SouthXchange is a centralized cryptocurrency exchange based in Argentina. The platform was launched in 2015 and is operated by PRO-Systems. According to the description on SouthXchange’s website, PRO-Systems is an Argentina-based company, composed of “highly-trained software engineers.” They continue to say that the business has more than ten years of experience working with complex and high-profile enterprise applications, but since 2012, it has become actively involved in cryptocurrency-related projects.
Aside from the information mentioned above, SouthXchange doesn’t provide any additional details about the company, such as who is the founder, the members of the management team or what is its address. Its “Terms and Conditions” page also is very limited. In fact, it consists of just several points that briefly mention some of the obligations of SouthXchange and its clients. The company doesn’t have a LinkedIn page either, which makes it hard to understand more about the people behind the project.
The exchange’s team describes the project as a platform, designed “with security, simplicity and usability in mind.” Regarding security, SouthXchange state that they employ “a high-security multitier, multiserver architecture.” They continue to say that only the frontend server is connected to the Internet, while the rest of the servers are in a private offline network. The exchange’s team members also claim to have adopted firewalls to prevent unauthorized access. Alongside with the mentioned security measures, the platform employs the industry-standard two-factor authentication and email confirmation.
SouthXchange prides itself with being acknowledged as the “Best Crypto Exchange in South America” in the ADVFN International Financial Awards 2019.
SouthXchange has developed its own cryptocurrency, called SouthXchange Coin (SXCC). The holders of the coin can perform various activities, such as voting for new coins, promoting coin projects and banning users in the chat. The initial price of SXCC was fixed at 100 satoshis. However, SouthXchange clarifies that the price isn’t stable and will be regulated by them, in order to keep it in a range that they consider reasonable to maintain the smooth running of their internal operations.
On the topic of customer support, SouthXchange offers a very extensive FAQ section that covers common problems that users may face when using the service. The exchange’s team state that their main goal is to provide their customers with “industry-leading support services.” However, according to the information, available on their website, the supported communication channels are limited to a ticket system and social media.
All in all, it’s safe to say that SouthXchange’s website doesn’t reveal much about the platform. The case is the same when it comes to its online reputation - at the time of this writing, there are hardly any reviews from clients. This is not necessarily a bad thing, considering the local focus of the exchange. However, it is worth noting that the few user reviews that can be found are focused on the lack of adequate and timely support. This is in contrast with the exchange’s claims to provide world-class customer support and to treat their users timely and professionally.
At the time of this writing, there are no reported cases of SouthXchange being a victim of hacker attacks, security breaches, or governmental investigations.