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Tokex.com Review: Is Tokex Safe or Scam?

Tokex.com Review: Is Tokex Safe or Scam?

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Tokex.com is allegedly a Crypto currency exchange for trading tokens and Crypto currencies in general. In this platform, users can deposit Crypto currencies and even exchange them into other Crypto currency assets of their choice, claims Tokex website. The platform supports a number of Crypto currencies which include (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Dash (DASH), and Dogecoin (DOGE). Since Tokex is an exchange, users can expect to see the typical stuff which is associated with a Crypto currency exchange. They have a software for trading Crypto currencies which also allows users to place orders, limit orders, stop orders and even view bid and ask price. The pricing chart indeed looks neat and organized and traders can even switch to drawing mode for their convenience. On top of this, Tokex charts also come with trading indicators which can be useful for determining what price will do next.

 Tokex

Trading and exchange fees have been listed on the FAQ page for traders to familiarize themselves with what charges the site will be levying on trading activities. Basically, Tokex looks like a professional Crypto currency exchange but we fear that there could be more than meets the eye.

Besides, the site promises fair fees, zero latency as well as safety and security of users funds. These could just be marketing gimmicks and until we test the platform and see how it works and whether the promises mentioned on the site are real, we cannot be quick to believe these marketing declarations.

We have also established that the domain where Tokex is hosted at was created in May 2016, which means it has existed for some time. However, what is disturbing is the fact that Tokex is still not a popular service, and one may wonder why the platform has not gained popularity despite having existed for a a couple of years now. Something is amiss here. Either they bought the domain or the service has not been promoted very well. Either way, we are only concerned with the quality of service which they can given traders. If indeed this service offers a flawless trading experience of Crypto currency assets, then definitely we will need to look at it from another angle. For now, nothing is for sure and all we have to do is take precautions when approaching a site like this.

If you want to trade Crypto assets, there are good and regulated brokers who have started offering Crypto currencies for trading. You could sign up with one of them to get started. 

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Tokex review

The platform markets itself as the new standard for trading tokens and if you look at the idea, you might think this is a unique product. However, tokens have been traded for a long time since exchanges came into existence. It is not a new idea at all. In addition to this, Tokex also claims that they have zero latency. If this is true, then it can add an extra advantage to their service. However, one cannot verify these claims until we get to play around with the demo if they do offer one.

The site does not mention the company that is behind it, and we feel that their credibility is taking a hit due to the fact that they are not transparent. Most professional sites that do this kind of business will have this information at the footer of the website where they mention who owns and runs the website. In this case, there is no disclosure of which company is running the website. We also do not know where they are located but the fact that they are supporting Russian language on their site could suggest that Tokex is a Russian based Crypto currency exchange.

With regards to regulations, there needs to be some form of regulations where the activities of this exchange are overseeen by a certain financial authority since most professional exchanges have started winning the trust of their clients by seeking to be regulated. Although Crypto currencies are by at large not regulated compared to fiat currency investments, the fact remains that users will be trading real money on this site and that means they will need to be regulated in order for users to continue conducting their operations on this site legally.

On the same note, the site does not say which countries they are providing their services to. Most exchanges or brokers will put a disclaimer informing users that they can only accept working with traders from specific countries.They need to disclose this information upfront for traders who are interested to know.

No consumer feedback

This is the strangest discovery about Tokex because we have no idea why not a single trader has discussed this exchange on the forums. Usually good services which are also popular will attract consumer feedback and people will start to discuss the site and whether or not its services are good. But for Tokex, nothing like that can be found on the internet, which is really strange. If they have existed since 2016, we must assume that they have come a long way but if there are no reviews to shade light on what trading with this exchange is like, we might as well be scared to give them the benefit of doubt.

In short, if an exchange does not have reviews or testimonials and yet they have been in existence all this while, you need to take precautions because you never know what is the reason as to why nobody is interested in their service. It is not possible that Tokex is offering a service that people do not want. Many people are trading Crypto currency assets right now. It is one of the most popular activities on the internet. So why is it that people are just not interested in this service? Ask yourself.

Our best advice for you

At the moment, we are reluctant about the service. So we cant endorse them until we see that many users are interested and are discussing it as well. Stick with popular brokerages/exchanges. 

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