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Cryptex Exchange - Buy and Sell Bitcoin

Latest release: 3.0.0.0 ( 29th April 2021 ) 🔍 Last analysed 25th April 2022 . Not a wallet Not updated in a while
4.9 ★★★★★
474 ratings
10 thousand
29th April 2021

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Do your own research!

Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

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The Analysis 

App Description

We provide fast and reliable exchange service for Bitcoin, Tether, and Perfect Money.

Cryptex advertises itself as a cryptocurrency “exchange service” and not as a wallet.

The exchanger is free of registration and verification, and mail is needed only to receive notifications regarding the current status of your order.

The App/Site

The app simply redirects you to the official site, exchange.cryptex.net

The exchange asks you to choose what cryptocurrency to send and the amount you want to send and allows you to swap it for “Cash USD,” “CTX USD Code,” “PM,” or “Monero.” If you choose to swap for PM or Monero, you are asked to enter the receiving wallet.

Verdict

This service is not made to serve as a wallet.

(dg)

Verdict Explained

This appears to not be a product to receive and send money.

As part of our Methodology, we ask:

Is it a wallet? If not, we tag it No Wallet

If it’s called “wallet” but is actually only a portfolio tracker, we don’t look any deeper, assuming it is not meant to control funds. What has no funds, can’t lose your coins. It might still leak your financial history!

If you can buy Bitcoins with this app but only into another wallet, it’s not a wallet itself.

But we also ask:

Was the product updated during the last year? If not, we tag it Stale!

Bitcoin wallets are complex products and Bitcoin is a new, advancing technolgy. Projects that don’t get updated in a year are probably not well maintained.

This verdict may not get applied if the provider is active and expresses good reasons for not updating the product.

The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.