Cryptex24 is a cryptocurrency exchange that has been online since 2014. It accepts clients globally, but its location is not clearly stated. We found claims it is Czech and Russian, but judging by the fiat payment options, we think that it is indeed Russian. Either way, this is irrelevant, as the platform has no restrictions for the location of its clients.
Cryptex24 offers trading in just two cryptocurrencies: Bitcoin and Litecoin for USD, EUR, RUB and CNY. There are also additional services for exchanging the three fiat currencies into CNY, but this does not concern our review.
– Fiat. As we have already mentioned, Cryptex24 offers trading in Bitcoins and Litecoins for several fiat currencies and vice versa.
– Payment methods. Perhaps the largest advantage of Cryptex24 are the numerous payment methods for fiat currencies. The exchange accepts payments through Western Union, MoneyGram, Perfect Money, Alipay, Golden Crown, Alfabank Cash, Payeer, RIA, AdvCash, Unistream, etc.
– Speed. Cryptex24 claims the conversion is instant and this indeed seems to be the case. Most likely the exchange has a stash of cryptocurrencies and can process the orders fairly quickly. This is very convenient, especially considering the network delays and overload due to the mass interest in Bitcoin in the recent months.
– Minimum amounts. Cryptex24 has not set a minimum amount that can be exchanged, but the fixed sums for service fees in some cases can be quite forbidding.
– Anonymity. The service of Cryptex24 can be used as an anonymous client, with just an e-mail, but the exchange recommends that clients provide a copy of a government ID. What is the purpose of this, remains to be seen, as we could not find any limitations for unverified clients and we are extremely wary about providing more information about ourselves, than the absolutely necessary.
– Orders. Cryptex24 has taken the hassle to explain in a simple and concise manner how the buy and selling proceeds, which can be quite convenient.
– Platform. Cryptex24 does not offer a trading platform whatsoever, but rather a simple form where one enters the sum to be exchanged. This certainly is very convenient for those who need to sell or buy Bitcoins or Litecoins occasionally, but is not convenient for more serious traders.
– Fees. The Cryptex24 trading fees vary greatly, depending on the type of fiat payment selected by the user. On top of that, they can be quite hefty, which does not make trading with Cryptex24 very cheap, if at all. Due to the sheer number of payment methods offered by Cryptex24, the size of the fees varies greatly and can be quite confusing. The full list can be found at the exchange’s site.
– Transfer fees. There are also the transfer fees, which are covered by the client. When one adds up the hefty trading fees to the transfer fees, can find out that trading with Crypterx24 is actually quite expensive.
– Coins. Cryptex24 offers exchange services only for Bitcoin and Litecoin. While many exchanges offer just trading in Bitcoin, there are many who offer at least several of the major ones.
– Leverage. Like most crypto exchanges, Cryptex24 does not offer leveraged trading. There are some, like Kraken, bitFlyer and CexIo, who do and there are also many forex brokers who offer CFDs on cryptocurrencies. This can be quite convenient for investors who already have trading account with such broker, as they do not have to set up new accounts, undergo client verification procedures, plus they can trader on the platforms they are already familiar with.
– Information. Cryptex24 gives some quite confusing and contradicting information, particularly regarding the fiat payment methods. For example, it lists PayPal service fees, but says in the FAQ section that it does not accept PayPal payments due to risk of fraud. It also mentions Skrill and Paxum as a payment method, but does not provide service fees information. Apparently Crypterx24 has been offering those payment methods at some point, but has stopped. The information throughout the site, however, has not been updated properly. No biggie, but shows neglect.
– Wallet. Cryptex24 does not offer an e-wallet for its clients. It is not mandatory to offer it, but some exchanges offer it in order to make life of their clients easier.
– Security. Cryptex24 says its transactions are safe and secure. Perhaps they are, but we would like to see some more specific information.
– Canceling orders. Crypterx24 says canceling of orders that have already been placed is “often not possible to have it cancelled or reversed”. While this is understandable, considering the type of service the exchange provides, but, nevertheless, many platforms have the option to cancel the order under some conditions.
Crypterx24 appears to be doing exactly what it says it does – exchanging Bitcoins and Litecoins for fiat currencies and vice versa and does it quickly and efficiently, but at quite a price. The service fees are high, the network fees are even higher, plus one has to calculate in the fees of the payment platforms themselves. In other words, Crypterx24 can be convenient for the occasional trader, under certain conditions, but generally is quite expensive for serious traders.
The platform offers a stripped-down service, with nothing fancy and no extras like wallets or mobile apps. On the other hand, it offers exchange services for some fiat currencies, but the fees, again, are pretty high and we cannot see who would use those services.
Cryptex24 Review Conclusion
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