CREX24 is a centralized cryptocurrency exchange, founded in 2017. According to publicly available data, the founding company is headquartered in Estonia and operates under the name of Crex24 OÜ (reg. number 14419665). On its website, the project is described as a “modern cryptocurrency exchange with great potential.” The “About” page, however, offers some details about the team behind the project. It is described as “young and enthusiastic”, with a “good understanding of digital currency trading.” However, aside from that, there is no further information that helps find out more about the background of those, running the project. At the time of this writing, the exchange does not have a LinkedIn profile, and there are no details about the project’s founders. All this is a significant downside that does not help in the mission of earning investors’ trust.
On their website, the CREX24 team points out that the service is available to worldwide customers, except those in countries like the UK, USA, Canada, and Israel. At the time of this writing, its website is available in 28 languages. However, it seems like the exchange’s main target is Russian-speaking markets as it supports Ruble as a fiat. Additionally, the platform’s website points out that the customer support speaks two languages – English and Russian. On the topic of client support, the exchange’s team points out that their representatives can be reached via email and a feedback form. They mention that the average waiting time is approximately 24 hours.
Regarding security, CREX24 state that they take the matter very seriously and claim on having adopted various measures to ensure data and assets security. In terms of data security, the exchange points out that they utilize two-factor authentication, SSL certificates, and DDoS mitigation to prevent third-party access. To ensure the assets’ protection, the CREX24 team has adopted measures such as fund withdrawal only after ID verification, mixed hot/cold asset storage, and 72-hours delays on fund withdrawals right after a change in the personal details. On the CREX24 website, there is a separate page dedicated to AML Policy. The information listed there states that the exchange has its own procedure to determine compliance with the established KYC frameworks. This procedure includes a requirement for all users to provide personal information, such as a passport or an ID card, issued by their respective country. If the team fails to verify the identity of the client the first time, it may request the provision of additional documents, such as a bank statement or a utility bill issued within the previous three months. Aside from that, the exchange states that it has a full-time in-house AML Officer who is responsible for the collection and monitoring of users’ data. As an additional security feature, the CREX24 team points out that they ensure constant transaction monitoring and upon detection of suspicious transactions, they report to governing institutions and law enforcement agencies.
The exchange also has its own token, called the CREX token (CREX). The token can be exchanged for other cryptocurrencies or fiat at a price equal to or higher than its face value (which is set at $1). It also serves as a way to reduce margin when trading. According to the information on the platform’s website, the maximum number of tokens in circulation “may vary depending on the needs of those using the exchange.”
When it comes to CREX24’s online reputation, it is worth noting that the majority of the reviews are negative. Numerous users on Reddit (from individual traders, through coin developers) report having issues such as unresponsive customer support, troubles with accessing the website, withdrawal problems, etc. The case is no different on Trustpilot.com. Even when accessing the official thread on Bitcointalk, created by the CREX24 team, there is a message stating the following: “Warning: One or more bitcointalk.org users have reported that they strongly believe that the creator of this topic is a scammer. (Login to see the detailed trust ratings.) While the bitcointalk.org administration does not verify such claims, you should proceed with extreme caution.”
At the time of this writing, there are no reported cases of hacker attacks or government investigations against CREX24. However, the lack of official information about the exchange’s founders and the team behind the company, as well as its official location, should serve as a red flag for investors willing to choose CREX24 as their preferred trading venue.Read More