Read this CGCX crypto exchange review before opening your account. Is CGCX a Scam or Reliable Crypto Exchange? What are the benefits of trading with this exchange? Unbiased trader review about this self-proclaimed insured cryptocurrency exchange.
CGCX exchange provides a simple cryptocurrency trading platform. Although they initially started with various cryptocurrency trading options on their platform, they have at the moment only CGCX/BTC trading pair available. The company has its origins from Singapore and initially held prestigious Singapore's MAS regulation. However, as far as we understand they have moved their operations to Mauritius or Labuan. On the trading software side, CGCX uses hybrid technology, which is easy to use from your mobile and desktop.
Find out more with AtoZ Markets CGCX cryptocurrency exchange review. If you have any previous experience, please share it in the reviews section below.
ATTENTION: It has come to our attention that CGCX withdrawals are taking too long recently.
Seeing that the CGCX has been in the headlines with big media outfits like CNBC, Forbes, and Yahoo Finance and many others, had us intrigued to dive into studying what made the exchange gain that significant amount of attention, and that is were we needed to conduct direct surveys with clients of the CGCX.
The outcome came positive.
Founded in 2017, the Singapore-based Calfin Global Crypto Exchange – CGCX started with a clear goal that all their steps seem to tell they are on the track.
CGCX aims to provide best quality service with a wide range of products by providing innovative, secure, & cost-effective solutions for customers, and expand to become a leading global blockchain solutions firm.
CGCX implements automated KYC/AML services from Identity Mind- one of the leading check service providers in the blockchain world.
The exchange carries out rigorous screening on all its clients and transactions against known offending databases across the globe, to make sure the platform is risk-free, as much as there is an effort to be done with that respect.
All tokens stored on our exchange wallets are insured against cyber-attacks and hacking.
After we finished the checking stage ourselves at AtoZ Markets, we reached out to Vin Menon, Co-founder and strategic advisor at the CGCX, and he presented his exchange as the following:
"CGCX.io is a change agent in the crowded space of cryptocurrency exchanges. Keeping the interest of our users in mind, we have an array of features which benefit traders across the spectrum. Traders on the CGCX.io exchange can trade hassle free, without the fear of cyber attacks & hacks, since we provide complete insurance against any such attacks. We are proudly the World's First Fully Insured Crypto Platform. Moreover, our utility token is in its truest sense a utility token as our traders can avail a 50% discount on the transaction fee when paid using the CGCX tokens."
On the CGCX crypto exchange there are three headlines explained as the following:
- Insurance for your tokens against cyber attack: All the tokens in the users' Exchange Wallet are insured against loss from Cyber Attacks and Hacks. There are no restrictions. All the users with tokens in exchange wallet are eligible for protection.
- Discounted trading fee using CGCX tokens: Users can use the CGCX Tokens to pay the transaction fee for the trades executed in the exchange and earn 50% discount on the fee.
- Crypto to Crypto and Crypto to Fiat: Users can trade and transact their favourite cryptos in exchange for other cryptos or purchase cryptos in fiat currency too.
The exchange has unlisted all the crypto pairs and only offers CGCX/USD trading. It is a very odd move.
CGCX Trading Fees
Like most exchanges, CGCX also operates a taker-maker fee model per. For a single trade, the fee is calculated as a percentage of the trade’s quote currency volume.
CGCX Taker-Maker Fee Model
The fees are different for a ‘taker’ and ‘maker’ trade. ‘Taker’ trades are any orders that remove liquidity from the exchange’s order book therefore the fees charged are higher. ‘Taker’ fees stand at a flat rate of 0.25% for all pairs. ‘Maker’ trades on the other hand, adds liquidity to the exchange’s order book by placing limit orders below the ticker price to buy or above it to sell. CGCX offers a standard 0.15% for all ‘maker’ orders for all pairs.
CGCX accepts deposits in US Dollar, Bitcoin, Ethereum, Ripple, Litecoin, Dash, Bitcoin cash and CGCX (their token). Meanwhile deposit fees are not charged for all these currencies.
While none of the crypto exchanges are regulated yet, CGCX seems to have implemented its compulsory self-regulated business line to follow.
So far, the feedbacks AtoZ Markets gathered from clients who dealt with the exchange, show that non of them is unsatisfied with their dealing with the platform.
User Interface (UI)
The CGCX website’s user interface is one of the simplest and eye-friendly interfaces the crypto exchanges’ websites ever had.
With a tidy order, the exchange gets its users acquainted with the latest price updates in a rotating tape, introduces them to the tokens they can trade, the advantages they are to gain as traders on the platform, and the educative knowledge they need to start.
However, features such as online KYC often stop working.
CGCX charged withdrawal fees just like other exchanges. Their fees vary depending on the withdrawal base currency. Withdrawal can also be made in fiat USD (minimum withdrawal is $50).
The biggest issue about CGCX withdrawals is the time it takes to withdraw funds. Sometimes, a simple withdrawal may take up to 2 days, even for Bitcoin withdrawals. We have received a few complaints from users that they are pending their withdrawals for a few days and some claim to wait for as long as 3 weeks.
The table below shows withdrawal fees for all accepted currencies
|US Dollar||2% (minimum of $50|
The CGCX exchange enjoys having one of the most qualified support teams a crypto exchange can have.
Before opting to communicate with the team directly, the client can search the FAQs listed n the website, for better understating and self-diagnosis of the point in question at the client’s ease.
Should the above-mentioned not work, the support team’s email address Support@cgcx.io is there for an explanatory letter, in addition to the built-in messaging feature on the website, that is at the client’s fingertips any time.
The team responds to the queries they get within a considerable time, in comparison to the huge load of tickets they have to process already, given the tremendous number of clients the exchange managed to attract already.
ATTENTION: We have received complaints that some users are not able to withdraw funds and they don't get replies from CGCX support.