a target market and in this case, CoinMex's target was the Chinese market. Though the exchange platform was not founded in China nor was it registered there, it still focused on the Chinese market making their case a weird one. This exchange platform is a centralized one, as a matter of fact, it was registered in Seychelles, a home to the centralization of many exchanges and wallets. The exchange platform started quite alright just like many companies that have gone down the drain today, charging traders a very competitive trading fee of 0.05% for both makers and takers. I once used their services in the early days of their starting and can testify as to how beautiful their interface was and well designed. They also seem to have had a nice support team which could be accessed via some social media handles like Telegram and Wechat, and a multilingual system (as their interface was translated in languages like English Language, definitely Chinese as the Chinese market was their target, Korean, Japanese, Russian and French). Other factors that makes their close down look surprising is the fact that they are affiliated with a well established company called NEWEX Technology Co. Ltd. Although I don't really know much about the company, the fact that almost all the sites I check about them gives me a positive result makes a confirmation that the company is really well established. In addition, most of the workers at CoinMex seems to have gained alot of working experience and knowledge before they started work with CoinMex, this is because most of their workers were from big companies like Microsoft and Alibaba. I still don't know why the company just went out of site like that.
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Pros
- They seem to have no positive side as they are not functional
Cons
- The company is not functional currently
